Special Report

The Fastest Growing and Shrinking States

Fastest Growing States

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8. Colorado
> 1-yr. pop. growth: +1.39% (+77,049)
> Current population: 5.6 million (21st largest)
> 1-yr. change in median home value: 11.0% (2nd highest)

One of the fastest growing states in the country, Colorado’s population increased by 1.4% between July 2016 and July 2017. The state’s population boom is largely due to migration — people moving in from other states and countries. Nearly 47,000 more people moved to Colorado than left in the last year. Additionally, about 30,000 more people were born in the state than died over the same period.

Much of the influx may be due to employment opportunities. The state’s 2017 annual unemployment rate of 2.8% is well below the comparable 4.4% national rate.

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7. Texas
> 1-yr. pop. growth: +1.43% (+399,734)
> Current population: 28.3 million (2nd largest)
> 1-yr. change in median home value: 6.6% (10th highest)

Texas’s population grew by nearly 400,000 from mid-2016 to mid-2017. Migration from other countries and states accounted for slightly less than half of that growth, and the remaining growth was attributable to natural growth — births minus deaths.

While the cost of living varies regionally even within a state, Texas as a whole is a relatively affordable place to live, which makes it an attractive option for new residents and families. The typical home in Texas is worth $172,200, or 2.9 times the state’s median annual household income of $59,2016. For reference, the typical home is worth 3.6 times the median income nationwide.

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6. Arizona
> 1-yr. pop. growth: +1.56% (+107,628)
> Current population: 7.0 million (14th largest)
> 1-yr. change in median home value: 8.5% (6th highest)

Far more people are moving to Arizona from outside the state than are leaving. Largely as a result, the state’s 1.6% population growth from mid-2016 to mid-2017 is among the highest in the country.

A growing population means growing demand for housing, and in Arizona, this has led to some of the most rapid appreciation in real estate value in the country. The typical home in the state is worth $237,700, up 8.5% from the previous year. Nationwide, the typical home appreciated by 6.1% over the same period.

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5. Florida
> 1-yr. pop. growth: +1.59% (+327,811)
> Current population: 21.0 million (3rd largest)
> 1-yr. change in median home value: 8.2% (7th highest)

Florida reported a larger net increase of residents from other parts of the United States from 2016 to 2017 than any other state. It also had the second largest influx of international migrants among states. Together, 305,019 more people moved to the Sunshine State than left between 2016 and 2017. When factoring in births, the state was fifth fastest growing in the country over that period.

Though Florida’s population has been among the fastest growing in the last decade, growing demand for housing has not been enough to raise housing values back to their pre-recession levels. The typical home in Florida is worth $214,000, about $16,300 less than the median home value in the state in 2007.

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