VICTORVILLE – SmartAsset, a New York-based financial technology company, listed Victorville and Hesperia in their top 100 list of Boomtowns in America for 2022. The company analyzed 494 largest cities in the nation to uncover the fastest growing by measuring growth of the population, income, GDP, businesses, housing and changes in unemployment.
Victorville came in a tie with Riverview, FL ranking 13 on the top 100 list. SmartAsset determined that Victorville has an average yearly growth domestic product (GDP) increase of 1.70%. Over five years, the city has grown 11.18% in population, had an 12.70% increase in businesses and 15.45% increase in housing units.
Hesperia ranked 34 – tied with Lehigh Acres, FL. According to SmartAsset, Hesperia had a 1.70% average yearly GDP growth. Over five years, the city has grown 7.73% in population, had an 12.70% increase in businesses and 8.20% increase in housing units.
Nampa, ID ranked No. 1 with population, incomes and available housing seeing an increase by 16.21%, 43.99% and 22.24%, respectively.
A key finding from the study found that the West and South dominate the top 50 – there isn’t a city outside of those two regions until No. 52 Jersey City, New Jersey.
“The top 10 highest-ranking cities in the West and South perform well for population, business and housing growth and rank in the top quintile across the study,” stated the report.
The report also found that in 22 boomtowns, the housing market grew by more than 24% in a five year span. Nationally, the number of housing units grew by only 4.75% from 2016 to 2021.
For those looking to relocate to a boomtown, SmartAsset says to consider your timing.
“Moving to a boomtown at its earliest stages can be a great opportunity for entrepreneurs and investors, as there's still plenty of room for growth. And for those who are looking for a job, there are usually plenty of opportunities available in rapidly growing cities,” says TradingPlatforms Senior Editor Edith Reads.
However, Reads warns that if a city has already reached its peak, it may be too late to get in on the action.
“In this case, it may be wiser to wait until the city's growth slows down before making the move. This way, you can avoid getting caught in the midst of a housing or job crunch,” said Reads.