The Fastest Growing Cities in the US With Affordable Housing Markets

According to recent GOBankingRates research analyzing the fastest growing cities in the US, one clear trend emerges: the combination of robust population expansion and reasonable living costs is becoming increasingly rare across America. The comprehensive study examined metropolitan areas from coast to coast, evaluating which communities offer both significant demographic momentum and budget-friendly housing options—a golden combination that today’s homebuyers and renters actively seek.

Texas Dominates the Ranking of Fastest Growing Cities in the US

The most striking finding is Texas’s overwhelming presence among America’s fastest growing cities in the US market. With 12 cities among the top 50 most affordable, rapidly expanding metropolitan areas, the Lone Star State has cemented itself as the premier destination for those seeking both opportunity and affordability. This remarkable concentration reflects a convergence of economic factors: diverse job markets, relatively moderate housing costs compared to national averages, and consistent population inflows year after year.

Topping the entire list is Frisco, Texas, which recorded exceptional metrics: a 26.9% population surge over five years paired with reasonable living expenses. Renters in Frisco spend approximately $46,718 annually, while homeowners budget around $72,262 per year—figures that remain manageable given the area’s $146,158 median household income.

The Top 10: Where Fastest Growing Cities in the US Meet Affordability

The roster of the top ten fastest growing cities in the US reveals geographic diversity, though Texas predictably maintains a strong presence. Alongside Frisco (ranked #1), McKinney, Allen, League City, Lewisville, and Round Rock all appeared in the top ten, showcasing Texas’s sustained appeal. However, other states are also capturing attention: Goodyear, Arizona claims the #2 position with an impressive 32.8% five-year population increase, while Fishers, Indiana and Carmel, Indiana round out the top rankings with healthy growth rates and median household incomes in the $128,000-$135,000 range.

The diversity of these leading fastest growing cities in the US demonstrates that opportunity isn’t confined to a single state or region. Kansas, represented by Olathe, and Arizona, with multiple entries, prove that the formula—steady population expansion coupled with controlled housing and living expenses—can work in different climates and economic contexts.

Key Metrics: Understanding What Defines These Fastest Growing Cities in the US

The selection criteria for identifying the fastest growing cities in the US was rigorous. GOBankingRates required cities to have a minimum population of 100,000, one-year and five-year population growth rates exceeding the national average, and average rental or mortgage costs below the national mean. Researchers utilized Census American Community Survey data from 2018, 2022, and 2023 to calculate these figures accurately.

The resulting data shows compelling patterns. Among the top performers, median household incomes range from approximately $57,000 in Edinburg, Texas to $146,000 in Frisco. Annual living costs for renters span from roughly $34,968 (Fargo, North Dakota) to $56,465 (Surprise, Arizona), while homeowners face expenses from $37,536 to $72,262 annually. These variations highlight how location significantly impacts the relationship between earnings, growth, and affordability.

Beyond Texas: Other Fastest Growing Cities in the US Worth Noting

While Texas commands attention, several other metropolitan areas among the fastest growing cities in the US deserve consideration. Murfreesboro, Tennessee experienced a 20.3% population spike over five years, attracting residents with lower cost-of-living figures. The Phoenix metropolitan area’s multiple entries—including Goodyear, Peoria, and Chandler—underscore Arizona’s appeal as a growth destination. Meanwhile, North Carolina cities like Concord, Durham, and Charlotte have quietly become among the fastest growing cities in the US, offering East Coast alternatives to Texas’s dominance.

The research team sourced data from Zillow’s housing indices, Federal Reserve economic databases, Sperling’s BestPlaces, and Bureau of Labor Statistics reports—ensuring that the identification of fastest growing cities in the US was grounded in verified, comprehensive information. This methodology-driven approach validates the findings and helps prospective movers make informed decisions about where to establish their next home.

For those evaluating relocation options, the data underlying the fastest growing cities in the US rankings offers clear guidance: seek communities experiencing consistent population expansion without proportional housing cost increases. Texas continues to lead this metric, but opportunities abound nationwide for those willing to explore beyond the familiar.