Suburban and exurban growth is outpacing that of major cities across the United States, and Texas is no exception. In fact, according to a report from StorageCafe, seven of the top 20 fastest-growing housing markets are located in the Lone Star State.
The Houston suburb of Fulshear ranked as the No. 3 fastest-growing market in the entire country, with housing inventory expanding by 1,138% from 2013 to 2022 while population increased by 1,200% during the same period. Approximately 3,000 building permits were issued in 2022 as well, meaning housing inventory, and likely, population, will continue to expand.
Meanwhile, the Dallas-area cities of Celina, Melissa, Prosper and Fate all ranked in the top 20, with Celina ranking as the metro’s top suburb at No. 8 nationwide. There, inventory has tripled in the past decade, with the population growing 237% since 2013.
In comparison, inventory in the Dallas metro area increased by only 11% during the same period.
But what’s driving this robust growth in Texas suburbs?
For one, Texas has a robust tech scene, which, in addition to the warm climate and low taxes, pulls young workers into the state. However, remote work opportunities allow residents to settle away from city centers and into the farther suburbs, where housing is generally cheaper and comes with more land. Plus, commutes into downtown areas are still feasible if necessary.
“In a landscape characterized by flexible work setups in the post-pandemic search for more space, suburban and exurban areas are growing faster than urban cores,” Doug Ressler, manager of business intelligence at Yardi Matrix, said in the report. “High-growth suburbs are emerging in areas with natural scenery, especially appealing to remote workers and retirees … This suburban boom allows people to enjoy more living space and provides access to more diverse housing.”