New Albany ranked tops in state for projected growth combined with affordable rent

December 3rd, 2020     Featured General News

New Albany is being nationally recognized by LendEDU as one of the fastest-growing U.S. cities that is still affordable for renters.

In fact, New Albany was rated number one in Mississippi and number 17 in the entire country.

“It was a surprise, but a good surprise,” Mayor Tim Kent said.

He noted that the area is getting new apartments and likely will have more if lumber prices go back down.

“It is an honor to be first and tells how far the city has come in the past 12 to 15 years,” he said.

LendEDU is a website based in Hoboken, N.J. that helps consumers learn about and compare financial products, including student loans, personal loans, credit cards, insurance products, banking products, and more.

The company started with 30,000 cities and selected 1,000 that are projected to grow fastest over the next five years. Those cities were then ranked according to average monthly rent cost including utilities.

According to the survey, New Albany is projected to grow by 13.34 percent over the five-year period and the average rent cost here is $699 per month. That means the city “is still very affordable despite its potential for growth,” according to LendEDU. The company also noted that makes New Albany an excellent choice for young adults to start their adult lives when they are not yet able to purchase a home.

The projected growth indicates expanding job opportunities as well.

The mayor said this might also help in bringing retirees to New Albany as well because many are choosing to rent rather than own. The mayor noted that a real estate association recently designated New Albany as one of the top 10 places to retire in.

The company said it is unlikely to find a combination of growth plus affordable rent because such growth often leads to rapidly rising housing costs.

Bay St. Louis and Oxford, also included in the ranking,  are projected to have greater growth than New Albany, but they also have higher average rent – in the case of Oxford, nearly 50 percent higher than New Albany

Neighboring Tupelo has both higher average monthly rent and notably smaller projected growth.

The data in the report came from GreatData and much of that, in turn, came from the U. S. Census.

Here are the Mississippi cities that qualified for LendEDU’s rankings:

 

Rank State Rank City 5-Year Population Projection Percent Increase From Current Population Average Monthly Rent
17 1 New Albany 13.34% $699.00
78 2 Tupelo 10.63% $797.04
95 3 Bay Saint Louis 47.73% $815.00
147 4 Florence 11.83% $866.00
266 5 Hernando 11.47% $954.00
359 6 Oxford 46.98% $1,025.00
476 7 Southaven 11.77% $1,103.63
603 8 Olive Branch 10.68% $1,215.00

For the complete report, go to:

https://lendedu.com/blog/fastest-growing-cities-affordable-for-renters/

 

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