| WASHINGTON (WalletHub) – Four Texas cities have snagged spots on WalletHub’s list of 2018’s fastest-growing cities in America.
Midland and Pearland ranked second and third, respectively. McKinney came in fifth, and College Station followed in sixth.
The four cities were also the top fastest-growing mid size cities on the list. Frisco and Round Rock were the ninth and tenth.
Austin was the fastest-growing large city.
Frisco, McKinney, and Pearland tied for first in the highest population growth category. Other cities tying for first were Enterprise, Nev.; Lehigh Acres, Fla.; and Meridian, Idaho.
Frisco and McKinney were also first in highest job growth, tying with Meridian, Idaho; Lake Charles, La.; Fort Myers, Fla.; and St. George, Utah.
Pharr had the highest poverty rate decrease in Texas. It tied with Lake Charles, La.; Fort Myers, Fla.; Compton, Calif.; Port St. Lucie, Fla.; and Victorville, Calf.
WalletHub asked Real Estate Center Chief Economist Dr. Jim Gaines to chime in on the biggest challenges for rapidly growing cities.
“Local government(s) generally cannot keep pace with fast population growth in providing necessary public goods and services,” said Dr. Gaines. “Everything from water/sewer capacity, roads and transportation infrastructure, police/fire/EMS services, schools, and virtually every other service typically lag behind the increased demand for facilities and services. The faster growth occurs, the harder it is for local government to keep pace. It also may not help that current residents may not really want the growth, not want to foster the growth, and especially may not want to pay for the growth.
“The result is that not only are fiscal problems revealed – unwillingness to support higher tax rates or increased bonded indebtedness – but also local philosophical and political attitudes either for or against the growth.”
The rest of the top ten fastest-growing cities rankings are: No. 1 Fort Myers, Fla.; No. 4 Bend, Ore.; No. 7 Lehigh Acres, Fla.; No. 8 Mount Pleasant, S.C.; No. 9 Enterprise, Nev.; and No. 10 Irvine, Calif.
A couple ‘not so well known facts:
1. Interest rates are projected to increase at least 3 times in 2019 with at least one more by December of 2018! If you’re thinking of purchasing a house in College Station in, you’d better do it fast. Small interest percentages can increase your mortgage payment significantly.
2. Land costs are still increasing. A typical lot can cost $50,000+ which means homes being built are approximately $300,000 today.
3. If you’re thinking about building, it will cost you approximately $6000 through the city of College Station for impact fees.
4. There is currently a labor shortage which means if you’re building your dream home in College Station or Bryan, it will take 8-10 months vs 6 months previously. Plan for it to take a little longer.
5. Approximately 4000 people are moving to the College Station and Bryan areas each year. College Station is no longer considered a small town, but a metropolitan area according to Dr. Gains of the Texas A&M Real Estate Center.
6. Dr. Gains reported this morning to local real estate brokers that Texas has more oil than Russia! Who knew, right?
College Station City Recognition and Rankings In recent years, the College Station-Bryan area has received many prestigious national recognitions and rankings in a variety of economic and social categories. Here are our rankings since 2009
Brazos County Realty tries to provide community information on a regular basis. When you’re thinking about making a move to College Station, investing in Bryan-College Station, or would like to consider the area as your new home, CollegeStationHomes.com has what you need and can help you in ALL things real estate related. Available housing in College Station MLS. Pick up the phone and give us a call 979-693-0201. Let us Help you with your HOMEwork!
Myke Leatham Broker/Owner
Brazos county Realty, LLC |
