Realtor.com says Gilbert is the biggest Boom Town
Realtor.com® today released its list of America’s Top ‘Boom Towns’. Led by Gilbert, Ariz. (85297); Los Angeles (90012), and Dallas (75201), these neighborhoods are striking it rich when it comes to new home construction, job creation and an increasing number of households – the gold mine for housing market growth.
“The strength of the residential real estate market is closely correlated to growth in jobs and households,” said Jonathan Smoke, chief economist for realtor.com®. “The good news for these markets is that these growth factors have already started to translate into new construction. At the same time, it may be a year or so before some markets on our list start see an increase in inventory. If anything, this is a road map for where builders should be thinking about where to break ground next.”
America’s Top Boom Towns are demonstrating some of strongest growth in jobs, household formation, and housing starts across the country. Every market on the list has experienced between one and five times the average job growth of the top 100 counties in the country. Household growth in each of these areas is between one and seven times the average growth of the top 100 areas. New home starts are between one and six times the average growth in the top 100 counties. 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.
1. 85297 Gilbert, Ariz.
Largest neighborhood: Power Ranch
Part of the Phoenix metropolitan area, Gilbert is located just over 30 miles east of downtown Phoenix in close proximity to where GoDaddy and PetSmart® have significant operations. The sunny neighborhood of 85297 is highly sought after by both snowbirds and locals for its close proximity golf courses and country clubs. The biggest draw for locals is the strong school district, Higley Unified School District, that’s home to Centennial Elementary, which was ranked No. 1 in the state in 2014.
ZIP code 85297 is expected to see households grow by 15.9 percent over the next five years, 4.2 times faster than the rest of Maricopa County, where more than 25,000 new housing starts and in excess of 53,000 new jobs are forecast for 2016 – that’s 5.7 and 5.8 times more than the average of the top 100 counties in the country, respectively.