Raleigh, NC – North Carolina is emerging as a top destination for young professionals and families, with more than 110,800 new residents arriving in 2023 alone, according to the latest report from StorageCafe. This represents the state’s highest level of net migration in a decade and secures its place as the third most popular relocation destination in the US since 2014, trailing only Texas and Florida.
Notably, the influx was driven largely by Millennials and Generation Z. Millennials accounted for a net influx of over 30,900 residents in 2023, while Gen Z added another 22,250, making these two generations a major component of the Tar Heel State’s growing population.
Florida and New York topped the list as the primary sources of new North Carolina residents. Families relocating from these states are saving significantly on housing costs, with average home prices in North Carolina being 27% lower than in New York and nearly 19% lower than in Florida. Many residents from South Carolina, Virginia, and Georgia also flocked to NC.
Emilia Man, lead analyst behind the StorageCafe migration study, said in a statement, “Interstate and regional migration are undergoing significant shifts, driven by the pursuit of affordability and better living conditions. Residents are increasingly relocating to areas with lower housing costs and less competition, often where active construction meets demand, offering diverse housing options for both buyers and renters.”
As recently reported by Carolina Journal, statistics indicate nearly 4 in 10 movers to North Carolina managed to achieve homeownership within their first year.
David Bass is a senior contributor to the Carolina Journal.