Discover the Fastest-Growing Mid-Sized Cities in the U.S.

Despite the challenges posed by the pandemic, inflation, and housing shortages, several mid-sized cities in the United States have continued to experience significant population growth. These “Boom Towns” are not only attracting new residents but also fostering economic activity and development. In this blog, we will explore the mid-sized cities that have grown by 5% or more since 2016, adding between 50,000 to 100,000 new residents. We will also examine the credit characteristics of these cities and their economic resilience before and after the pandemic.

20 Mid-Sized Cities Added 50,000 or More Residents Since 2016

According to U.S. Census data, several mid-sized cities have seen remarkable population growth over the past few years. In nearly half of these cities, approximately 1 in 10 residents are newcomers. Below are the 20 mid-sized U.S. cities that have added 50,000 to 100,000 residents since 2016:

• Myrtle Beach-Conway-North Myrtle Beach, SC-NC: 536,000 (19.9% growth)
• Greeley, CO: 350,000 (18.4% growth)
• Fayetteville-Springdale-Rogers, AR: 576,000 (14.4% growth)
• Huntsville, AL: 514,000 (14.4% growth)
• Cape Coral-Fort Myers, FL: 822,000 (13.8% growth)
• Killeen-Temple, TX: 496,000 (13.7% growth)
• Port St. Lucie, FL: 521,000 (12.2% growth)
• Deltona-Daytona Beach-Ormond Beach, FL: 706,000 (11.0% growth)
• Spokane-Spokane Valley, WA: 598,000 (10.5% growth)
• Ogden-Clearfield, UT: 714,000 (9.4% growth)
• Palm Bay-Melbourne-Titusville, FL: 631,000 (9.3% growth)
• Des Moines-West Des Moines, IA: 729,000 (8.6% growth)
• Greenville-Anderson, SC: 959,000 (8.4% growth)
• Stockton, CA: 793,000 (8.2% growth)
• Knoxville, TN: 908,000 (7.5% growth)
• Colorado Springs, CO: 765,000 (7.5% growth)
• Salt Lake City, UT: 1,266,000 (6.9% growth)
• Richmond, VA: 1,339,000 (6.4% growth)
• Oklahoma City, OK: 1,459,000 (6.3% growth)
• Omaha-Council Bluffs, NE-IA: 977,000 (5.8% growth)

Many of these Boom Towns are located in the Southern and Western regions of the U.S., with Florida boasting four of the fastest-growing mid-sized metros. Interestingly, many new residents of these cities are from nearby smaller metros within the same state, contrasting with larger cities like Boise, Idaho, and Atlanta, which attract residents from major metros like Los Angeles and New York City.

Boom Towns, Booming Credit Scores

Since 2016, Boom Towns have seen a significant increase in their average FICO® Scores. On average, these cities have experienced a 21-point increase in credit scores, compared to the nationwide average increase of 15 points. Here are some notable changes in average FICO® Scores in these Boom Towns:

• Cape Coral-Fort Myers, FL: +25 points (from 695 to 720)
• Colorado Springs, CO: +21 points (from 701 to 722)
• Deltona-Daytona Beach-Ormond Beach, FL: +23 points (from 687 to 710)
• Des Moines-West Des Moines, IA: +15 points (from 715 to 730)
• Fayetteville-Springdale-Rogers, AR: +16 points (from 693 to 709)
• Greeley, CO: +22 points (from 703 to 725)
• Greenville-Anderson, SC: +34 points (from 672 to 706)
• Huntsville, AL: +17 points (from 697 to 714)
• Killeen-Temple, TX: +18 points (from 663 to 681)
• Knoxville, TN: +19 points (from 696 to 715)
• Myrtle Beach-Conway-North Myrtle Beach, SC-NC: +31 points (from 681 to 712)
• Ogden-Clearfield, UT: +22 points (from 711 to 733)
• Oklahoma City: +16 points (from 684 to 700)
• Omaha-Council Bluffs, NE-IA: +16 points (from 713 to 729)
• Palm Bay-Melbourne-Titusville, FL: +19 points (from 699 to 718)
• Port St. Lucie, FL: +20 points (from 694 to 714)
• Richmond, VA: +20 points (from 694 to 714)
• Salt Lake City: +24 points (from 702 to 726)
• Spokane-Spokane Valley, WA: +21 points (from 707 to 728)
• Stockton, CA: +26 points (from 678 to 704)

All 20 Boom Towns improved their FICO® Scores by at least 15 points, which is on par with or better than the national average. Notably, Myrtle Beach and Greenville saw their average FICO® Scores improve by more than 30 points.

Boom Towns Are Local Magnets

Most of the fast-growing mid-sized cities are gaining new residents from within the same state. However, many of these cities are also receiving new residents from larger nearby cities. For example, Charlotte, North Carolina, and Orlando, Florida, are not only growing rapidly but also supplying smaller Boom Towns with new residents. Here are some common sources of new residents for these Boom Towns:

• New York City → Charlotte, NC → Charleston, SC
• Los Angeles → Seattle → Spokane, WA
• Miami → Orlando, FL → Deltona, FL

These larger cities are keeping movers happy by welcoming more than 100,000 new residents from out of state since 2016 and supplying fast-growing nearby metros with new residents.

Boom Towns Show Economic Resilience Before and After the Pandemic

Experian’s analysis of population and credit score data from both before and after the pandemic reveals that these Boom Towns were already experiencing economic growth well before 2020. Nearly all of the 20 Boom Towns identified by Experian were also considered economically “resilient” metros, according to a recent Brookings Institution study. These metros exhibited above-average economic growth in local GDP, wages, and employment both prior to and following the pandemic.

In conclusion, the mid-sized Boom Towns in the U.S. are not only attracting new residents but also demonstrating economic resilience and growth. If you are considering moving to one of these thriving cities or need mortgage services, O1ne Mortgage is here to help. Call us at 213-732-3074 for any mortgage service needs. Our team of experts is ready to assist you in finding the best mortgage solutions tailored to your needs.