Realtor.com® Identifies America’s Boom Towns


house-435618_960_720New construction, job growth and household formation combine to propel these neighborhoods to America’s fastest growing.

SANTA CLARA, Calif., April 18, 2016 /PRNewswire/ — Realtor.com®, a leading online real estate destination operated by News Corp [NASDAQ: NWS, NWSA]; [ASX: NWS, NWSLV] subsidiary Move, Inc., today released its list of America’s Top ‘Boom Towns’. Led by Gilbert, Ariz. (85297); Los Angeles (90012), and Dallas (75201), these neighborhoods are striking it rich when it comes to new home construction, job creation and an increasing number of households – the gold mine for housing market growth.

“The strength of the residential real estate market is closely correlated to growth in jobs and households,” said Jonathan Smoke, chief economist for realtor.com®. “The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start to see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next.”

America’s Top Boom Towns are demonstrating some of the strongest growth in jobs, household formation, and housing starts across the country. Every market on the list has experienced between one and five times the average job growth of the top 100 counties in the country. Household growth in each of these areas is between one and seven times the average growth of the top 100 areas. New home starts are between one and six times the average growth in the top 100 counties. Most importantly, each individual ZIP code is projected to see a growth in households of between nine and 19 percent over the next five years.

America’s Top Boom Towns

Ranking

ZIP Code

ZIP Projected 5 YR HH Growth

County HH Growth 2016 vs. Top 100

County Starts Growth 2016 vs. Top 100

County Job Growth 2016 vs. Top 100

1.

85297 (Gilbert, Ariz.)

15.9%

7.6X faster

5.7X more

5.8X more

2.

90012 (Los Angeles)

8.8%

6.1X faster

5.0X more

7.2X more

3.

75201 (Dallas)

14.9%

3.0X faster

3.8X more

4.5X more

4.

33132 (Miami)

14.9%

3.0X faster

3.0X more

4.8X more

5.

89179 (Las Vegas)

19.4%

3.3X faster

3.3X more

2.5X more

6.

98121 (Seattle)

11.9%

3.1X faster

3.1X more

2.3X more

7.

27571 (Rolesville, N.C.)

12.1%

1.7X faster

2.4X more

1.3X more

8.

11249 (Brooklyn, N.Y.)

9.2%

1.9X faster

1.9X more

2.0X more

9.

60603 (Chicago)

18.9%

2.5X faster

1.4X more

4.2X more

10.

30363 (Atlanta)

15.7%

1.6X faster

2.3X more

1.4X more

Methodology: Realtor.com® combined projected measures of job creation, household formation and new construction for 2016 to identify the top growth counties. Based on this information, the top ZIP code for each county was identified based on its five year projected household growth.

 

Boom Towns

1. 85297 Gilbert, Ariz.
Largest Neighborhood: Power Ranch

Part of the Phoenix metropolitan area, Gilbert is located just over 30 miles east of downtown Phoenix in close proximity to where GoDaddy and PetSmart® have significant operations. The sunny neighborhood of 85297 is highly sought after by both snowbirds and locals for its close proximity to golf courses and country clubs. The biggest draw for locals is the strong school district, Higley Unified School District, that’s home to Centennial Elementary, which was ranked No. 1 in the state in 2014.

  • ZIP code 85297 is expected to see households grow by 15.9 percent over the next five years, 4.2 times faster than the rest of Maricopa County, where more than 25,000 new housing starts and in excess of 53,000 new jobs are forecast for 2016 – that’s 5.7 and 5.8 times more than the average of the top 100 counties in the country, respectively.

2. 90012 Los Angeles
Largest Neighborhoods: Historic, Cultural, Elysian Park, Mission Junction

Los Angeles is the second-largest city in the U.S. The 90012 ZIP code is located in central Los Angeles and encompasses several neighborhoods, including Elysian Park, Mission Junction, Little Tokyo and Chinatown. In recent years, the area has seen a surge in interest among higher income residents, driven by vibrant cultural offerings – such as the Walt Disney Concert Hill and Dorothy Chandler Pavilion – restaurants and nightlife, as well as new residential development.

  • ZIP code 90012 is expected to experience household growth of 8.8 percent over the next five years. Los Angeles County is expected to see more than 22,000 new housing starts and 65,000 new jobs created in 2016, five times and 7.2 times more than the average of the top 100 counties in the country, respectively.

3. 75201 Dallas
Largest Neighborhoods: Downtown, Arts District, Uptown, Farmers Market

Located in downtown Dallas, the 75201 zip code is home to the Dallas Museum of Art, American Airlines Center—where the city’s National Basketball Association and National Hockey League teams play – and is just steps away from Baylor University Medical Center. This neighborhood has undergone a dramatic transformation since the early 2000s when the “Dallas Trinity River Project” began bringing parks, trails, and nature centers in the area. Its close proximity to major employers, shopping, restaurants and Klyde Warren Park make this neighborhood highly sought after by millennials. Urban condos, lofts, and townhomes are popping up everywhere.

  • Households in 75201 are forecast to grow by 14.9 percent over the next five years. Dallas County is expected to see more than 16,000 new housing starts and 40,000 new jobs created in 2016, 3.8 times and 4.5 times more, respectively, than the average of the top 100 counties in the country.

4. 33132 Miami
Largest Neighborhoods: Downtown, Midtown, Seaport

Famous for its beaches and warm climate, Miami is also a hub for finance, commerce, culture, media, entertainment and the arts. Traditionally, downtown Miami was a bustling business center by day that became a ghost town by night, but urban development with projects such as Miami Worldcenter have brought tens of thousands of new residents to the area, many of whom are millennial professionals attracted to the shopping and nightlife as well as their ability to walk to work.

  • ZIP code 33132 is expected to see households grow by 14.9 percent over the next five years. The forecast calls for more than 13,000 new housing starts and 44,000 new jobs created in 2016 in Miami-Dade County. This is three times the housing growth and 4.8 times the jobs anticipated on average in the top 100 counties in the country, respectively.

5. 89179 Las Vegas
Largest Neighborhoods: Mountain’s Edge

Las Vegas is the most populous city in the state of Nevada and is internationally known as a resort destination. Located roughly 14 miles from the Las Vegas strip, the 89179 zip code primarily encompasses part of a planned community known as Mountain’s Edge. Since the development of Mountain’s Edge began in 2004, it has ranked among the top-selling master planned communities in the U.S. due to its extensive outdoor amenities such as its large scale community parks, trails and open spaces. Two elementary schools – William V. Wright Elementary School and Carolyn S. Reedom Elementary School – are located within the community itself and in close proximity to ZIP code 89179.

  • Households in ZIP code 89179 are expected to grow by 19.4 percent over the next five years. Clark County is anticipated to see more than 14,000 new housing starts and 23,000 new jobs created in 2016 which is 3.3 times housing growth and 2.5 times the job growth anticipated on average in the top 100 counties in the country, respectively.

6. 98121 Seattle
Largest Neighborhood: Belltown

The 98121 zip code is home to the largest proportion of residents in downtown Seattle, as well as the largest retail area. Ten percent of Seattle residents now live downtown, representing a 12 percent growth in population since 2010. New residential developments like the 707-unit Insignia Towers and the area’s wide variety of restaurants, bars, and cultural offerings, have made Belltown a major draw in recent years. This is especially true for employees of the area’s major employers like Amazon, Microsoft, and Starbucks, who are looking for close proximity to work.

  • ZIP code 98121 is expected to see households grow by 11.9 percent over the next five years. King County is expected to see more than 13,000 new housing starts and 21,000 new jobs formed in 2016; that’s 3.1 times more new homes and 2.3 times more jobs than the average of the top 100 counties in the country, respectively.

7. 27571 Rolesville, N.C.
Largest Neighborhoods: Villages of Rolesville, Carlton Pointe, Cedar Lakes

Thirty minutes from Raleigh, N.C., Rolesville is a suburb situated along U.S. Highway 401 in northeastern Wake County and is only 30 minutes from ‘Research Triangle Park,’ the largest research park in the country with more than 150 companies. Rolesvilleis known for its strong regional economy and prime positioning, with North Carolina State University, Duke University, and TheUniversity of North Carolina all less than an hour away. The realtor.com® Boom Town list isn’t the first honor for Rolesville, which has ranked as the Fastest Growing North American City (Forbes.com), Top Housing Market for Investors (Forbes), and Top Public Schools in the U.S. (Greatschools.org). People come here for the jobs, schools and nice weather.

  • Households in ZIP code 27571 are forecast to grow by 12.1 percent over the next five years. Wake County is expected to see more than 10,000 new housing starts and 12,000 new jobs in 2016, that’s 2.4 times more new homes and 1.3 times more jobs than the average of the top 100 counties in the country, respectively.

8. 11249 Brooklyn
Largest Neighborhood: Williamsburg

ZIP code 11249 encompasses the Williamsburg neighborhood. Over the past 15 years, the neighborhood has become known as a “hipster” hotspot because of the many artists and creative-minded millennials who have moved there. It is filled with restaurants, bars, art galleries, shops and music venues. Housing developments are popping up throughout this region, including several new residential towers, including Rocket Factory Lofts, distributed throughout Williamsburg.

  • ZIP code 11249 is expected to see households grow by 9.2 percent over the next five years. Kings County is expected to see more than 8,000 new housing starts and 18,000 new jobs created in 2016; that’s 1.9 times more new homes and two times more jobs than the average of the top 100 counties in the country, respectively.

9. 60603 Chicago
Largest Neighborhoods: The Loop, downtown Chicago

Chicago is the economic heart of the Midwest, and third most populous city in the U.S. Its metropolitan area includes prominent businesses such as United Airlines, Boeing, and Kraft, universities like Northwestern, the University of Chicago, DePaul andLoyola and cultural institutions such as the Art Institute of Chicago. The 60603 zip code extends from Lake Michigan to South Wells Street and West Madison to the North and West Adams to the South and is in proximity to businesses and public transportation. In addition to the West Loop’s thriving social scene of popular restaurants and bars, Google, Uber and Twitter all have offices nearby.

  • ZIP code 60603 is expected to see households grow by 18.9 percent over the next five years. More than 6,000 new housing starts and over 38,000 more jobs are forecast for Cook County in 2016. This translates to 1.4 times more new homes and 4.2 times more jobs than the average of the top 100 counties in the country, respectively.

10. 30363 Atlanta
Largest Neighborhood: Atlantic Station

The Atlanta metropolitan area is home to 5.5 million people and is the 10th-largest metropolitan area in the nation. The 30363 zip code of Atlantic Station is located on the site of the former Atlantic Steel Mill, now a thriving urban community. The neighborhood’s luxury condos, such as The Atlantic, as well as its shopping, restaurants and entertainment options, are attracting an influx of young professionals to the neighborhood.

  • ZIP code 30363 is expected to see households grow by 15.7 percent over the next five years. Fulton County is projected to have more than 10,000 new housing starts and 12,000 new jobs created in 2016; that’s 2.3 times more new homes and 1.4 times more jobs than the average of the top 100 counties in the country, respectively.

Top 30 Boom Towns

Ranking

ZIP code

Name

Ranking

ZIP code

Name

1.

85297

Gilbert, AZ

16.

37122

Mount Juliet, TN

2.

90012

Los Angeles, CA

17.

96707

Kapolei, HI

3.

75201

Dallas, TX

18.

29579

Myrtle Beach, SC

4.

33132

Miami, FL

19.

20001

Washington, DC

5.

89179

Las Vegas, NV

20.

64106

Kansas City, MO

6.

98121

Seattle, WA

21.

20105

Aldie, VA

7.

27571

Rolesville, NC

22.

68102

Omaha, NE

8.

11249

Brooklyn, NY

23.

19123

Philadelphia, PA

9.

60603

Chicago, IL

24.

66227

Lenexa, KS

10.

30363

Atlanta, GA

25.

83669

Star, ID

11.

43004

Blacklick, OH

26.

50309

Des Moines, IA

12.

80202

Denver, CO

27.

20871

Clarksburg, MD

13.

84101

Salt Lake City, UT

28.

46037

Fishers, IN

14.

97209

Portland, OR

29.

73179

Oklahoma City, OK

15.

48165

New Hudson, MI

30.

02111

Boston, MA

 

About Move, Inc. and realtor.com®

Move, Inc. operates the realtor.com® website and mobile experiences, which provide buyers, sellers and renters of homes with the information, tools and professional expertise they need to discover and create their perfect home. News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] acquired Move in November 2014, and realtor.com® quickly established itself as the fastest growing online real estate service provider as measured by comScore.

As the official website of the National Association of REALTORS®, consumers know they can look to realtor.com® for the most comprehensive and accurate information anytime, anywhere. With relationships with nearly 800 multiple listing services (MLS), realtor.com® has more than 3 million for-sale listings, which account for more than 97 percent of all MLS-listed for-sale properties. More than 90 percent of the listings are updated every 15 minutes. Move’s network of websites provides consumers a wealth of innovative tools, including Doorsteps®Moving.com™, SeniorHousingNet℠ and others. Move supports real estate professionals by providing many services to grow their businesses in an increasing digital, on-demand world, including ListHub™, the nation’s leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreet℠ and Reesio as well as many free services.

Forward-Looking Statements

This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory and other factors. More detailed information about these and other factors that could affect future results is contained in News Corp’s filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document, and we do not have any obligation to update publicly any “forward-looking statements” to reflect subsequent events or circumstances, except as required by law.

 

SOURCE realtor.com

Related Links

http://www.realtor.com

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