Because of its lower cost of living, more Americans have moved to the South over the past several years. In 2023, states such as Oklahoma, South Carolina, and Tennessee saw the highest population gains. The region’s affordability appeals to a wide range of people, including retirees. However, this trend may not last, as rising costs could make some Southern areas unaffordable by 2025, according to GOBankingRates. The Southern cities expected to become the least affordable include Glasgow, Ky.; West Monroe, La.; and Egypt Lake-Leto, Fla., among others.
For instance, in Glasgow, Ky., the household median income is just $44,125. With single-family homes valued at $195,953, leftover annual savings amount to just $9,951. Similarly in West Monroe, La., the household median income is just $47,129 and the value of a single-family home is approximately $192,336, leaving savings to just $10,107 after the median income.
People are moving to the South in droves. According to research from HireAHelper, across all 25.6 million Americans who moved in 2023, rural states with lower costs of living brought in the most residents. The three states that saw the greatest influx were all in the South: Oklahoma, South Carolina and Tennessee. Read more