CHARLOTTE, NC – A new report from Oxford Economics confirms what locals have seen for years: the Carolinas are currently the nation’s top destination for relocation, fueled by a unique mix of high-paying jobs and housing affordability.
South Carolina Takes The Lead
While North Carolina led in total domestic migration in 2023, South Carolina has officially become the fastest-growing state in the U.S. by percentage. The Palmetto State saw a 1.7% population surge, adding over 82,000 new residents in just one year.
According to researchers, the migration isn’t just one age group. Young professionals are flocking to major cities for tech and finance roles, while retirees are choosing coastal metros for a more affordable lifestyle.
The Biggest Winners: Charlotte, Raleigh, and Greenville
The report identifies specific metro areas that are seeing massive “net inflows” of new residents:
- Charlotte, NC: Remains the region’s powerhouse with 225,500 new residents over the past five years.
- Raleigh, NC: The Research Triangle hub is projected to see 143,000 new arrivals by the end of 2025.
- Greenville, SC: A rising star with 83,500 new residents.
- Myrtle Beach, SC: Continues its growth streak with 82,000 new arrivals.
The “Housing Bargain” Factor
The primary driver behind this shift is the house price-to-income ratio. While the national average sits at 5.0, Charlotte (4.8) and Raleigh (4.4) remain significantly more affordable than West Coast hubs. In cities like San Francisco or Los Angeles, that ratio often exceeds 10.0, making the Carolinas a “bargain” for those moving from the coast.
The National Shift
As the Carolinas grow, traditional hubs like Los Angeles, Chicago, and New York continue to see population declines. Los Angeles County alone has lost nearly 300,000 residents since 2020.
Experts predict this “Sun Belt” migration trend will dominate American demographics for the rest of the decade as more corporations relocate to the region.
