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The 20 Most Affordable Fast-Growing Cities in the U.S.

Thinking of relocating? Check out these booming, budget-friendly cities across the U.S. that offer strong value for renters and homebuyers alike.
ByCaLea Johnson|
Texas is the place to be for affordability.
Texas is the place to be for affordability. | P A Thompson/GettyImages

Knowing where it’s cheapest is always smart if you’re looking to rent in a different city. But what’s even better? Finding cities that are affordable and growing quickly, ideally for both renters and future homeowners. A recent study from the personal finance site GoBankingRates highlights some of the most promising places to consider.

To conduct this study, the website first compiled a list of the cities with a population of at least 100,000, then determined which ones saw a one-year and five-year growth rate larger than the national average. Analysts also figured out the cities with rental and mortgage rates lower than the national average; they calculated the population changes using the U.S. Census American Community Survey from 2018, 2022, and 2023.  

These Are The Most Affordable And Fast-Growing Cities in the U.S.

Texas knocked it out of the park, with 12 cities making it to the top 50 list. The Lone Star State even secured more than half of the spots in the top 10. Frisco, Texas, in particular, saw a 26.9 percent population increase in five years and boasts the highest average home value ($678,435) and median household income ($146,158), making it the number one pick for affordability. With a decent total cost of living for renting annually ($45,023) and a high average home value ($512,667), McKinney, Texas, easily took the third spot on the list.

Goodyear, Arizona, nabbed the No. 2 spot. Those in this Arizona town don’t have a median household income or average home value as high as Frisco or McKinney residents, but there’s still plenty to brag about: Goodyear’s five-year population growth is incredible compared to the other cities, at 32.8 percent. The city’s one-year population growth rate (5.5 percent) is also the highest.

Take a look at the top 20 affordable, fast-growing cities in the U.S. below:

  1. Frisco, Texas
  2. Goodyear, Arizona
  3. McKinney, Texas
  4. Fishers, Indiana
  5. Allen, Texas
  6. Carmel, Indiana
  7. League City, Texas
  8. Lewisville, Texas
  9. Olathe, Kansas
  10. Round Rock, Texas
  11. Pearland, Texas
  12. Nampa, Idaho
  13. Murfreesboro, Tennessee
  14. Peoria, Arizona
  15. Rio Rancho, New Mexico
  16. Surprise, Arizona
  17. Concord, North Carolina
  18. Chandler, Arizona
  19. Denton, Texas
  20. Sioux Falls, South Dakota

If you aren’t ready to move quite yet but still want to spend some time in a different locale, you may want to check out one of the most affordable vacation-friendly U.S. cities.

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