Many of the nation's largest metropolitan cities are experiencing an influx of new permanent residents. According to the Census Bureau metro areas grew at a faster pace last year than any year in the last decade. The rush to live within the city limits is being contributed to the terrible two; recession and the housing market crash.
According to an analyst at the Brookings Institute, one city that seems to be growing at a faster rate than any of the others is Chicago. The lake side hub saw an increase of 0.8% between July 2008 and July 2009. Of the 34 metro cities in the U.S. that have populations above 500,000, 19 of them showed a population increase greater than the prior year’s reporting.
As one could imagine the nation's city of cities, New York, also saw accelerated increases in its population. New York has a population estimated at 8.4 million people. In 2009 the city's population grew 0.5%. There has been a steady increase in the cities growth over the past couple of years. Other cities are experiencing the same growth patterns. Dallas, Seattle, and Denver also reported their highest increases over the past decade.
There are several factors that seem to be responsible for the sudden growth to these metropolitan areas. The economy is one of the major reasons. Many suburbanites have had to cut back on their expenses and commuting long distances have cut deeply into their pockets. Many cities across the nation have increased their spending on local transit projects. Another lure to city living is the recent drop in home values that has helped to give a buyer more property for their dollar. Close proximity to heath service, shopping, and increased performance in public schools has also helped to convince suburbanites to move closer to these major metropolitan cities.
Phoenix new homes and Las Vegas new homes were two of the hardest hit during the housing market crash. They also reported population increases, but nowhere near the other front runners. Phoenix grew 1.5% from July 2008 to July 2009. This amounts to an increase of 24,000 over a twelve month period. From 2005 to 2006 the Valley of the Sun increased its population by 41,000.
The exodus from the suburbs is expected to continue as long as lending rates stay low and inner-city property values continue to be desirable. Some economists believe that it will take an estimated 5-8 years before borrowers will boomerang back to the suburbs.
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