12 fast-growing cities that are inexpensive

Northeast Florida is growing at a rapid rate – and the rest of the world is taking notice.

Last month, Jacksonville was included on MSN Money columnist Liz Pulliam Weston’s list of the 12 next hot housing markets. Like other U.S. housing markets, home prices in the area have escalated rapidly.

Pulliam indicates that Jacksonville home prices increased 66.9 percent over the last five years with a current median home price of $150,700. This is below the national five-year average of 70.6 percent making Jacksonville an area of rapid growth that remains affordable compared to other booming markets.

City 1-year price rise 5-year rise Median home price
Phoenix-Mesa-Scottsdale, AZ 30.5% 67.3% $169,400
Coeur d’Alene, ID 29.0% 59.9% $169,000 St. George, UT 28.3% 47.7% $200,000 Pensacola-Ferry Pass-Brent, FL 25.8% 62.0% $131,100 Tucson, AZ 22.3% 61.4% $177,300 Lakeland, FL 19.4% 56.7% $108,000 Albany-Schenectady-Troy, NY 18.2% 65.2% $161,300 Jacksonville, FL 18.2% 66.9% $150,700 Eugene-Springfield, OR 17.4% 40.5% $164,900 Allentown-Bethlehem-Easton, PA 16.9% 58.2% $207,300 Charleston-North Charleston, SC 16.9% 49.2% $111,300 Wilmington, DE 16.2% 62.5% $180,000 USA national average 13.4% 68.3% $218,000

Source: MSN Money