Eight of America’s 10 top boomtowns sit in the South, with Austin, Texas, leading the pack, according to a new analysis.
The LendingTree study ranks the nation’s 50 largest metropolitan areas across eight economic metrics, including population growth, new housing units, upward momentum in employment and earnings, and new business starts.
A few years ago, LendingTree was tracking “pandemic boomtowns,” as COVID-19 drove millions of Americans to seek new, often smaller markets to work remotely and live cheaply.
That movement has faded, and many employers have called workers back into the office. But some of the same cities are still booming.
What makes an American boomtown?
Top boomtowns offer similar perks. Cost of living is generally lower than in places like New York or Los Angeles.
The cities typically have positioned themselves as pro-business. Boomtowns often beckon with warmer weather. New residents have room to move.
“Because housing supply is one of the factors that we looked at, it’s not a coincidence that a lot of these towns are in states where there’s a lot of land,” said Matt Schulz, chief consumer finance analyst at LendingTree.
Boomtowns aren’t utopias. Take Austin, which LendingTree ranks as the nation’s leading boomtown.
Austin home values soared during the pandemic years. Prices have seesawed since, and homeowners have struggled to sell. The same pattern has played out in the rental market: a pandemic-era boom and building spree, giving way to a glut of supply and falling rents.
Austin is “not the kind of funky little college and state government town that it used to be,” said Schulz, who lives in Austin. “But it still has most of the things that people talk about that they love about Austin.”
Here are America's 10 top boomtowns
Here are thumbnail sketches of the nation’s top 10 boomtowns, according to LendingTree.
Austin. The Texas capital ranks first among the 50 largest metro areas for housing unit growth between 2023 and 2024, at 3.4%. Austin also has the largest increase in new business applications, 11.3%.
Raleigh, North Carolina. Raleigh ranks first among the 50 largest metros in LendingTree’s work and earnings category, which covers labor force growth, employment rate and median earnings.
Seattle. This metro area doesn’t sit in the South, and it isn’t particularly affordable. But Seattle ranks first in the LendingTree report in the business and economy category, which comprises economic growth and new business activity.
Charlotte, North Carolina. Charlotte ranks sixth among large metros in LendingTree’s people and housing category, which includes population growth, new housing units and migration from other cities.
Tampa, Florida. Tampa ranks second in LendingTree’s work and earnings category, and fifth among large metros overall.
Phoenix, Arizona. The Arizona metro ranks third in the LendingTree report in the work and earnings category.
Jacksonville, Florida. Jacksonville ranks fourth among large metros in the people and housing category, with healthy population growth.
Orlando. This Central Florida metro ranks third in the LendingTree analysis in the people and housing category, with a 4.3% rise in population between 2023 and 2024.
Houston. The Texas metro ranks fifth nationally in the people and housing category, with strong population growth between 2023 and 2024.
Nashville. The country music capital ranked 11th among large metros in the business and economy category, with strong business growth.
Conversely, many of the nation’s lowest-ranked metropolitan areas in the LendingTree report sit in northern climes, in regions that have grown more slowly in population.
Here are America's 10 least 'booming' large metros
Here are the least “booming” cities among the nation’s 50 largest metros.
Memphis, Tennessee. Memphis ranks last among the 50 largest metropolitan areas in LendingTree’s business and economy category.
Detroit. Detroit ranks 49th among 50 large metros in the work and earnings category of the LendingTree analysis.
Buffalo, New York. Buffalo ranks 50th out of 50 in LendingTree’s people and housing category. Housing growth has been slow.
Milwaukee. Milwaukee ranks 46th out of 50 large metros in LendingTree’s business and economy category.
Providence, Rhode Island. The Rhode Island metro ranks 50th out of 50 in the work and earnings category.
San Diego. The city ranks 47th out of 50 in work and earnings, 41st in people and housing.
St. Louis. The city ranks 44th out of 50 in LendingTree’s people and housing category.
Los Angeles. Los Angeles ranks 46th out of 50 metros in the people and housing category.
Chicago. Chicago ranks 44th out of 50 large metros in the work and earnings category.
Cincinnati. The Ohio metro ranks poorly in housing growth.
This article originally appeared on USA TODAY: Here are America's top 10 boomtowns
