As housing costs continue to rise across much of the U.S., many people are searching for cities that offer both affordability and strong economic growth. Those who are just launching their careers or hoping to start a family soon may be even more in need of a budget-friendly place where they can stretch their wings and begin planning for the future.

Luckily, there are a number of great cities where opportunity and quality of life go hand in hand, according to a new study conducted by GOBankingRates, which recently ranked the 50 most affordable and fastest-growing places to live across the United States. Read on to learn which city took the top spot—and see if your hometown made the list.

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How was the study conducted?

To determine the rankings, GOBankingRates looked at U.S. cities with populations over 100,000 that have one-year and five-year population growth larger than the national average and where rent or mortgage is cheaper than the national average. Then, various data for each city was analyzed, including cost of living, average home value and average 30-year mortgage rate. Then, the one- and five-year population growth rates, leftover savings for renters and leftover savings for homeowners were scored to create a ranking of the 50 fastest-growing and most affordable cities.

Which city is the fastest-growing and most affordable in the U.S. right now?

Aerial view of Frisco, TexasWirestock/Getty Images

The No. 1 city is Frisco, Texas, 33 miles due north of Dallas. Frisco is not only home to major sports teams—including the FC Dallas soccer team and the Frisco RoughRiders AA baseball team, and the headquarters of the Dallas Cowboys—but it’s also known for its family-friendly neighborhoods, attractions (including the National Videogame Museum and National Soccer Hall of Fame), parks and communities. Word has gotten out that this city is a great place to settle down, making it a desirable place to move to and put down roots.

Why did Frisco, Texas, earn the top spot?

Frisco soared to first place because it boasts strong population growth yet remains an affordable place to live for both renters and homeowners alike. The city stands out as a top choice for both renters and buyers in 2025 due to its rapid growth, robust economy and high quality of life, according to Frisco-based real estate broker Heather Stevens. “Frisco’s strategic location within the Dallas-Fort Worth metroplex, combined with its commitment to community development and safety, makes Frisco an attractive destination for individuals and families seeking both rental and homeownership opportunities,” she says.

Here’s what makes Frisco stand out from other cities, especially among people who are just starting out:

Strong population growth

Frisco strikes the perfect balance between modern living and small-town charm, says Frisco-based real estate broker Darius Jackson. “Frisco’s population has surged by 26.9% in just five years due to its top-rated schools, a booming job market and a family-friendly community,” he explains. “With Universal Kids Resort [set to open in 2026] and PGA of America headquarters moving to town, there’s no end in sight for the growth of the city.”

Affordable cost of living for homeowners

According to Jackson, one of the biggest challenges for first-time buyers is finding affordability without sacrifice. In Frisco, homeowners spend about $72,262 annually on living costs, while the median household income sits at $146,158. “That gap provides breathing room—enough to save, invest and avoid being house-poor,” he explains. “For new buyers, it means financial stability and peace of mind.”

Affordable cost of living for renters

Frisco’s also a win for renters, with average annual costs around $46,718. “Affordable rent means more room to save for a down payment, invest in personal growth or simply enjoy life without stretching budgets thin,” Jackson says. “It’s smart living that sets up future homeowners for success.”

What other cities earned a top spot on the list?

While Frisco got the No. 1 spot on the list, the runners-up are also highly affordable places to live. Rounding out the top three are:

Goodyear, Arizona

While it ranked overall at No. 2, this Arizona city actually has the biggest one-year and five-year population growth out of all 50 cities on the list. Located just about 20 to 25 minutes from downtown Phoenix, Goodyear allows residents to enjoy a quieter, suburban lifestyle while staying close to the amenities of a major city. The median household income in Goodyear is $101,814, while the total cost of living for renters annually is $49,011 and the total cost of living for homeowners annually is $58,494.

McKinney, Texas

Earning the No. 3 spot on this list is another Lone Star State city that’s probably best known for being home to one of the oldest and largest historic districts in Texas. It’s also recognized for its stable economy and solid schools, not to mention its affordability. The median household income in McKinney is $120,273, while the average cost of living for renters and homeowners is $45,023 and $58,907, respectively.

What other cities made the list?

Lots of other great American cities made the list. And in addition to Frisco, 11 more cities from Texas made the top 50. Here are the other affordable, fastest-growing places across the United States, ranked from 1 to 50:

  1. Frisco, Texas

  2. Goodyear, Arizona

  3. McKinney, Texas

  4. Fishers, Indiana

  5. Allen, Texas

  6. Carmel, Indiana

  7. League City, Texas

  8. Lewisville, Texas

  9. Olathe, Kansas

  10. Round Rock, Texas

  11. Pearland, Texas

  12. Nampa, Idaho

  13. Murfreesboro, Tennessee

  14. Peoria, Arizona

  15. Rio Rancho, New Mexico

  16. Surprise, Arizona

  17. Concord, North Carolina

  18. Chandler, Arizona

  19. Denton, Texas

  20. Sioux Falls, South Dakota

  21. Palm Bay, Florida

  22. Henderson, Nevada

  23. North Las Vegas, Nevada

  24. Broken Arrow, Oklahoma

  25. Clarksville, Tennessee

  26. Fort Worth, Texas

  27. Madison, Wisconsin

  28. Huntsville, Alabama

  29. Thornton, Colorado

  30. Rochester, Minnesota

  31. Durham, North Carolina

  32. Chesapeake, Virginia

  33. Sparks, Nevada

  34. Spokane Valley, Washington

  35. Austin, Texas

  36. Reno, Nevada

  37. Lakeland, Florida

  38. Bakersfield, California

  39. Oklahoma City, Oklahoma

  40. Visalia, California

  41. Fargo, North Dakota

  42. Charlotte, North Carolina

  43. Edinburg, Texas

  44. Billings, Montana

  45. Orlando, Florida

  46. Colorado Springs, Colorado

  47. Raleigh, North Carolina

  48. Aurora, Colorado

  49. Killeen, Texas

  50. Jacksonville, Florida

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About the experts

  • Heather Stevens is a Frisco-based real estate broker and a managing partner at the Agency Frisco. She has been recognized as part of the North Dallas Fort-Worth Top 1% and is the recipient of the Top 500 Real Producers Award.
  • Darius Jackson is a real estate advisor for Engel & Völkers Frisco and a former Dallas Cowboys football player. He regularly works with homebuyers and sellers in Frisco, Texas, and is an expert on the local housing market.

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Sources:

  • GOBankingRates: “50 Most Affordable, Fastest-Growing Cities in 2025”
  • Heather Stevens, Frisco-based real estate broker and managing partner at the Agency Frisco; interviewed, May 2025
  • Darius Jackson, real estate advisor for Engel & Völkers Frisco; interviewed, May 2025