Huntsville receives national ranking for affordability amid housing and infrastructure concerns
HUNTSVILLE, AL – Adding to the growing list of accolades, the City of Huntsville was recently ranked as one of the fastest growing, affordable cities in the nation.
According to U.S. Census Bureau data tabulated by GOBankingRates from December 07, 2023, populations in some of the largest cities in America, such as New York City and Philadelphia, have been declining as many Americans move to smaller cities with more affordable living costs. Other cities, such as Chicago and Los Angeles, saw major population decreases between 2021-2022.
Among the top affordable cities, Huntsville ranked sixth with a typical home average of $278,772 and a 12.87% five-year increase. Huntsville ranked as the only city in Alabama in the top 25.
The study found that all but one of the top five most affordable, fastest-growing cities are located in the South, and two cities are located in Texas. The top five cities are Killeen, Texas; Sioux Falls, South Dakota; Clarksville, Tennessee; Oklahoma City; and Lubbock, Texas.
To find the most affordable, fastest-growing cities in America, GOBankingRates looked at the latest American Community Survey from the U.S. Census Bureau to identify the 200 biggest cities in terms of total population, and then analyzed these cities based on their population changes in recent years, the median household income, the average rent, the average home values and overall cost of living.
Such population growth has undoubtedly put a strain on local infrastructure, which has left local leaders and representatives scrambling to answer various community concerns.
Furthermore, recent data from the Huntsville Area Association of Realtors (HAAR) has shown that the actual average home price has continued to rise to around $375k, which is an increase from last year’s average at $365k.
However, HAAR representatives are confident that prices will see a short dip next year, and the Huntsville Council expressed hope that rental prices would also see a decrease over the first two quarters of the new year.
For more information on GOBankingRates and their research methods, please visit their website here.
