Things feeling a little busier here lately? It might have something to do with the fact that Houston is one of the three-fastest growing metro areas in the U.S., according to a new report from the folks at NerdWallet.
The Houston metro area added 94,417 to its population during a 12-month period from mid-2016 to mid-2017, Census data shows. It was the second-fastest-growing metro area during that period. The Houston area’s affordability comes courtesy of having this list’s third-lowest house prices (a median of $244,400) and sixth-highest household income ($61,708).
The top three metros on this list have two things in common, Danielle Hale, chief economist for Realtor.com told NerdWallet: They have space to grow, with few physical barriers such as mountains and oceans, and they have local governments that “are more willing to permit and allow development, too.”
How did NerdWallet come up with the list? Each quarter, the outlet calculates home affordability for 172 metro areas. NerdWallet narrowed its focus this quarter to the 10 metros that had the most population growth from mid-2016 to mid-2017, the latest data available from the U.S. Census Bureau. Among these 10, Atlanta had the most affordable home prices this spring and Seattle had the least affordable. Affordability was calculated by comparing incomes and median home prices. A place with high incomes and low home prices is more affordable than an area with low incomes and high home prices.
Atlanta was No. 1 on the list and Dallas was No. 2.
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