Texas suburbs have been soaring in popularity in 2024 as more residents escape the bigger cities. Now one near San Antonio, Canyon Lake, is earning accolades on a new list of the top 50 most affordable housing markets for homes under $500,000.

The study by personal finance website GoBankingRates.com evaluated the two-year numerical and percent change in total population for all U.S. cities with a population between 25,000 and 200,000. Cities were ranked based on two defining characteristics: A nine percent (or more) change in population from 2020 to 2022; and cities whose average home values fell below $500,000 as of July 2024.

Hill Country suburbs
Canyon Lake ranked No. 5 out of all 50 cities in the report, the highest of any Texas city and the only one in the top 10. Situated almost halfway between Austin and San Antonio (but closer to the latter), this city is full of lakefront properties, parks, country clubs, and other ways to enjoy nature without being too far from the convenience or entertainment of a large city.

In July 2024, the home value in Canyon Lake was $461,779. In 2020, the total population was recorded at 26,338, but by 2022 it was 32,035. That's a change of 21.63 percent. Despite the population growth — and many residents must love this — the city doesn't make too many headlines outside of its beautiful ecology and some high school sports games.

However, new residents are entering a community that's already watching water levels drop at the lake. They may need to think about sustainability or miss out on some lake days in the future.

New Braunfels, another city in between the two Central Texas metros, also made the list at No. 44. Although it didn't make it quite so high in the rankings, this city is on a heavily trafficked path and the news is always flowing, whether it's about the big sausage and beer festival Wurstfest, a cool RV park, or the ultra-popular