Driven
by
Americans’
desire
for
affordability,
more
space
and
a
“slower
pace
of
life,”
housing
supply
in
suburbs
and
exurbs
is
growing
faster
than
in
major
cities.

That’s
the
key
takeaway
from
a

report
released
Monday
by

StorageCafe,
an
affiliate
of
real
estate
data
provider

Yardi,
which
analyzed


U.S.
Census
Bureau
data
from
2013
to
2022
to
determine
the
fastest-growing
housing
markets
in
terms
of

single-family
and
multifamily
homes
added.

The
analysis
included
more
than
4,000
cities
and
defined
“principal
cities“
as
those
with
populations
of
more
than
150,000.
Suburbs
and
exurbs
have
populations
below
that
cutoff,
with
exurbs
defined
as
places
with
a
population
density
of
less
than
250
residents
per
square
mile
in
2013.

StorageCafe
found
that
each
of
the
20
fastest-growing
housing
markets
during
the
decade
were
suburbs
and
exurbs
—
and
most
of
these
markets
still
have
fewer
than
50,000
residents.
The
growth
was
concentrated
in
Southern
and
Sun
Belt
markets,
with

Texas
placing
seven
cities
on
the
list
and

Florida
adding
five.

Additionally,
five
of
the
top
10
fastest-growing
markets
were
exurbs
that
transitioned
into
suburbs
during
this
time
due
to
growth
in
population
density.
The
report
noted
that
“housing
inventory
in
exurbs
grew
by
an
average
of
15%
over
the
past
10
years,
outpacing
suburbs
at
14%
and
principal
cities
at
10%.
Population
growth
in
exurbs
(16%)
also
surpassed
that
of
suburbs
(13%)
and
principal
cities
(9%).“

The
No.
1
market
in
the
country
for
inventory
growth
was
Vineyard,
Utah.
Located
in
the
Provo-Orem
metro
area,
Vineyard
(population
12,600)
grew
its
stock
by
more
than
7,000%
during
the
decade
and
now
has
more
than
4,100
housing
units.

Other
cities
in
the
top
five
for
inventory
growth
were
Blackwells
Mills,
New
Jersey;
Fulshear,
Texas;
Woodbridge,
Virginia;
and
Nocatee,
Florida.

Major
cities
grew
their
housing
supply
too,
albeit
at
slower
rates.
The
Texas
hubs
of

Austin
and
Fort
Worth
led
the
way
with
respective
inventory
growth
of
23%
and
21%
during
the
decade.
They
were
followed
by

Seattle
(21%),
Raleigh
(18%)
and

Charlotte
(18%).

“The
influx
of
tech
companies
and
startups,
alongside
a
high
quality
of
life
and
relatively
low
cost
of
living
compared
to
Silicon
Valley,
has
made
Austin
a
magnet
for
young
professionals
and
families
alike,“
the
report
noted.
“This
demand
has
spurred
significant
increases
in
housing
inventory
to
accommodate
the
growing
population.“

StorageCafe
observed
that
sharp

home-price
increases
and
persistently

low
levels
of
inventory
are
pushing
Americans
out
of
urban
cores.
The
company
cited

recent
research
from
the

Joint
Center
for
Housing
Studies
at
Harvard
University,
which
found
that
millennials
are
driving
the
trend.

Members
of
Generation
Z
are
also
“well-versed
in
assessing
housing
woes
based
on
their
predecessors’
experiences,“
StorageCafe
reported.
It
noted
that
areas
with
“lower
densities
or
rural
charm
have
started
to
appeal
to
these
youngsters.“

In
a
separate
report
released
last
month,
the
company
found
that

Connecticut
led
the
nation
for
net
migration
by
Gen
Z
residents
from
2021
to
2022.
It
was
followed
by
Washington,
D.C.,
Texas,
North
Carolina
and
Pennsylvania.

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