Personally I think the current socioeconomic trends are firmly against small towns and they're all dying and this will continue until something drastic changes.
For one, family farms have largely been replaced by agribusiness, which tends to be far more economical.
For another, employment and home ownership trends are bad for small towns. Employment is now more short-term. There are hardly any "jobs for life" now. This makes those with limited employment prospects (in that there are few employers in their area) particularly vulnerable to change. Home ownership makes the labour market as a whole less flexible/mobile.
The solution to these problems is urbanization.
What's more, the suburbs formed in WW2 with the explosion in private vehicle ownership and, for some reason, governments actively subsidized it. People will often declare (here and elsewhere) that they like to live in the suburbs. It's cheaper, the lots and houses are larger and so on. Thing is, no one is paying the true cost of this in terms of all the infrastructure to support it, be it roads, railways, utilities, schools, hospitals and so on.
If you look at the major urban centers, they tend to generate a surplus and that surplus is used to subsidize those that live outside that city. It's true in NYC. It's true in London.
At some point I expect this to end, which will strengthen the trend towards urbanization.
One problem is that construction pretty much everywhere is becoming unaffordable. This applies to housing and infrastructure. Homeowners get excited about their rising property values but that's pretty short term thinking. There was an article posted here last week about how all the cheap eats are disappearing from SF. Well, real estate costs (land + construction) are an input into literally everything. You simply can't have cheap services in an area with expensive real estate in the long term.
Construction costs are a real problem eg [1]. Australia, which once had a great standard of living, is now ridiculously expensive in local times. Honestly, it's like the whole country is Vancouver. IIRC the median house price in Sydney is now A$1.1m (up from ~$650k ~7 years ago).
[1]: https://www.citylab.com/equity/2017/04/why-is-affordable-hou...