The fastest-growing suburb in the U.S. isn't near a major city like New York, Miami, or Los Angeles. In fact, it's in North Carolina, according to a new GOBankingRates report.
In August, GOBankingRates looked at the population change from 2020 and 2022 and focused on cities with a 9% or greater change in the same years. The suburbs had to have a July 2024 home value below $500,000.
The South reigned supreme, with six regions in the top 10—Mooresville, North Carolina took the No, 1 spot on the list. States like Florida and Arizona both had two cities in the top 10, according to GOBankingRates.
In July 2024, Mooresville had a home value of $480,430 and a 29.94% change in total population over the 2020-2022 period.
The town — part of the Charlotte metro area — is known is known as "Race City USA" because it is home to many NASCAR and IndyCar racing teams and the NASCAR Technical Institute. Mooresville also counts Lowe's Corporate as a major employer in the area.
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The 10 fastest-growing U.S. suburbs with home values under $500,000
- Mooresville, N.C.
- Hamtramck, Mich.
- Buckeye, Ariz.
- Union City, Ga.
- Canyon Lake, Texas
- Olive Branch, Miss.
- Maricopa, Ariz.
- Clermont, Fla.
- Leesburg, Fla.
- Goodyear, Ariz.
The No. 2 fastest-growing U.S. suburb is Hamtramck, Michigan.
The July 2024 home value was $167,930 and the change in population from 2020 to 2022 was 28.28%, according to the report.
Hamtramck is located roughly five miles north of downtown Detroit. The proximity to the major city makes it a great location for those who want to work in Detroit and then head back out to a bit of a quieter life in the burbs. According to the 2020 Census, Hamtramck's population is 28,433, the median household income is $39,648, and the employment rate is 40.5%.
Money Report
The city is known as "The World in Two Square Miles" because it is so diverse and home to an array of cultures from around the world.
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