While our image of a boomtown may still be one of a gold-rush city of muddy streets and canvas tents, there are new boomtowns — or rather booming neighborhoods — in many cities across the United States.
The new boomtowns, according to Realtor.com, are city neighborhoods where job opportunities are plentiful, new household formation is robust and new homes are being built to meet the new demand.
Here are the five fastest-growing neighborhoods in the country according to Realtor.com, along with their projected five-year growth rate along with the Realtors’ comments.
- Power Ranch in Gilbert, Arizona: 15.9% projected growth in an area that “offers a laid-back feel with large-scale amenities, including the 7.5-acre Ranch House Park, two community lakes, and 26-plus miles of trails knitting it all together.”
- Historic Cultural Center in Los Angeles, California: 8.8% projected growth in a neighborhood where last year “a $140 [million] mixed-use project consisting of 355 residential units — 20% of them affordable — broke ground in the city’s historic core.”
- Downtown Dallas, Texas: 14.9% projected growth in booming area where a “long-vacant 108-year-old school will be replaced by a new office and retail building, which should bring in employment and visitors.”
- Downtown Miami, Florida: 14.9% projected growth in a neighborhood that attracts millennial professionals with its “nightlife, restaurants, and shopping, as well as the ability to walk to work.”
- Mountain’s Edge in Las Vegas, Nevada: 19.4% projected growth in a neighborhood that “has everything a family would want: community parks, open spaces, and two new elementary schools.”
In another short video, Realtor.com identified five neighborhood features that could drag down the value of a home. These include a shooting range, a power plant, a high concentration of rental properties, a strip club and a bad school. None of the country’s fastest growing neighborhoods is likely to include any of these.