Of the 100 largest U.S. metro areas, the ones that have the fastest growing populations are located in warm-weather parts of the country.
Trulia examined new data from the U.S Census and found that eight of the 10 metros with fastest one-year population increases, and all 10 of the metros with the fastest 30-year increases, are located in the Sun Belt.
Cape Coral-Fort Myers, Fla., Austin, Texas, and North Port-Sarasota-Bradenton, Fla., have all experienced more than a 2.5 percent rise in population over the last year. Las Vegas, Raleigh, N.C., and Austin have all seen dramatic changes in population over the last 30 years. Vegas leads the way with a 271 percent spike in population since 1986.
Trulia notes that the correlation between population growth and home price is near a 30-year high.
Across U.S. metros, population growth had a 69.5% (out of a possible 100%) positive correlation with house price growth, the second largest correlation over the past 30 years and second only to last year’s correlation of 76.1%. The 30-year average correlation is 25.2%.
For instance, the population of Riverside-San Bernardino in California is up 126 percent and real home prices have risen 47 percent over the last three decades.