Economic uncertainty, spearheaded mainly by high inflation rates, has been a top concern for Americans throughout 2022, experts said.
However, despite the financial toll, a new study from Smart Asset uncovered that some cities managed to grow in population and household income, among other factors.
Several cities from the Golden State were named in the study.
To determine the fastest-growing cities in the nation, researchers evaluated available data from 494 of the largest cities. The data analyzed included the following:
- Five-year population change
- Average yearly gross domestic product increases
- Five-year growth for businesses
- Housing unit change within the last five years
- September 2022 unemployment rate
- Unemployment rate changes within a year
- Five-year change in household income
The cities of Menifee, located in Riverside County, and Chino, located in San Bernardino County, were ranked among the top 10 fastest-growing cities in the U.S., according to the study.
Menifee was ranked 7th, while Chino was ranked 10th.
Researchers found that Menifee’s population increased by 20.21% between 2016 and 2021, reaching an estimated 106,400 residents. Available housing and household incomes have also increased by 20% and 42%, respectively, over the same five-year period.
For the city of Chino, researchers discovered that the number of housing units increased by 30% from 2016 to 2021, reaching 27,283, and household income increased by roughly 42% to $97,473 during the same time frame. The city’s population is about 93,000, according to the study.
Other California cities that were on the list:
12th: Rancho Cordova
13th: Victorville (tied with Riverview, Florida)
34th: Hesperia (tied with Lehigh Acres, Florida)
For people considering moving to a “booming” town, experts advise individuals to speak to a financial advisor about relocating so they can help you determine if it’s the best time to move.