Boomtown Effect: Unveiling Cities Where Population Growth Intersects Housing Affordability

The allure of a booming city often comes with a hefty price tag, particularly in the real estate market. However, some hidden gems offer a unique blend of population growth and relative affordability. In Lockhart, FL, with a population of 14966, and a racial composition of 7731 white residents and 4201 black residents, the median list price is seeing a significant growth. This analysis delves into specific cities, examining demographic and housing data to uncover these opportunities, as revealed in our where analysis.

Demographic Overview

Let's start by examining the demographic landscape of several cities. In Tylertown, MS, the population is 1985, with a racial composition including 997 white residents and 761 black residents. Compare this to Sewanee, TN, which has a population of 2625, with 2322 white residents and 91 black residents. Lockhart, FL, boasts a significantly larger population of 14966, with 7731 white residents and 4201 black residents. These figures provide a foundation for understanding the diverse communities within these cities.

Housing Market Dynamics

Understanding the housing market is crucial for assessing affordability. In Tylertown, MS, the total housing units are 749, with 608 occupied units, resulting in an occupied rate of 81.17%. Sewanee, TN, presents a different picture with 647 total housing units and 501 occupied units, leading to an occupied rate of 77.43%. Lockhart, FL, has 5647 total housing units, with 5356 occupied units, showcasing a high occupied rate of 94.84%. These occupancy rates offer insights into the demand for housing in these areas, which is further explored in our housing analysis.

Property Characteristics and Values

Delving deeper into property characteristics, we find that Tylertown, MS, has a median of 6 rooms across all housing units. In Sewanee, TN, the median number of rooms is 7. Lockhart, FL, has a median of 5 rooms. Furthermore, in Tylertown, MS, the median property value is $104700. These figures help paint a picture of the types of homes available and their relative values.

Financial Metrics and Affordability

Affordability is often determined by financial metrics such as monthly costs and household income. In Tylertown, MS, the median monthly cost with a mortgage is $1196. In Sewanee, TN, the median monthly cost with a mortgage is $1811. In Lockhart, FL, the median monthly cost with a mortgage is $1162. These costs must be considered in relation to household incomes. In Tylertown, MS, the household income for owners is $40795. In Sewanee, TN, the household income for owners is $82917. In Lockhart, FL, the household income for owners is $66875. Our growth analysis highlights the potential for short-term rentals in these cities.

Vacancy Details

Vacancy rates can also influence housing affordability. In Tylertown, MS, the vacancy rate is 18.82%, with 23 properties vacant for sale. Sewanee, TN, has a vacancy rate of 22.56%, with 0 properties vacant for sale. Lockhart, FL, has a vacancy rate of 5.15%, with 85 properties vacant for sale. These vacancy details provide insights into the availability of housing options, which can impact the success of short-term rentals, as seen in our where analysis.

Commuting and Industry

Commuting patterns and industry breakdowns can also influence the desirability of a location. In Tylertown, MS, the work from home percentage is 4.61%. In Sewanee, TN, the work from home percentage is 12.61%. In Lockhart, FL, the work from home percentage is 4.12%. Furthermore, in Tylertown, MS, the education percentage within industries is 27.67%. In Sewanee, TN, the education percentage is 60.22%. In Lockhart, FL, the education percentage is 24.55%.

Additional Insights

In Winfall, NC, the total housing units are 414, with an occupied rate of 86.71%. The median property value is $304400. The median monthly cost with a mortgage is $1788, and the household income for owners is $117961. In Dover, MO, the total housing units are 49, with an occupied rate of 69.38%. The median property value is $95000. The median monthly cost with a mortgage is $863, and the household income for owners is $68125. These figures provide additional context for understanding the housing market in different regions.

Conclusion

Identifying boomtowns with affordable housing requires a comprehensive analysis of demographic, housing, and financial data. While some cities may offer lower median prices, it's crucial to consider factors such as income levels, vacancy rates, and commuting patterns. Cities like Tylertown, MS, and Dover, MO, may present opportunities for those seeking affordability, while Sewanee, TN, and Lockhart, FL, offer different dynamics with higher incomes and occupancy rates. Further housing analysis is needed to fully understand the potential of each market. For those interested in short-term rental opportunities, it's important to consider growth analysis and which cities are poised for expansion, as seen in our where analysis.

Discover the best cities for vacation property ROI in our Hospitality Hotspots article.