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50 up-and-coming cities attracting residents & investors in 2019

Robin Young
Robin Young | 30 min. read

Published on December 14, 2018

Wondering which real estate markets investors are watching in 2022? Read our latest post: 60 Up-and-Coming Real Estate Markets Where Rental Investors & Property Managers Can Grow in 2022

In the throes of the Great Recession and the subsequent recovery, large metropolises like New York City and San Francisco saw an influx of new residents. Mega-cities with strong economies were the first to rebound from the downturn, making them attractive to those seeking well-paying jobs and vibrant surroundings.

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Since 2016, however, a new migration trend has emerged: Residents in expensive, overheated primary markets have their eye on thriving secondary markets—and some are making the move to these small cities and satellite towns. Over the next 5 years, PwC projects that the populations of New York City, Chicago, and Los Angeles will grow at a rate of just 0.2%; while Phoenix, Charleston, and Boise will increase at the significantly faster rate of 1.6%. Much of the migration is from the coasts to the middle of the country, where job and population growth are booming, and a lower cost of living means that residents’ and investors’ dollars go significantly farther.

So, which secondary markets will attract residents’ interest in the year ahead—and how can investors and property managers stay a step ahead of this trend? We evaluated hundreds of cities across the country to form our list of 50 secondary markets to watch in 2019. We utilized a range of measures that reflect qualities that appeal to residents and investors, from growth in job opportunities and property values to cost of living indexes and rent-to-income ratios. The cities that we’ve selected are those that balance projected growth for investors with affordability for residents—a necessary combination for sustainable growth.

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Up-and-Coming Real Estate Markets to Watch in 2019

Tier I Cities

Atlanta, GA | Austin, TX | Boise, ID | Charlotte, NC
Clearwater, FL | Columbus, OH | Dallas, TX | Denver, CO
Fort Worth, TX | Las Vegas, NV | Nashville, TN | Orlando, FL
Phoenix, AZ | Sacramento, CA | Salt Lake City, UT | San Antonio, TX
San Diego, CA | San Jose, CA | St. Petersburg, FL | Tampa, FL

Compared to the rest of the country, the emerging real estate markets that we’ve named our best bets for growth in 2019 are:

  • Gaining residents twice as fast
  • Gaining jobs more than twice as fast
  • 4 years younger on average
  • Seeing home values grow 50% faster
  • Staying affordable for residents—the average cost of living index is on par with the national average
  • Seeing 20% faster rent growth than the rest of the country—enough to help property managers and owners turn a profit, but not enough to scare renters into moving or buying homes at a faster rate than usual
  • Located largely in the southern half of the country, particularly Florida and Texas

Atlanta, Georgia

Atlanta, Georgia | 50 Up-and-Coming Real Estate Markets to Watch in 2019 | Buildium

Atlanta Real Estate Market Statistics

  • Metropolitan statistical area: Atlanta-Sandy Springs-Roswell, GA
  • Population: 486,290 – 38ᵗʰ largest U.S. city (Wikipedia – 2017 estimate)
  • 5-year projected population growth: 1.3% (PwC, 2018 – U.S. average is 0.7%)
  • Median age: 33 years old (City Data, 2016 – U.S. median is 38)
  • Median household income: $53,843 (City Data, 2016 – U.S. median was $57,617)
  • 5-year projected employment growth: 1.0% (PwC, 2018 – U.S. average is 0.6%)
  • Cost of living index: 98.7 (City Data, 2016 – U.S. average is 100)
  • Rent-to-household-income ratio: 22.1% (PwC – less than 30% is ideal)
  • Median 1-bedroom rent: $1029 (Rentonomics, 2018 – U.S. median is $743)
  • Year-over-year rent growth: 1.5% (Rentonomics, 2018 – U.S. average is 1.5%)
  • Median single-family home sale price: $224,100 (NAR, Q3 2018 – U.S. median is $266,900)
  • Year-over-year home sale price growth: 9.7% (NAR, Q3 2018 – U.S. median is 4.8%)

Expert Opinions on the Atlanta Real Estate Market

Austin, Texas

Austin, Texas | 50 Up-and-Coming Real Estate Markets to Watch in 2019 | Buildium

Austin Real Estate Market Statistics

  • Metropolitan statistical area: Austin-Round Rock, TX
  • Population: 950,715 – 11ᵗʰ largest U.S. city (Wikipedia – 2017 estimate)
  • 5-year projected population growth: 2.3% (PwC, 2018 – U.S. average is 0.7%)
  • Median age: 32.7 years old (City Data, 2016 – U.S. median is 38)
  • Median household income: $66,697 (City Data, 2016 – U.S. median was $57,617)
  • 5-year projected employment growth: 2.0% (PwC, 2018 – U.S. average is 0.6%)
  • Cost of living index: 95.6 (City Data, 2016 – U.S. average is 100)
  • Rent-to-household-income ratio: 19.4% (PwC, 2018 – less than 30% is ideal)
  • Median 1-bedroom rent: $1154 (Rentonomics, 2018 – U.S. median is $743)
  • Year-over-year rent growth: 2.3% (Rentonomics, 2018 – U.S. average is 1.5%)
  • Median single-family home sale price: $318,200 (NAR, Q3 2018 – U.S. median is $266,900)
  • Year-over-year home sale price growth: 7.4% (NAR, Q3 2018 – U.S. median is 4.8%)

Expert Opinions on the Austin Real Estate Market