At the end of a listing of the “Top Boomtowns in America” in 2022, here is some advice about timing a move to one of the boomtowns:
“Moving to a boomtown at its earliest stages can be a great opportunity for entrepreneurs and investors, as there’s still plenty of room for growth. And for those who are looking for a job, there are usually plenty of opportunities available in rapidly growing cities,” says Edith Reads, senior editor at TradingPlatforms. “However, if a city has already reached its peak, it may be too late to get in on the action. In this case, it may be wiser to wait until the city’s growth slows down before making the move. This way, you can avoid getting caught in the midst of a housing or job crunch.”
In other words, a resident or business wants to get in on the earlier parts of the boom, not in the latter stages or after it is over. Why? A few reasons listed above:
- There is money to be made. Whether owning a business or a home, an investment early on could pay off down the road. (For more on American homes as investments, see this earlier post.)
- A growing community means numerous job opportunities.
Mess up your timing in moving to one of these boomtowns and these two opportunities are not as good.
Another thought that is not accounted for in this ranking: how does the community change because of the boom period? Is it just as an attractive place to live and work after the rapid population growth? How do the old-time residents view the change? If the community grows enough, it will not exactly be the same place. Ultimately, other boomtowns will reign in future years. Will the boomtown be a good place to be in a few decades?