Living in small cities allows you to experience a close-knit community atmosphere while still having access to the amenities and opportunities of larger cities. They also offer the benefits of a lower cost of living along with the advantages of being close to urban areas, having a diverse culture, and offering recreational activities.
MoneyGeek studied economic growth and prosperity indicators for 211 small cities in America with populations ranging from 63,000 to 100,000. The goal was to identify which of these cities are showing promising signs of development. Florida’s small cities are highly ranked, and people who move to or live in these cities tend to stay there.
Key Findings in Study
Some of the most promising small cities in the United States.
- North Port, Florida, is ranked as the top small city that is growing quickly. Its population has increased by 28% and the number of housing units has increased by 43% since 2017. The median household income is $78,587, which is 46% higher than it was during the same period.
- Florida and Texas have a lot of potential for growth. Florida has 20 up-and-coming cities, while Texas has 14. Texas cities, especially, have potential for housing development and new businesses.
- Kissimmee, Florida is the top city for attracting new residents. It ranks first in net migration, 36th in average annual GDP growth, and 31st in five-year housing unit change.
US cities rising hotspots for financial prosperity
Northeast
Even though there are only 28 cities included, a quarter of these small cities in the Northeast are ranked in the top 50. There are three of these located in Massachusetts: Lawrence, Somerville, and Newton. The rest are in Nashua, New Hampshire; Portland, Maine; Pawtucket, Rhode Island; and Norwalk, Connecticut. In these cities, the amount of money people earned increased by more than 22% over a period of five years. However, Newton was an exception, with only a 13% increase.
Midwest
Out of the top 10 cities in the study, six are from the Midwest. These cities include Plymouth and Woodbury in Minnesota, O’Fallon and St. Charles in Missouri, and Rapid City in South Dakota. These cities have low unemployment rates, which puts them in the top 30. It is worth mentioning that O’Fallon, Plymouth, and Woodbury have lower crime rates. Additionally, Woodbury has seen a significant 13% increase in population. Rapid City is known for having many businesses that have been operating for a long time. In fact, 64% of businesses in Rapid City have been around for 10 years or more.
Also Read: 2024 Urban Violent Hotspots: Most Dangerous Vermont Cities Revealed
South
Southern cities make up almost half of the top 50 cities on the list. This is because cities in Florida have done well, and there are also cities from other Southern states like Mount Pleasant, South Carolina; Rogers, Arkansas; Franklin, Tennessee; and Hoover, Alabama. These cities are experiencing a regional trend of significant housing growth, with Georgetown, Texas leading the way.
West
Even though the West has the most small cities analyzed, it has the same number of cities in the top 50 as the Midwest, which is the lowest. South Jordan, Utah, is one of the top 10 cities with a 27% increase in housing growth and a low violent crime rate of 66 reports per 100,000 people.
Avondale, Arizona; Lake Forest, California; San Marcos, California; and Kirkland, Washington are considered the best places in the region. They have seen significant growth in housing and offer a wide range of entertainment options. Carmichael, California, has experienced a significant increase in population by 25% and housing units by 31% from 2017 to 2022.
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