Where Are New Homes Being Built?
Home construction in the United States seems to be slowing down, especially in the last couple of years, which adds to the decrement of house affordability. There are almost 10% less houses being built throughout all the US, compared to last year, but some areas in the country are thriving with constructions sites. This happens especially in metropolitan areas, where jobs, social life and growth possibilities are attracting more and more Americans.
Below is a list of five areas expected to experience a building boom this year. None of them fit your likings? Read more about other major metro areas in the US that are experiencing constant growth.
Compared to the coasts, the land price is relatively inexpensive in Dallas and Texas is also known for its builder-friendly laws and regulations. Frisco, which is about 30-40 minutes far from downtown Dallas made top three fastest-growing suburb area last year. The price range for houses in Dallas ranges from $250,000 to $350,000, which makes it quite low, compared to other metropolitan areas in the country. On top of that, big companies, such as Toyota, are relocating in this area, opening the city’s gates to new and quite young residents.
New York, NY
The most expensive building complex ever built in the country opened in March 2019 and promises to provide over 20,000 residences close to the Hudson River. Although the number of building permits decreased by 3% in the region, including surroundings such as New Jersey and Connecticut, the city of New York still has a lot of room to grow and new building are rising constantly. Condos and apartment building development in areas such as Long Island City, Queens, are still going up and more residents are expected to move there during this year.
Atlanta is constantly expanding, with apartment building rising farther out from the city center. Scottdale, one of the fastest-growing communities in the area offers homes at around $250,000, a price that significantly lower than in other big cities throughout the country. Although the prices are still below the average, it is worth mentioning that, five years ago, they were 178% lower. And despite the increasing demand, there are still not enough new homes for sale in the area, making buyers turn to flipped houses instead.
Compared to anywhere else in the country, Phoenix seems to attract the biggest number of new residents. This happens due to its great weather, friendly neighborhoods and clean highways. In the past, Phoenix was known for its huge retiree community, but millennials are becoming more and more attracted to it as well. This seems to be thanks to its strong local economy, providing a large number of employees the opportunity to relocate here.
In 2018, more building permits were issued in Orlando than anywhere else in the country in the past 10 years. This happens due to the on growing demand in the city’s outer suburbs, such as St. Could and Lake Nona, where builders are struggling to keep up with the requests. Most new residents of the areas are retirees and professionals, who seek to escape the cold and rising prices of the Northeast areas of the country.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.