Where to Move in the U.S. to Save The Most Money According to Experts

In a climate of rising housing costs and shifting job markets, Americans are taking action by strategically relocating to improve their financial well-being. Thinking of doing the same? Here's how your next move may affect your finances, the best state-to-state moves to make, and the best cities for renters, according to studies by Rocket Moving and H&P Law.  

Delaware tops the list as the state where residents save the most money after relocating. By moving to neighboring Maryland, Delawareans can earn nearly $19,000 more annually, thanks to higher salaries and better living conditions. Nevada follows closely, with movers heading to California and saving over $17,600 despite the state's notorious cost of living. Idaho ranks third, with residents relocating to Washington for better incomes and an improved standard of living.

Texas is fourth, with nearly half a million residents moving out in 2023. Many chose California, drawn by job opportunities and higher salaries, even if it means trading in Texas’s lower living costs. Wyoming rounds out the top five, where movers to Colorado see savings of over $15,000, though they often compromise on safety and quality of life.

Arizona, Rhode Island, Louisiana, Arkansas, and New Mexico complete the top ten. Most movers from these states head to places like California, Texas, and Massachusetts, seeking better salaries, job markets, and improved living conditions—even if that comes at the cost of higher rents or insurance premiums.

“Geographic mobility in the United States continues to be driven primarily by economic factors, with housing costs being the most significant variable in relocation decisions," says Christopher Vardanyan, CEO at Rocket Moving. "The trend of moving from high-cost coastal areas to more affordable regions with strong job markets has accelerated in recent years, creating new demographic patterns that will reshape communities for decades to come.”

Renters' insurance costs should factor into where you move. For example, Arkansas appears in this economic puzzle twice: as a state where movers find financial relief and as one of the most expensive states for renters' insurance. A study by H&P Law reveals that Arkansas ranks seventh in the U.S. for high renters' insurance premiums, with an average annual cost of $209.40, and 23% above the national average. These elevated premiums are largely influenced by local risks, including severe weather and high crime rates.

Here's a list of the 10 states with the most expensive renters' insurance:

If you're buying, be sure to take note of how expensive homeowners' insurance is. While Texas is a top relocation destination, it also ranks fourth in the nation for costly homeowner insurance, with an average annual premium of nearly $2,000. That's 64% above the national average. This financial pressure is another reason some Texans seek better deals in states with lower insurance and living expenses.

Here are the states with the most expensive homeowners' insurance:

“A lot of renters assume buying a home is out of reach, but that depends entirely on where you’re looking," says Vardanyan. "In some cities, the difference between renting and owning comes down to a few thousand dollars and slightly better loan odds. That’s a much shorter leap than people think, especially when you compare it to cities where both the down payment and mortgage approval chances are working against you.”

The best cities for renters looking to transition into homeownership offer a mix of affordability, low down payment requirements, and favorable mortgage approval conditions. Des Moines, IA stands out as the top choice, thanks to a relatively low average home price and the highest mortgage approval rate (68.7%). Minneapolis, MN offers strong homeownership potential with high approval rates and homeownership levels, despite being the most expensive city on the list.

Indianapolis, IN provides an excellent balance of affordability and accessibility, with one of the lowest down payments and a solid approval rate. Morgantown, WV is the most affordable in terms of home prices and down payment, making it ideal for budget-conscious buyers, though its mortgage approval rate is lower.

Cities like Charleston, SC, Fargo, ND, and Grand Rapids, MI also rank well, with decent homeownership rates and moderate home prices. Huntsville, AL and Kansas City, MO offer lower down payments, while Pittsburgh, PA balances affordability and approval chances well. Overall, these cities represent the most promising markets for renters aiming to buy a home.