The 10 fastest-growing housing markets in the U.S. include small, affordable cities outside of major metropolitan areas, CNBC reports.
This year’s hottest ZIP codes, ranked by realtor.com, are 49505 Grand Rapids, Michigan; 68144, Omaha, Nebraska; 83704, Boise, Idaho; 66203 Shawnee, Kansas; 14609 Rochester, New York; 48154 Livonia, Michigan; 02176 Melrose, Massachusetts; 76018 Arlington, Texas; 03045 Goffstown, New Hampshire; and 80916 Colorado Springs, Colorado.
Buyers today are faced with sky-high prices not just in major metropolitan markets, but also in the suburbs that surround them. That is why areas on the outskirts of cities like New York and San Francisco fell off this year’s list, and communities around small markets like Omaha and Manchester, New Hampshire, moved on. This year’s hottest markets have half of the total number of households of the market’s on last year’s list and 7% fewer households per square mile.
Also driving the top 10 markets are relatively affordable home prices, large numbers of high-earning millennials and low unemployment. Millennials in these areas are earning 13% more on average than their counterparts in the rest of the nation. The average home price in these ZIP codes is $272,000, well below the national price.