Americans Are Moving to These 5 States to Save Money

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It is possible for Americans to reduce their spending by moving to a state with a lower cost of living.

Key points

• Many Americans moved to South Carolina in 2021.
• Find out which other states people move to so they can save money on their cost of living expenses.

You can check out The Ascent's picks.

The cost of living in the US varies greatly. Some cities and states have high prices that make it difficult for people to live there. Money can be a factor in moving to another state.

According to a study by Neighbor, the leading reason people were planning to move was to save money.

Increased work flexibility was one of the reasons for moving. Workers have more control over where they live.

Americans are leaving these states

California, New Jersey, Illinois, Michigan, and New York are some of the states where a high number of Americans are leaving. The states are among the most densely populated.

More than half of state moves were outbound in 2011.

California and New York are some of the most expensive places to live.

High taxes are also present in these states. New York, New Jersey, Illinois, and California have the highest local and state taxes.

Americans are moving to these states

North Carolina, South Carolina, Tennessee, Florida, and Idaho are some of the top destinations for moving in 2011.

South Carolina was at the top. More than half of moves were inbound in 2011.

Should you move to a different state to save money?

Is it time for you to stop paying high living costs?

It's up to you if moving to another state makes sense for your finances. You need to research living costs as you make a decision.

You can find out what the average housing costs are, what taxes are like, and how much you can expect for other living expenses in the area. If you do this, you can decide if a move will help you reach your financial goals quicker.

If you need a new job or can continue to do your current job remotely, you will need to figure that out. It is possible to get a new job if you move to an area with high salaries.

Where should you move?

You might be wondering where to go if you have enough money in your savings account to cover the cost of a move.

The following articles can help you make a decision.

A budget can help you stretch your money even further.

Budgeting can be simplified with the use of budgeting apps.

Personal finance resources can provide additional money-saving tips.

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