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Top 5 Fastest-Growing Areas
Sunbelt Cities Are Growing Faster Than Ever
The Sun Belt
is home to the top five fastest-growing metropolitan statistical areas
in the country. And the growth in Las Vegas; Naples, Florida; Yuma, Arizona;
and Central and South Texas has been nothing less than phenomenal. Warm
weather, job growth and a lower cost of living are all features of these
communities attracting retirees and people in general seeking greater
economic opportunity.
1.
Las Vegas, Nevada
Percent increase 1990-2000: 83.3%
It began as a desert oasis, a place for trains to stop on their way to
California, but saw its boom days when mobsters opened casinos, the city
was lit up in neon and entertainers like Elvis became main attractions.
Not to mention its reputation for risqué dancers and quickie weddings.
Viva Las Vegas, baby.
The recent U.S. census shows Las Vegas is still booming, growing from
853,000 to 1.56 million people in the 1990s. That's faster than any other
metro area in the country. And they're not all coming to gamble.
"Moving to Las Vegas from Los Angeles, you don't have the horrible
air, the horrible traffic, the horrible schools and the horrible cost
of living," says Erik Pappa, a spokesman for the city and mayor's
office. "People are moving to Las Vegas to get out of places like
Los Angeles."
It has warm weather, no income tax and a rapidly growing arts and culture
scene, proving that the city has more to offer than gambling--its number
one industry, Pappa says. The average single family home costs about $172,000
and rental prices are quite reasonable, too. A one bedroom apartment averages
$640 per month, where as a two bedroom runs about $757. These factors
make Las Vegas more affordable than many other large cities.
"In many ways we're growing up. You're finding more cultural amenities,"
Pappa says. He admits more traffic and smog go along with the growth,
but said the city is addressing the problems before they become as bad
as other cities.
2.
Naples, Florida
Percent increase 1990-2000: 65.3%
Located on the Gulf of Mexico in southwest Florida, Naples is a popular
resort town where many people are choosing to retire. Agriculture and
tourism are also top industries. At the beginning of the last century,
the only way to get to Naples was by boat. That's all changed, of course,
thanks to a few key innovations.
"The boom started with Interstate 75, air conditioning and mosquito
control," says Bill Harrison, Naples' assistant city manager. The
area now teems with golf courses and tennis clubs and has beautiful beaches.
Harrison says affluent retirees are finding the area more attractive than
places like Miami and Fort Lauderdale on Florida's southeast coast. Naples'
population has grown from 152,000 to 251,000 from 1990 to 2000.
3. Yuma, Arizona
Percent increase 1990-2000: 50%
Set on the Colorado River in southwest Arizona, Yuma is a popular spot
for retired snowbirds. The area attracts 90,000 winter residents, about
10% of which become full-time residents each year. Residents enjoy little
traffic, clean air and good weather, says Roger Beadle, executive director
of the city's convention and visitor's bureau. "We have a lot of
retirees because we are affordable and have great weather."
Agriculture is the city's top industry, followed by tourism and the military,
Beadle says. Many of the military personnel that get stationed in Yuma
move back to the city when they return to civilian life, Beadle says.
Over the past 10 years, the population has grown to nearly 160,000 residents.
"Yuma was pretty much a seasonal town, but we're finding it's more
of a year-round community," says Beadle. "People used to close
in the summer, but more and more businesses are staying open."
4. McAllen-Edinburg-Mission,
Texas
Percent increase 1990-2000: 49%
This tri-city area grew from 383,000 to 570,000 during the 1990s. Spurred
by the improving Texas and national economies, low interest rates and
the passage of NAFTA, employment boomed in 1993, adding jobs at a faster
rate than any other metro area in the nation. Currently, however, the
area's unemployment rate hovers around 12.5%. The largest of the three
cities in the metropolitan area, McAllen continues to create new jobs.
The city borders Mexico on the Rio Grande and is known for farming and
as an international trade center.
5. Austin, Texas
Percent increase 1990-2000: 48%
The capital of Texas is in the south central area of the state and known
for its arts community, education and high tech industry. The Austin-San
Marcos area boasted an unemployment rate near 2.1% in 2000. After the
University of Texas, Dell Computer is Austin's largest employer, with
nearly 20,000 workers. Motorola Inc., with 10,000 employees, and IBM with
nearly 8,000, are in the top 10. Such prosperity has no doubt added to
the population boom, which jumped to 1.25 million.
These cities may seem like the place to be, but how do their rental
prices compare to what you are used to? Use the chart below to find
the Fair
Market Rent for the area. Or, better yet, check out how rental prices
have appreciated in the Top
20 Markets in the last 3 years.
 |
 |
 |
 |
| 2001*
RENTAL PRICES |
|
Rank |
|
Market |
Studio |
1
Bed |
2
Bed
|
3
Bed |
|
|
1 |
|
Las
Vegas, NV-AZ**
|
$536 |
$636 |
$757 |
$1,054 |
|
|
2 |
|
Naples,
FL
|
$441 |
$622 |
$749 |
$1,041 |
|
|
3 |
|
Yuma,
AZ
|
$378 |
$438 |
$583 |
$810 |
|
|
4 |
|
McAllen--Edinburg--Mission,
TX
|
$278 |
$370 |
$424 |
$529 |
|
 |
5 |
|
Austin--San
Marcos, TX
|
$533 |
$645 |
$858 |
$1,192 |
 |
|
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apartment search now!
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*The
U.S. Department of Housing and Urban Development produces annual
estimates of rents paid in each Metropolitan Statistical Area (MSA)
and non-metropolitan county. The estimates, called Fair
Market Rents, are by number of bedrooms and currently are based
on the 40th percentile of the rent distribution for recently rented,
unsubsidized, modest rental units. |
| **50th
Percentile Fair
Market Rents |
Written
by Brendan Farrington
Homestore.com
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