South Carolina leads the nation in net borrower migration: Uncover essential insights for mortgage lenders

South Carolina growth compared to other states

The trends presented in this report are derived from borrower migration data. The map above illustrates the net growth or decline each U.S. state has experienced due to borrower migration since 2021. The figures are calculated by subtracting the total number of outbound borrowers (those moving out of the state) from the total number of inbound borrowers (those moving into the state), then dividing by each state’s 2023 U.S. Census population. These trends indicate which states are attracting more borrowers than they’re losing, highlighting growth potential and opportunities for lenders to expand their footprints in these regions.

Maxwell Business Intelligence data reveals that over 3,600 borrowers moved to South Carolina from out of state, while around 1,600 moved out of the state since 2021. This ranks South Carolina as the fifth-highest state in net migration growth per capita.

This growth percentage considers population size so large states like California, Texas, and New York don’t skew the data.  South Carolina’s positive net migration shows the relatively high number of incoming residents to the state. Ahead of South Carolina, ranks Montana, Hawaii, Arizona, and Tennessee.

South Carolina’s growth suggests the state’s growing appeal and presents an increasing opportunity for local banks, credit unions and mortgage banks to expand their customer base. As mortgage lenders seek to connect with new borrowers, it’s important to consider where these residents have relocated from.