Boomtowns, for those unfamiliar with the term, are towns and communities that undergo sudden growth. This growth typically refers to a population increase and/or economic prosperity. If business is booming, the rich are likely eying the area as a place to keep building their wealth.
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But how much would it cost to reside in these communities? GOBankingRates was able to determine this answer by analyzing data from the US Census American Community Survey in the years 2022, 2021, 2017 and 2014. We sourced Sperling’s BestPlaces for each boomtown’s cost of living index and calculated the average monthly and annual cost of living using each boomtown’s average mortgage and expenditure costs.
In alphabetical order, find out how much it costs to live in each state’s biggest boomtown.
Alabama: Huntsville
- Cost-of-living index: 94.2
- Monthly cost of living: $3,546
- Monthly mortgage cost: $1,583
- Household median income: $67,874
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Alaska: Anchorage
- Cost-of-living index: 115.5
- Monthly cost of living: $4,597
- Monthly mortgage cost: $2,272
- Household median income: $95,731
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Arizona: Buckeye
- Cost-of-living index: 113.0
- Monthly cost of living: $4,418
- Monthly mortgage cost: $2,293
- Household median income: $94,188
Arkansas: Bentonville
- Cost-of-living index: 91.6
- Monthly cost of living: $4,441
- Monthly mortgage cost: $2,598
- Household median income: $99,074
California: Irvine
- Cost-of-living index: 164.9
- Monthly cost of living: $12,117
- Monthly mortgage cost: $10,013
- Household median income: $122,948
Colorado: Colorado Springs
- Cost-of-living index: 110.3
- Monthly cost of living: $4,478
- Monthly mortgage cost: $2,594
- Household median income: $79,026
Connecticut: Bridgeport
- Cost-of-living index: 138.6
- Monthly cost of living: $4,555
- Monthly mortgage cost: $2,061
- Household median income: $54,440
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Delaware: Wilmington
- Cost-of-living index: 104.1
- Monthly cost of living: $3,895
- Monthly mortgage cost: $1,812
- Household median income: $54,731
Florida: Horizon West
- Cost-of-living index: 106.0
- Monthly cost of living: $5,349
- Monthly mortgage cost: $3,196
- Household median income: $118,064
Georgia: Atlanta
- Cost-of-living index: 113.3
- Monthly cost of living: $4,639
- Monthly mortgage cost: $2,497
- Household median income: $77,655
Hawaii: Honolulu
- Cost-of-living index: 171.5
- Monthly cost of living: $9,916
- Monthly mortgage cost: $7,266
- Household median income: $82,772
Idaho: Meridian
- Cost-of-living index: 119.6
- Monthly cost of living: $4,829
- Monthly mortgage cost: $2,947
- Household median income: $93,296
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Illinois: Plainfield
- Cost-of-living index: 95.2
- Monthly cost of living: $4,226
- Monthly mortgage cost: $2,210
- Household median income: $143,064
Indiana: Westfield
- Cost-of-living index: 106.0
- Monthly cost of living: $4,539
- Monthly mortgage cost: $2,593
- Household median income: $117,519
Iowa: Waukee
- Cost-of-living index: 95.5
- Monthly cost of living: $3,942
- Monthly mortgage cost: $2,066
- Household median income: $106,846
Kansas: Olathe
- Cost-of-living index: 106.2
- Monthly cost of living: $4,201
- Monthly mortgage cost: $2,247
- Household median income: $108,077
Kentucky: Lexington
- Cost-of-living index: 90.8
- Monthly cost of living: $3,615
- Monthly mortgage cost: $1,732
- Household median income: $66,087
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Louisiana: Prairieville
- Cost-of-living index: 100.2
- Monthly cost of living: $4,029
- Monthly mortgage cost: $1,842
- Household median income: $111,927
Maine: Portland
- Cost-of-living index: 112.5
- Monthly cost of living: $5,110
- Monthly mortgage cost: $3,211
- Household median income: $71,498
Maryland: Clarksburg
- Cost-of-living index: 138.5
- Monthly cost of living: $6,056
- Monthly mortgage cost: $3,750
- Household median income: $165,551
Massachusetts: Wellesley
- Cost-of-living index: 143.4
- Monthly cost of living: $13,472
- Monthly mortgage cost: $11,213
- Household median income: $250,000
Michigan: Allendale
- Cost-of-living index: 94.3
- Monthly cost of living: $3,951
- Monthly mortgage cost: $2,089
- Household median income: $64,356
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Minnesota: Minneapolis
- Cost-of-living index: 107.2
- Monthly cost of living: $3,886
- Monthly mortgage cost: $1,907
- Household median income: $76,332
Mississippi: Olive Branch
- Cost-of-living index: 91.7
- Monthly cost of living: $3,768
- Monthly mortgage cost: $1,849
- Household median income: $93,762
Missouri: Wentzville
- Cost-of-living index: 97.5
- Monthly cost of living: $4,084
- Monthly mortgage cost: $2,136
- Household median income: $109,158
Montana: Bozeman
- Cost-of-living index: 125.7
- Monthly cost of living: $6,551
- Monthly mortgage cost: $4,700
- Household median income: $74,113
Nebraska: Omaha
- Cost-of-living index: 90.8
- Monthly cost of living: $3,563
- Monthly mortgage cost: $1,588
- Household median income: $70,202
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Nevada: Henderson
- Cost-of-living index: 110.6
- Monthly cost of living: $4,987
- Monthly mortgage cost: $2,857
- Household median income: $85,311
New Hampshire: Dover
- Cost-of-living index: 102.8
- Monthly cost of living: $5,021
- Monthly mortgage cost: $3,092
- Household median income: $90,844
New Jersey: Jersey City
- Cost-of-living index: 139.5
- Monthly cost of living: $5,968
- Monthly mortgage cost: $3,560
- Household median income: $91,151
New Mexico: Rio Rancho
- Cost-of-living index: 94.9
- Monthly cost of living: $3,841
- Monthly mortgage cost: $1,953
- Household median income: $78,978
New York: Kiryas Joel
- Cost-of-living index: 122.5
- Monthly cost of living: $5,467
- Monthly mortgage cost: $2,940
- Household median income: $40,218
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North Carolina: Apex
- Cost-of-living index: 105.8
- Monthly cost of living: $5,422
- Monthly mortgage cost: $3,484
- Household median income: $129,688
North Dakota: Fargo
- Cost-of-living index: 90.6
- Monthly cost of living: $3,574
- Monthly mortgage cost: $1,749
- Household median income: $64,432
Ohio: Marysville
- Cost-of-living index: 98.8
- Monthly cost of living: $3,937
- Monthly mortgage cost: $2,026
- Household median income: $89,104
Oklahoma: Broken Arrow
- Cost-of-living index: 85.3
- Monthly cost of living: $3,529
- Monthly mortgage cost: $1,573
- Household median income: $82,547
Oregon: Bend
- Cost-of-living index: 127.0
- Monthly cost of living: $6,125
- Monthly mortgage cost: $4,252
- Household median income: $82,671
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Pennsylvania: Reading
- Cost-of-living index: 94.0
- Monthly cost of living: $3,456
- Monthly mortgage cost: $1,384
- Household median income: $42,852
Rhode Island: Providence
- Cost-of-living index: 108.8
- Monthly cost of living: $4,377
- Monthly mortgage cost: $2,275
- Household median income: $61,365
South Carolina: Bluffton
- Cost-of-living index: 104.3
- Monthly cost of living: $4,848
- Monthly mortgage cost: $2,927
- Household median income: $99,575
South Dakota: Sioux Falls
- Cost-of-living index: 90.7
- Monthly cost of living: $3,705
- Monthly mortgage cost: $1,852
- Household median income: $71,785
Tennessee: Spring Hill
- Cost-of-living index: 139.4
- Monthly cost of living: $4,999
- Monthly mortgage cost: $2,899
- Household median income: $104,880
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Texas: Leander
- Cost-of-living index: 116.9
- Monthly cost of living: $4,640
- Monthly mortgage cost: $2,550
- Household median income: $129,684
Utah: Herriman
- Cost-of-living index: 121.3
- Monthly cost of living: $5,533
- Monthly mortgage cost: $3,501
- Household median income: $115,198
Vermont: Burlington
- Cost-of-living index: 112.4
- Monthly cost of living: $5,307
- Monthly mortgage cost: $3,142
- Household median income: $64,931
Virginia: Woodbridge
- Cost-of-living index: 125.8
- Monthly cost of living: $4,989
- Monthly mortgage cost: $2,792
- Household median income: $93,347
Washington: Redmond
- Cost-of-living index: 158.1
- Monthly cost of living: $10,462
- Monthly mortgage cost: $8,374
- Household median income: $155,287
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West Virginia: Morgantown
- Cost-of-living index: 89.8
- Monthly cost of living: $3,507
- Monthly mortgage cost: $1,550
- Household median income: $41,103
Wisconsin: Madison
- Cost-of-living index: 103.4
- Monthly cost of living: $4,346
- Monthly mortgage cost: $2,411
- Household median income: $74,895
Wyoming: Cheyenne
- Cost-of-living index: 100.3
- Monthly cost of living: $4,126
- Monthly mortgage cost: $2,092
- Household median income: $74,989
Methodology: For this study, GOBankingRates analyzed the American Community Survey data in the United States Census to find the biggest boomtowns in every state. Using the American Community Survey from 2022, 2021, 2017 and 2014, GOBankingRates found total population, owner-occupied housing, occupied housing units and income. Each factor was scored for each year, with all the scores being summed and sorted. The highest-scoring city was kept for each state and total population, population ages 65 and over, total households and household median income were all sourced from the U.S. Census American Community Survey. The cost-of-living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation and miscellaneous. Using the cost-of-living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. The average single-family home value was sourced from Zillow Home Value Index for September 2024. Using the average home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and average expenditure costs, the average cost of living was calculated. All data was collected on and is up to date as of Oct. 21, 2024.
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This article originally appeared on GOBankingRates.com: How Much It Costs To Live in the Biggest Boomtown in Every State
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