Good News Real Estate Lawyers: Phoenix is One of the Fastest Growing Cities
The Phoenix metropolitan area is growing at a rate of 1,000 people each week, according to the U.S. Census Bureau. This is great news for real estate lawyers and the entire real estate industry as thousands of people are currently looking for a place to live.
Fastest Growing Cities in the U.S.
The American City Business Journals calculated the growth rates of major metropolitan cities from 2010 – 2016, putting Phoenix at number 8. The Valley’s population rose from 4.19 million to an estimate of 4.66 million, gaining around 1,436.2 persons a week.
Coming in at number 1 was the Houston metropolitan area, which had an increase of around 2,612.3 persons per week. Second was the Dallas-Fort Worth area which saw an increase of 2,474.6 persons per week. New York City, Atlanta and Miami-Fort Lauderdale were also in the top five, all with increases larger than 1,500 persons per week.
Other cities that made the top 10 list include Washington, Los Angeles, Seattle, San Francisco-Oakland and Austin.
How Population Growth Will Affect The Real Estate Market
A city’s increase in population is very likely to have a positive effect on the real estate market. As the population rises, so does the demand for new homes. Phoenix’s steady growth is allowing the Maricopa County area to become more developed. Housing developments and apartments complexes are being built all around the Valley due to the high demand for housing.
The city’s growth is very promising to the housing market, real estate agents and real estate lawyers.