South Carolina

Analysis of state-to-state migration patterns and economic indicators for South Carolina, focusing on the 2022–2023 tax filing years.

Overview

• Cost of living: 7% below the U.S. average (index: 93)
• Median home value: $236,700 (national: $303,400)
• Home price appreciation over 5 years: +59.6%
• Median rent: $1,126/month (national: $1,348)
• Homeownership rate: 71% (national: 65%)
• Unemployment rate: 3.0% (national: 3.6%)
• Median household income: $66,818 (national: $78,538)
• Median age: 40.1 years (national: 38.7)

Migration Data (2022–2023)

• Net gain of 29,053 tax-filing households
• Net gain of 59,037 individuals (11 per 1,000 residents)
• Net gain of $4.1B in adjusted gross income (AGI)
• Largest inflow: 18,026 households from North Carolina
• Largest outflow: 15,305 households to North Carolina

Income Flow

• Total AGI moved in: $8.9B
• Total AGI moved out: $4.8B
• Net AGI gain: +$4.1B

Top Origin States

• 1. North Carolina: 18,026 households, $1.5B AGI
• 2. Florida: 9,651 households, $705.6M AGI
• 3. Georgia: 9,309 households, $752.8M AGI
• 4. New York: 7,266 households, $685.9M AGI
• 5. Virginia: 4,896 households, $506.3M AGI

Top Destination States

• 1. North Carolina: 15,305 households, $1B AGI
• 2. Georgia: 8,328 households, $505.4M AGI
• 3. Florida: 7,188 households, $552.8M AGI
• 4. Virginia: 3,717 households, $254.5M AGI
• 5. Texas: 3,703 households, $257.9M AGI

Churn by State (Two-Way Migration)

Largest two-way exchanges of filing households (2022–2023):

• North Carolina: 18,026 in, 15,305 out (+2,721 net, +$516.8M AGI)
• Georgia: 9,309 in, 8,328 out (+981 net, +$247.3M AGI)
• Florida: 9,651 in, 7,188 out (+2,463 net, +$152.8M AGI)
• New York: 7,266 in, 3,037 out (+4,229 net, +$514.3M AGI)
• Virginia: 4,896 in, 3,717 out (+1,179 net, +$251.9M AGI)

Net Migration by Year (2012–2023)

• 2012: +$1.1B AGI, +21,546 people
• 2013: +$1.6B AGI, +29,176 people
• 2014: +$1.7B AGI, +30,355 people
• 2015: +$1.1B AGI, +21,170 people
• 2016: +$2.3B AGI, +40,298 people
• 2017: +$3.4B AGI, +64,791 people
• 2018: +$2.5B AGI, +44,861 people
• 2019: +$2.6B AGI, +41,933 people
• 2020: +$3.6B AGI, +54,334 people
• 2021: +$4.2B AGI, +64,845 people
• 2022: +$4.8B AGI, +70,773 people
• 2023: +$4.1B AGI, +59,037 people
• Cumulative (2012–2023): +$32.9B AGI, +543,119 people

Migration in Context

• Population (2023 estimate): 5,390,798
• Net migration rate: +11.0 people per 1,000 residents
• Net income per resident: +$763 (≈ +$4.1B total AGI)

Components of Population Change (2023)

• Births: +58,198
• Deaths: 59,063
• Net domestic migration: +79,536
• Net international migration: +21,668
• Total change: +101,841

Income and Cost of Living

• Price level: 93.5 (6.5% below U.S. average)
• Income per person: $57,766 (17% below U.S. average)
• Purchasing power: $61,797 (12% below U.S. average)

Cost Breakdown by Category

• Housing & rents: 80.5 (index where 100 = U.S. average)
• Goods: 95.9
• Utilities: 85.8
• Other services: 97.9

Demographics

• Median age: 40.1 years
• Median household income: $66,818 (15% below U.S. median)
• College degree (adults 25+): 31%
• Poverty rate: 14.2%
• Average commute: 26 minutes
• Broadband at home: 87%
• Race/ethnicity (share of residents):
  • White: 62%
  • Black: 25%
  • Hispanic: 7%
  • Asian: 2%
  • Other: 4%

Housing

• Median home value: $236,700 (22% below U.S. median)
• Median rent: $1,126 (16% below U.S. median)
• Homeownership rate: 71%
• Home-price appreciation (2022–2023): +9.8%
• Home-price appreciation (2018–2023): +60%
• New home construction (2023): 42,474 units (87% single-family, 13% multifamily)

Local Economy and Risk

• Unemployment rate (2023): 3.0%
• Labor force: 2,495,157 (2,420,636 employed)

Net Migration by Income Bracket (2022–2023)

• $1–$10k: +1,727 households (+$9.2M AGI)
• $10k–$25k: +3,140 households (+$54.4M AGI)
• $25k–$50k: +4,973 households (+$184.3M AGI)
• $50k–$75k: +3,516 households (+$218.8M AGI)
• $75k–$100k: +3,289 households (+$286.3M AGI)
• $100k–$200k: +7,551 households (+$1.1B AGI)
• $200k+: +4,571 households (+$2.3B AGI)

Goods Trade (2022)

• Total shipped to other states: $157.5B (+12% since 2017)
• Total received from other states: $175.0B (+1