3 Dallas neighbors make list of the buzziest bargain suburbs in the U.S.
Life in Dallas may not be as affordable as it used to. But three cities in the DFW area are still a bargain, according to a new report on "The Top 20 Fastest-Growing Affordable U.S. Suburbs."
DFW suburbs Little Elm and Burleson both made the top 10, while Rockwall came in at No. 20.
The report notes that some suburbs have stagnated, in the wake of a trend of people moving towards more walkable inner cities. But the allure of space and safety is still a lure for many home buyers.
Little Elm, located north of Dallas at the northeast corner of Lewisville Lake, earned the No. 4 spot in the study. Its welcoming lakeside setting, coupled with its low housing prices, make it an attractive place for newcomers.
"Little Elm has more miles of shoreline than any other Dallas suburb, so you might hit up one of its multiple marinas in your spare time or pack snacks and enjoy the July Jubilee, with fireworks over the water," the report said.
Housing prices in the city have remained under the half-million-dollar price tag, averaging at about $429,799. But the report warns that Little Elm's affordability might lose its charm over time as the city's popularity rises.
The Dallas suburb has experienced an explosive growth of 17.3 percent since 2020, according to the study. An earlier U.S. Census report also confirmed Little Elm's skyrocketing population growth.
Burleson, less than 16 miles south from Fort Worth, comes in at No. 9. This suburb's housing prices are far lower than Little Elm's, at $318,568. According to the study, Burleson residents are paying much less than most Americans, which allows residents to spend more while enjoying the best parts of living near Fort Worth.
Burleson's population growth rate was 11.2 percent as of 2020, the report said. The city's rapid expansion and rich history may also be a draw for new residents.
"Burleson struggled during the Great Depression, maintaining a population of just a few hundred," the report said. "Today, the jobs and people are back in droves. Burleson’s grown from just over 46,000 residents in 2017 to more than 53,000 today."
The north Austin suburb of Georgetown took the lead as the No. 1 fastest-growing suburb in the U.S., with research showing the city has had a 26.7 percent growth rate since 2020. Georgetown's average housing price is $453,376, a significantly higher cost than a home in either Dallas-Fort Worth suburb.
Overall, nine out of the top 20 suburbs in the report reside in Texas. Rockwall, 25 miles northeast of Dallas, just squeaked in No. 20, with a median home price of $447,866. But the report wonders if prices will stay low given its advantageous setting on Lake Ray Hubbard.
The top 10 fastest growing affordable American suburbs are:
- No. 1 – Georgetown, Texas
- No. 2 – Kyle, Texas
- No. 3 – Leander, Texas
- No. 4 – Little Elm, Texas
- No. 5 – Westfield, Indiana
- No. 6 – New Braunfels, Texas
- No. 7 – Maricopa, Arizona
- No. 8 – Buckeye, Arizona
- No. 9 – Burleson, Texas
- No. 10 – Conroe, Texas
The report defined a suburb as any "non-principal" city in a metropolitan area with a population of fewer than 100,000. Over 800 suburbs were examined based on 2020 and 2022 U.S. Census Bureau's population estimates, and narrowed down into the final 20. It also defined the "affordability" category by sorting cities with average home prices below $500,000 using the Zillow Home Value Index for single family homes. The cities were ultimately ranked based on their growth rates.
The full report can be found on movebuddha.com.