This Is the Fastest-growing U.S. Suburb for Affordable Housing

A new report ranked the most popular communities in the country where affordable housing is a main draw.

While Americans continue to flee big cities in search of a more affordable cost of living, many settle within a commutable distance of large urban areas with ample employment opportunities. So it probably comes as no surprise that one of the fastest-growing suburbs in the country is near Charlotte, North Carolina, a city whose population has surged since the pandemic.

Mooresville, located just 27 miles north of the city, was recently named the fastest-growing suburb in the nation where the median home price doesn’t exceed $500,000 by GoBankingRates.com.

The website analyzed two-year data on population changes for mid-range cities with up to 200,000 residents as well as home prices in July 2024. According to the results, Mooresville had an impressive 30 percent shift in population, going from 38,500 in 2020 to 50,000 in 2022. The median home value in the city was $480,430, about $50,000 higher than that for the country for July.

However, Mooresville is no sleepy suburb. Known as “Race City USA,” it is home to many NASCAR teams, racing tracks, and auto manufacturers. Racing fans from across the nation flock here to explore its many racing attractions, including the North Carolina Auto Racing Walk of Fame and the Memory Lane Motorsports and Historical Automotive Museum, as well as tour racing facilities and experience the city’s many race tracks.

Another draw is the proximity to Lake Norman, the state’s largest man-made body of water and a favorite spot for relaxation for North Carolinians. In fact, outdoor recreation abounds here thanks to the easy access to the Blue Ridge Mountains (Asheville is also just a two-hour drive) and dozens of miles of hiking and biking trails in the area.

Niche.com gives Mooresville’s public schools a perfect A grade and ranks the city as the 16th best suburb for young professionals in North Carolina.

Second on GoBankingRates.com’s list is Hamtramck, Michigan. The Detroit suburb is booming, as its population grew 28 percent in two years. Additionally, it has the lowest median home value on the list — $157,930.

Third is Buckeye, Arizona, which sits west of Phoenix and is home to 95,000 people. That's about 27 percent more residents than in 2020.

Arizona has three communities in the top 10, more than any other state, followed by Florida with two. The website noted that while no single region of the country emerged as a leader, the states with the highest number of affordable and fast-growing suburbs are Maryland, Michigan, Texas, Florida, Arizona, and California.

You can see the full ranking on gobankingrates.com.

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