The numbers are in: Realtor.com’s list of boom towns in America includes Miami, Brooklyn, and Los Angeles. Based on projected five-year growth, household expansion, new development and job growth, the report highlights the top ten cities in comparison with the national average.
“Most importantly, each individual ZIP code is projected to see a growth in households of between nine and 19 percent over the next five years,” the press release said.
Los Angeles and Brooklyn have similar projections, varying growth
Both the Los Angeles zip code 90012 and New York zip code 11249 (Brooklyn) share similar forecasts for projected five-year household growth.
Where they differ is the the percentage at which that growth will occur.
According to the research, Los Angeles County will see 22,000 housing starts in 2016. This is five times the average of the top 100 counties in the United States. Furthermore, over 65,000 new jobs are expected, roughly 7.2 times the average.
The report states that this growth is attributed to a rising interest among high income residents attracted to the Little Tokyo, Chinatown, Mission Junction, and Elysian Park neighborhoods. Los Angeles’ 90012 zip code is no. 2 on the top 10 list.
Brooklyn, on the other hand, remains cool in the best way. The “it” place to live for hipsters, bloggers and tomorrow’s starving art school students (who, if they sell enough art, can live in this converted schoolhouse) is attracting less new housing starts (8,000) than Los Angeles, and only 18,000 new jobs.
Plans for new residential towers will brings more people, but per the average, Brooklyn is growing two times more in job creation. That’s not to say it’s not a boom town, because it’s no. 8 in the top 10.
Miami and Chicago projected around 15 percent above average
Miami’s 33132 zip code, number four on the list, is projecting some of the highest five year projections with 14.9 percent, but Chicago is seeing the second highest with 18.9 percent. The cities placed fourth and ninth in the top ten, respectively.
As we’ve covered recently, Miami is seeing major growth in new housing (if only conceivable in this 3-D skyline map). The Realtor.com report credits the popularity of Miami’s nightlife among the millennials. For this reason, as well as other major commercial developments in the Miami area, the 33132 zip code is projecting 13,000 new housing starts and 44,000 new jobs.
Chicago, or “the economic heart of the Midwest,” as Realtor.com describes, is looking at 6,000 new housing starts and 38,000 more jobs. Chicago is number nine on the top ten list.