A Phoenix suburb ranks second among the nation’s fastest-growing, most affordable cities to live in 2028, according to a new analysis.

Researchers at GOBankingRates examined the latest U.S. Census and Bureau of Labor Statistics data to determine which cities have the best combination of rapid population growth and a manageable cost of living.

Most Affordable Cities To Live In Arizona

• Goodyear ranks second in the nation, due to a population boom of 33% between 2018-2023, which is the largest in the study.
• Several other Metro Phoenix cities ranked among the top 20, including Peoria (#14), Surprise (#16) and Chandler (#18).

 

Texas is officially home to the most cities that are fast-growing and affordable enough for your money. The Lone Star State recently swept a new GOBankingRates study ranking the most affordable U.S. places that have large population growth, with 12 cities to rank out out of the top 50.

For this study, GOBankingRates used qualifying cities with populations of 100,000, a 1-year and 5-year population growth larger than the national growth rate and average rental or mortgage costs lower than the national average. The U.S. Census American Community Survey from 2018, 2022 and 2023 helped source each city’s total population, total households and household median income, all of which were used to calculate the 1-year and 5-year population changes.

Key Findings Among Most Affordable Cities To Live

• Frisco, Texas, is the nation’s most affordable, fastest-growing city. Within a five-year span, the population has increased by 26.9%. The annual cost of living is reasonable for both renters and homeowners, with renters paying $46,718 and homeowners $72,262 annually.
• Frisco, Goodyear, McKinney, Fishers, Allen, Carmel, League City, Lewisville, Olathe and Round Rock ranked as the 10 fastest-growing and most affordable cities. More than half of these cities are based in Texas. The remaining states represented include Arizona, Indiana and Kansas.
• Texas dominated the top 50 with 12 cities. These include Frisco (#1), McKinney (#3), Allen (#5), League City (#7), Lewisville (#8), Round Rock (#10), Pearland (#11), Denton (#19), Fort Worth (#26), Austin (#35), Edinburg (#43) and Killeen (#49).

Ranked in order from largest to smallest population change and most to least affordable are the 50 fastest-growing, most affordable cities in 2025.

1. Frisco, Texas

• 5-year population growth: 26.9%
• 1-year population growth: 4%
• Median household income: $146,158
• Total cost of living for renter annually: $46,718
• Total cost of living for homeowner annually: $72,262
• Average home value: $678,435

2. Goodyear, Arizona

• 5-year population growth: 32.8%
• 1-year population growth: 5.5%
• Median household income: $101,814
• Total cost of living for renter annually: $49,011
• Total cost of living for homeowner annually: $58,494
• Average home value: $478,276

3. McKinney, Texas

• 5-year population growth: 16.6%
• 1-year population growth: 3.1%
• Median household income: $120,273
• Total cost of living for renter annually: $45,023
• Total cost of living for homeowner annually: $58,907
• Average home value: $512,667

4. Fishers, Indiana

• 5-year population growth: 13.8%
• 1-year population growth: 1.9%
• Median household income: $128,141
• Total cost of living for renter annually: $46,989
• Total cost of living for homeowner annually: $54,414
• Average home value: $438,966

5. Allen, Texas

• 5-year population growth: 8.5%
• 1-year population growth: 2.1%
• Median household income: $129,130
• Total cost of living for renter annually: $44,456
• Total cost of living for homeowner annually: $58,678
• Average home value: $514,490

Other Arizona Cities Earning Top Rankings

14. Peoria, Arizona

• 5-year population growth: 18.1%
• 1-year population growth: 1.6%
• Median household income: $93,403
• Total cost of living for renter annually: $50,490
• Total cost of living for homeowner annually: $61,963
• Average home value: $495,587

16. Surprise, Arizona

• 5-year population growth: 12.5%
• 1-year population growth: 2.7%
• Median household income: $93,371
• Total cost of living for renter annually: $56,465
• Total cost of living for homeowner annually: $62,596
• Average home value: $432,225

18. Chandler, Arizona

• 5-year population growth: 11.9%
• 1-year population growth: 0.9%
• Median household income: $103,691
• Total cost of living for renter annually: $47,908
• Total cost of living for homeowner annually: $61,788
• Average home value: $536,681

– more at azbigmedia.com