Investopedia and Southern Living partnered to name the best places to retire in the south in 2024. Alabama, Arkansas, North Carolina, South Carolina, Tennessee, Texas, and West Virginia all made the list, but not all southern housing markets are equally hospitable. The south is home to some of the least expensive places for homeowners in the U.S., but there are also areas where the average home price far exceeds the national average. And 澳洲幸运5官方开奖结果体彩网:mortgage rates vary by state, so i🐻t's important to consider what you'll pay before moving.

Some Cities May B🥂e More Charming Than Others, Thanks to Cheaper Home Prices and Mortgage Rates

Before you pack up and move to one of these dreamy southern retirement towns, consider what a home costs and how mortgage rates differ by state. The national average home sale price in the U.S. is $359,099, according to Zillow. If you’re looking to move, consider what theও average home price is in the city and state, as well as what mortgage rates look 🍌like as they also vary by state.

We calculated what you might pay for a mortgage in these top retirement🐻 towns. The average mortgage payment below show🧜s principal and interest after a 20% down payment. Taxes and home insurance are not included. 

Hot Springs, Arkansas

• Average home value: $244,673
• Average mortgage payment: $1,285

Home prices in 澳洲幸运5官方开奖结果体彩网:Hot Springs are well below the national average, and the proximity to amenities such as Hot Springs National Park and Diamond Lakes make “Spa City” an attractive place for retirement. The aveꦗrage mortgage rate in Arkansas on Tuesday was 6.87%. After 20% down, your monthly mortgage payment would be $1,285. Plus, you won’t pay any state property taxes on your home—a boon for older adults looking to keep housing costs low. 

Charleston, West Virginia 

• Average home value: $156,701
• Average mortgage payment: $825

The average mortgage rate in West Virginia on Tuesday was 6.90%. For retirees who need an affordable home and don’t mind four seasons, 澳洲幸运5官方开奖结果体彩网:Charleston, West Virginia is a haven. The major draw to this area is the low housing costs, as West Virginia is one of only two states where the average home value is still below $200,000 (the other being Mississippi).

Maryville, Tennessee

• Average home value: $374,066
• Average mortgage payment: $1,943

Those craving a walkable place with a historic, small-town vibe will appreciate 澳洲幸运5官方开奖结果体彩网:Maryville, Tennessee, considered the gateway to the Smoky Mountains꧋. Home prices are about on par with the national average, and Tennessee’s average 30-year mortgage r🎃ate was 6.76% on Tuesday—lower than many other states. Maryville offers a thriving brewery and local arts scene, along with plentiful walking and biking trails.

Fredericksburg, Texas 

• Average home value: $547,188
• Average mortgage payment: $2,833

This quaint town in the heart of Texas is more expensive than other parts of the U.S. but may look affordable to retirees hailing from high-cost-of-living areas like New York or Los Angeles. As one of only a few states with no income tax, 澳洲幸运5官方开奖结果体彩网:Fredericksburg could be an attractive retirementᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ spot for high-income retirees. The average mortgage rate in Texas was 6.73% on Tuesday.

North Myrtle Beach, South Carolina 

• Average home value: $390,750
• Average mortgage payment: $2,044

Not to be confused with its more touristy neighbor to the south, 澳洲幸运5官方开奖结果体彩网:North Myrtle Beach offers many of the amenities of seaside retirement without the crowds. While this may be one of the pricier spots on this list, it’s important to account for the low property taxes of this beachfront area—an average of 0.46%, which is $1,797 for the average home in North Myrtle Beach. The average mortgage rate in South Carolina o🐽n Tuesday was 6.83%.

Hickory, North Carolina 

• Average home value: $285,180
• Average mortgage payment: $1,487

The nearby hiking trails and rivers offer plenty to do for residents in Hickory, North Carolina—but this small town doesn’t sacrifice amenities or convenience, as bustling Charlotte is only an hour away. Hickory is well worth a look for re♛tirees looking to live in North Carolina but want a more affordable place than Charlotte or Raleigh. North Carolina’s average mortgage rate was 6.80% on Tuesday.

Orange Beach, Alabama

• Average home value: $709,385
• Average mortgage payment: $3,711

You’ll pay a pretty penny to buy your forever home in this beachfront town, but the property tax level is a🅰 silver lining to the higher home price. Alabama’s effective property tax rate is only 0.36%—the second lowest in the country. Its average 30-year ꦜmortgage rate was 6.83% on Tuesday.

How We Track Mortgage Rates

The national and state averages cited above are provided as is via the Zillow Mortgage API, assuming a 澳洲幸运5官方开奖结果体彩网:loan-to-value (LTV) ratio of 80% (i.e., a down payment of at least 20%) and an applicant credit score in the 680–739 range. The resulting rates represent what borrowers should expect ꦗwhen receiving quotes from lenders based on their qualifications, which may vary from advertised teaser rates. © Zillow, Inc., 2024. Use is subject to the Zillow Terms of Use.