Arizona is home to four of the top 15 fastest-growing cities in the nation. Gilbert, Chandler, Glendale and Mesa, Arizona’s top 4 fastest growing cities, rank impressively in a recent report by FinanceBuzz.
The measure of a city’s growth depends on multiple categories, including population growth, employment rate, housing value growth, vacant housing percentage, new businesses, and the percentage of the population with debt in collections.
The decision to relocate to another city, and therefore a city’s growth, is influenced by factors beyond the cost of living. Since the COVID-19 era, people’s relationship with work has shifted. The mass migrations and the rising popularity of remote work display workers’ general desire for an overall improved standard of living.
Drivers for a city’s growth include regional job markets, education quality, safety, enhanced quality of life, social networks, climate and political stability. Additionally, cities with accessible healthcare, cultural diversity, advanced technology and well-developed transportation infrastructure attract newcomers.
Gilbert’s housing market and growing population earned the city’s spot as the second fastest-growing city in the U.S. Gilbert stands out with its impressively low vacant housing rate of 2.9% and a 77% increase in home values since 2019.
Right behind Gilbert is Chandler, earning its third-place spot for similar reasons. In addition to its low vacancy rate, Chandler has experienced a 0.6% decrease in unemployment over the last three years and a significant influx of new businesses in 2022.
Glendale, the fifth fastest-growing city in America, also boasts the country’s largest average home value increase. With an 82% faster rise in home values compared to peer cities and a low unemployment rate, Glendale’s rapid growth is a great example of the growing desirability of the greater Phoenix area.
Mesa ranks as the 13th fastest-growing city in the U.S. with its notable 70.9% home value increase and rapid business growth with 16,257 new businesses per 100K people. The attractiveness of a city for new businesses is multifaceted, including factors like tax benefits, demographic density, a ready workforce, a well-educated population and, importantly, a good infrastructure.
Considering all of these factors, from housing to business opportunities, in addition to the many natural beauty and outdoor activities, Arizona has much to offer. The Valley is a clear choice for those looking to find their forever home.
Read the original report here.
