Is Your Southern State Quietly Draining Your Wealth? 5 More Affordable States for Southerners To Grow Wealth
Written by
Chris Adam
Edited by
Amen Oyiboke
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When you think about expensive places to live in the southern part of the United States, some cities like Atlanta and Miami may be top of mind. If you’re located in a spot that’s pricey, it can be a slow drain of your wealth as you pay more for the essentials and whatever else you buy on top of those.
On the other hand, several states in the South stand out for their affordability — perhaps offering just what you need to keep more of your money and grow your wealth.
“At a high level, these states remain affordable because they’ve been able to add housing, keep taxes relatively low and support job growth at the same time,” said Cary Blumenfeld, realtor and managing broker with Method Real Estate Advisors. “That combination matters more than any single stat.”
Here are five Southern states where people can grow their wealth.
Alabama
Several real estate experts told GOBankingRates that Alabama continues to be one of the most affordable states in the South and, further, in the entire country.
“Home prices are still reasonable relative to incomes, property taxes are low and insurance costs haven’t exploded the way they have in some coastal markets,” Blumenfeld said. “You also get solid job growth in metros like Birmingham and Huntsville, without the pricing pressure you see in bigger headline cities.”
Georgia
Don’t just think about Atlanta when looking at places to live in Georgia.
“Georgia stays affordable when you look beyond just Atlanta proper,” Blumenfeld said. “The state has strong population and job growth, but there’s still meaningful housing supply in suburban and secondary markets. That balance of demand and inventory has kept prices from running away completely, and Georgia’s tax structure and business-friendly environment continue to support affordability for working families.”
South Carolina
According to Blumenfeld, South Carolina benefits from a similar dynamic to Georgia.
“Outside of a few high-demand coastal pockets, much of the state offers attainable home prices, lower taxes and growing employment hubs,” Blumenfeld said. “You’re seeing steady population inflow without the same level of supply constraints that drive prices sharply higher elsewhere.”
Other States To Consider
If you’re looking for a more affordable southern state, Seamus Nally, CEO at TurboTenant, said to keep in mind that utilities, insurance and property taxes cost less in places like Alabama, Georgia and South Carolina, making the “hidden” cost of ownership lower in these states.
Nally added that two other southern states — Mississippi and West Virginia — are two other ones to consider if you’re looking for affordability and the chance to grow your wealth.
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