15 Southern Cities Where You Can Grow Your Savings

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The Southern half of the country is home to 16 states and is roughly the size of the Continental Europe. As of Nov. 2023, the population of the Southern United States was 128.7 million people, making the South the most populated region in the country.

Though each Southern state has unique qualities that appeal to residents, there is one general common denominator: Housing costs are less expensive than other regions. Though there are exclusive, upscale areas in every Southern state, it’s ultimately easier to find budget-friendly housing there than on the West Coast, for instance. Of course, there’s a lot more to the picture than housing and you need to get granular with your real estate research to get a full understanding of how much money you can potentially save by living in the South. 

In a new study, GOBankingRates analyzed 276 cities in the Southern region of the U.S. The following cities are those where households have the highest amount of leftover savings after subtracting the cost of living from the median household income. These have determined the 15 best Southern cities to grow your savings.

On a related note, here are some of America’s safest and wealthiest retirement towns.

Alpharetta, Georgia 

• Livability: 76
• Household median income: $146,581 
• Singlefamily average home value: $729,551 
• Total cost of living annually: $73,767 
• Leftover savings after median household income: $72,814

Severn, Maryland 

• Livability: 70  
• Household median income: $130,627 
• Single-family average home value: $510,316 
• Total cost of living annually: $57,792 
• Leftover savings after median household income: $72,835 

Apex, North Carolina 

• Livability: 87  
• Household median income: $138,442 
• Single-family average home value: $611,934 
• Total cost of living annually: $63,761 
• Leftover savings after median household income: $74,681 

Centreville, Virginia 

• Livability: 83  
• Household median income: $143,704 
• Single-family average home value: $626,233 
• Total cost of living annually: $68,993 
• Leftover savings after median household income: $74,711 

Frisco, Texas 

• Livability: 78  
• Household median income: $146,158 
• Single-family average home value: $675,511 
• Total cost of living annually: $77,598 
• Leftover savings after median household income: $77,598 

Collierville, Tennessee

• Livability: 76  
• Household median income: $134,319 
• Single-family average home value: $495,834 
• Total cost of living annually: $56,666 
• Leftover savings after median household income: $77,653 

Bowie, Maryland 

• Livability: 71  
• Household median income: $141,831 
• Single-family average home value: $517,963 
• Total cost of living annually: $61,478 
• Leftover savings after median household income: $80,353

Bethesda, Maryland 

• Livability: 79  
• Household median income: $191,348 
• Single-family average home value: $1,268,602
• Total cost of living annually: $110,575 
• Leftover savings after median household income: $80,773 

Sugar Land, Texas 

• Livability: 80  
• Household median income: $137,511 
• Single-family average home value: $442,080 
• Total cost of living annually: $54,937
• Leftover savings after median household income: $82,574 

Madison, Alabama 

• Livability: 76  
• Household median income: $131,436 
• Single-family average home value: $374,045 
• Total cost of living annually: $48,778 
• Leftover savings after median household income: $82,658 

Ellicott City, Maryland 

• Livability: 76  
• Household median income: $157,891 
• Single-family average home value: $735,341 
• Total cost of living annually: $73,780 
• Leftover savings after median household income: $84,111 

Leander, Texas

• Livability: 81  
• Household median income: $140,180 
• Single-family average home value: $444,354 
• Total cost of living annually: $54,510 
• Leftover savings after median household income: $85,670  

Johns Creek, Georgia 

• Livability: 66  
• Household median income: $160,185 
• Single-family average home value: $685,144 
• Total cost of living annually: $71,509
• Leftover savings after median household income: $88,676  

Flower Mound, Texas

• Livability: 71  
• Household median income: $157,737
• Single-family average home value: $599,026 
• Total cost of living annually: $63,850 
• Leftover savings after median household income: $93,887 

McLean, Virginia 

• Livability: 81 
• Household median income: $250,000 
• Single-family average home value: $1,544,325 
• Total cost of living annually: $128,848 
• Leftover savings after median household income: $121,152  

Methodology: For this study, GOBankingRates analyzed cities in the Southern states of the United States. The Southern States include: Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia. 276 cities with a population above 50,000 were analyzed for this study. For each location a number of factors were found including; total population, population ages 65 and over, total households and household median income all sourced from the U.S. Census American Community Survey. Using this data the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost of living indexes. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location to help determine quality of life and is included as supplemental information. The average single family home value was sourced from Zillow Home Value Index for Nov. 2024. Using the average single family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The median household income and total cost of living were used to calculate the household leftover savings. The cities were sorted to show the highest household leftover savings to show the best Southern cities where you can grow your savings. All data was collected on and is up to date as of Feb. 11 2025.

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