Mooresville, North Carolina, is racing ahead of the pack as the fastest-growing suburb in America for homebuyers looking to snag a house for less than half a million bucks.
According to a new analysis by GoBankingRates.com, the once-sleepy Lake Norman town saw its population soar nearly 30% from 2020 to 2022, shooting from 38,498 residents to 50,000-plus.
That explosive growth earned Mooresville the top spot on GoBankingRates.com’s list of “suburbs that are on the rise” with affordable housing, with a median home price of $480,430 in July.
Concord, another Charlotte-area suburb, landed at 30th place, while Clayton, located near the state capital of Raleigh, squeezed into 15th.
Mooresville, a suburb of Charlotte, has been named the fastest-growing suburb in the US with home values less than $500,000, according to GoBankingRates.com. It’s experiencing a nearly 30% population increase from 2020 to 2022. Getty Images
The ranking considered suburbs with populations between 25,000 and 200,000 that grew by at least 9% over two years, were part of a metropolitan area with over 1 million people and had a median home value below $500,000. Getty Images
“Many suburbs suffered after the pandemic, and if you’re moving to one, you want to be sure you’re picking one that has growth potential but still has affordable homes,” the personal finance site says in the report.
GoBankingRates crunched the numbers to find the cities with populations between 25,000 and 200,000 that grew by at least 9% over two years, were in metro areas with a million or more people and had median home prices less than $500,000.
This map pinpoints where Mooresville is in proximity to Charlotte, as well as other prospering southern cities, such as Greenville and Atlanta. Google Maps
A group of people gathered on a sidewalk in front of the Epic Chophouse on Main Street in Mooresville. Getty Images
Other suburbs that made the top five include Hamtramck, Michigan; Buckeye, Arizona; Union City, Georgia; and Canyon Lake, Texas.
The study found no dominant region for growth, with states like Arizona, California, Florida, Maryland, Michigan, and Texas all making strong showings.
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Publish date : 2024-09-04 07:51:00
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