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Regional Guide: The Southeast Cost of Living Breakdown

The Southeast region of the United States is comprised of Alabama, Arkansas, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee and Virginia. Each of these states has a distinct and inviting culture in which Southerners take great pride.

For most of the year, the area experiences a hot and humid season with frequent thunderstorms while the cooler seasons bring a more varied temperature range. In the southernmost states, winters are notably mild with little or even no snowfall. In the northern regions like Virginia, North Carolina and Tennessee, however, temperatures can drop below freezing with plenty of ice and snow.

Recent reports for each state show that the economy is stable, and unemployment rates are relatively unchanged for the region. Below is an informational breakdown of each state's general size, population, cost of living and real estate prospects.

Alabama Alabama
Alabama is the 30th largest state in the United States in terms of geography and 24th largest in terms of population. According to 2015 estimates by the United States Census Bureau, the state's population is 4,858,980. The median household income comes in at around $42,830, which is lower than the national average of $53,655. Those looking to buy a home can expect a median home value around $122,900, while those looking to rent will pay around $715 a month. These figures due vary though depending on where you decide to settle within the state. Check out three of Alabama’s top cities as well as their cost of living figures down below.

Birmingham
• The average home sale price is $159,400.
• The median rent per month is $850.
• The median household income is $36,555, and over half of the city's residents are homeowners.
• Overall, the cost of living in Birmingham is estimated to be lower than national average.

Mobile
• The average home price is $104,000.
• According to the 2014 American Community Survey, the median monthly rent for Mobile is $820.
• The median household income is $43,640.
• The cost of living is 4 percent lower than the national average.

Montgomery
• The average monthly rent in Montgomery is $900.
• The average price for buying a home is $125,750.
• The cost of living is 3 percent below the national average.

Arkansas Arkansas
Labeled as the 29th largest state by geography, the state of Arkansas has roughly 2,966,370 residents, making it the 33rd largest state by population. The median household income is around $40,531, which is considerably below the national average. The average price for a home is around $114,700, where home owners and renters can expect to pay around $685, respectively. These figures do differ across the state; so it’s best to see how the top leading cities within Arkansas compare to these median figures.

Fort Smith
• The median home value in Fort Smith is $139,900.
• The median rent is $750.
• The average cost of living is well below the national average.
• The typical household income for the area is $33,415.

Little Rock
• In Little Rock, the average home goes for $194,900.
• Average rent is $1,050.
• The median household income is $43,350.
• The cost of living is 2 percent below the national average.

Texarkana
• The average listing price for homes in Texarkana is $116,000.
• The average monthly rent is $850.
• The median household income is $41,177.
• The cost of living is 11.5 percent below the national average.

Florida Florida
The southernmost point and third most populous state within the United States has a population count of 20,271,270 residents. It’s ranked 22nd in the nation for geographic size and eighth for population density. The average household income is $47,463, which is $6,000 lower than the national average. For newcomers looking to make their getaway vacation a reality, the median rent to expect within the state is roughly around $1,003. In order to get a better idea as to how these median figures compare and differ to those across the state, , it’s best to check out some of the top cities real estate data.

Fort Myers
• The median sales price for homes in the Fort Myers area is $191,500.
• Median monthly rent is $1,700.
• The average household income is $44,330.
• The cost of living for the area is on par with the national average.

Orlando
This city is a popular destination because it is home to Disney World.
• The average home price in Orlando is $196,100.
• Average monthly rent is $1,550.
• The cost of living in this city is just barely higher than the national average.

Tallahassee
• In Tallahassee, buying a home will cost around $167,000.
• Average rent sits at $1,050.
• The cost of living is 1.6 percent lower than the national average.

GeorgiaGeorgia
Referred to as the Empire State of the South, the state of Georgia is the 24th largest state by area and has a population count of over 10,214,860 residents.  Those looking to move to the state can expect to find a median home price around $141,900, with an average rent price around $880 a month. To get a better understanding as to how these real estate figures can differ, check out some of The Peach State’s top leading cities as well as their real estate information.

Atlanta
• Atlanta is the third largest metropolitan area in the Southeast.
• Average rent is $1,450.
• The average home price is $269,900.
• The cost of living is 1.7 percent lower than the national average.

Columbus
• The median home price for Columbus is $116,000.
• The median rent is $950 per month.
• Cost of living in this city is 8 percent lower than the national average.

Savannah
• In Savannah, the average home sells for $198,000.
• The average monthly rent is $1,350.
• The cost of living is 2.8 percent below the national average.

Mississippi Mississippi
Mississippi is ranked 32nd in the country for both geographic area and population size with 2,992,333 residents within its borders. Ranked as one of the lowest within the states, the median household income is around $39,680 with the average home price coming in at $126,400. For those looking to rent instead of buying, the median rent price is around $710, respectively. As with most states, these figures vary throughout the state. See how a few of the top leading cities compare down below.

Gulfport
• In Gulfport, the average listing price is $163,426.
• Average monthly rent is $985.
• The median household income is $46,303.
• The cost of living is 4.7 percent below the national average.

Jackson
Jackson is the most populous city in Mississippi.
• The average listing price for homes is $166,925.
• The average monthly rent is $850.
• The median household income in the city is $34,025.
• According to Forbes, cost of living is 2.4 percent below the national average.

Tupelo
• The median listing price in Tupelo is $195,645.
• The median monthly rent is $1,075.
• The average household income is $39,705.
• The cost of living is slightly below the national average.

North Carolinasouth-carolina
With over 10,042,800 residents residing within its borders, North Carolina comes in as the 28th largest state in the country. According to Sperling's Best Places, the average home value is $144,600, where the typically renter will pay close to $800 a month. The median household income is $54,080, which is just above the national average. Down below, you can see some of the Tarheel State’s top leading cities and their real estate demographics.

Raleigh
• Raleigh has a median sales price of $227,500.
• The average rent is $1,350.
• The median household income is $59,680.
• Cost of living is 1.6 percent above the national average.

Wilmington
Because Wilmington is a beach city, average home listings are more pricy at $196,800.
• The average monthly rent is $1,350.
• The median household income is $48,625.
• Cost of living is 1.7 percent above national average.

Winston-Salem
• Winston-Salem has a median housing sales price of $139,500.
• The average rent is $1,010.
• The median household income is $42,940.
• Cost of living is 6.3 percent below the national average. 

 

South Carolina south-carolina
Ranked as the 40th largest state in the U.S. and 23rd most populous, South Carolina has over 4,896,146 people living within its state lines. The median household income is around $45,240, with average home price coming in at around $127,100. Within the state, renting residents pay around $970 a month. To get a better idea as to how the real estate prices range throughout the Palmetto State, take a look at some of its top leading cities down below.

Charleston
• Average home listings in Charleston are $266,500.
• The average monthly rent is $1,810.
• The median household income is $49,640.
• Cost of living is 9.2 percent above the national average, according to Forbes.

Columbia
• The median listing price for homes in Columbia is $160,950.
• The average monthly rent is $1,195.
• The average household income is $44,380.
• The cost of living is 1.4 percent above national average.

Florence
• In Florence, the median sales price is $143,950.
• The median rent is $975.
• The average income is $44,185.
• Cost of living is 4.9 percent below the national average.

Tennessee tennessee
The 36th largest and 17th most populous state is home to around 6,600,299 people. With a wide and diverse group of cities spread out across the state, it comes at no shock that the real estate figures tend to be just as diverse. For the state, the median household income is around $44,360, with the average home price coming in at around $119,200. The average price for rent is around $770 per month; however, these prices tend to rise and fall all across the state. With that said, check out a few of the leading cities to see how they differ across the great Volunteer State.

Knoxville
• The average home price in Knoxville is $164,900.
• The average rent is $1,200.
• The median household income is $46,690.
• Cost of living is 3 percent below national average.

Memphis
• In Memphis, the median sales price for homes is $119,900.
• The median monthly rent is $895.
• The average household income is $35,230.
• The cost of living is 4.2 percent below national average.

Nashville
• Nashville's median home listing price is $245,000.
• Monthly rent averages $1,850.
• The median household income is $45,040.
• The cost of living is 3.3 percent higher than the national average.

Virginia virginia
Ranked as the 35th largest state within the United States, Virginia has over 8,382,993 residents, deeming it the 12th largest state in terms of population. Newcomers to the state can expect average home prices around $593,025, with monthly rent prices around $1,115. The median household income is around $64,900; however, the average cost of living is 8.3 percent higher than the national average. To get a better picture as to how the rest of the state compares to the median real estate figures, check out a few of the Old Dominion top leading cities down below.

Arlington
• The median sales price for Arlington is $539,500.
• The average rent is $3,200.
• The median household income is $107,265.
• Cost of living is 3 percent higher than national average.

Blacksburg
• The average home listing in Blacksburg is $234,900.
• The average monthly rent is $1,540.
• The median household income is $35,890.
• The cost of living is 2 percent higher than the national average.

Richmond
• The average home price in Richmond is $215,000.
• The average monthly rent is $1,250.
• The average household income is $41,250.
• Cost of living is 1.7 percent above the national average.

(Real estate information provided by: Trulia.com)


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