Would You Live in a Forbes Fastest-Growing City?

In November 2007, Forbes released a list of the fastest growing cities in America. This blog entry explores the question of whether you would want to live in a fastest-growing city, including reasons for and against the idea.

According to Forbes' Matt Woolsey, the fastest-growing cities in the U.S. are: Las Vegas, Phoenix, Austin, Atlanta, Orlando, Charlotte, Houston, Dallas, Sacramento, and Jacksonville. The discussion begins with four reasons why you might want to live in a thriving city and then turns to four reasons why you might not find the idea desirable. The object is for you to engage in a careful debate of your own before deciding to relocate.

Moving to a major metropolitan area that experiences rapid growth is a huge decision. While there are reasons for and against such a move, think carefully about your reasons for moving there and what characteristics you seek in a new location. Moving is a very personal decision that can have negative or positive impacts on your life. Although no moving plan is foolproof, having a solid set of reasons for moving can help your adjustment go more smoothly.

Four reasons to move to a fastest-growing city are: (1) growth in jobs, (2) construction of new homes, (3) increasing population equals more customers for business, and (4) growth in property value. While these considerations are important, they may not be enough for you to want to settle permanently in a fast growing city.

Now consider some reasons on the other side of the argument. Four disadvantages of a booming metropolis are: (1) competition for good jobs, (2) working around the demand for desirable housing, (3) increasing property taxes as the housing market grows, and (4) more traffic and nuisances of city life. When you think about any major city that you know well, think about the bad things about that city that have told you in the past that you would never live there. Depending on how growth is managed in your prospective city, it could attract the problems of other major cities now in urban decay.

Moving to a fastest-growing city is a tremendous decision that requires careful thought. If you are looking for immediate job opportunities or the market to open a business, such a move may be the perfect solution. For people wanting to settle down for the long-term in a quiet, family community, the bustling city might not be the best choice. If you are looking for the best of both worlds, consider buying a house in a suburb of a rapidly growing city. Then, take advantage of the job and business opportunities and profit from the housing boom. It is really up to you.