It may seem like all of this comes at a cost, but North Carolina actually has a lower cost of living than the national average. Best known for the Blue Ridge Parkway and the Appalachian Trail, the mountains of North Carolina also boast stunning waterfalls, one of the oldest rivers in North America, farm-fresh foods, and even some of Americas best craft beer. They also appreciate the state's diverse culture, with its many festivals and events. North Carolina is making headlines as an up and coming place to retire, even earning some retirees moving there the nickname, halfbacks as retirees from Florida move halfway back home to the mid-Atlantic and mid-South states. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. https://www.wral.com/new-study-reveals-best-places-to-retire-in-north-carolina-they-re-all-small-towns/19879509/, https://money.usnews.com/money/retirement/baby-boomers/articles/best-places-to-retire-in-north-carolina, https://assets.americashealthrankings.org/app/uploads/2021-senior-report-%E2%80%93-state-summaries.pdf, https://taxfoundation.org/state-individual-income-tax-rates-and-brackets-for-2020/, https://meric.mo.gov/data/cost-living-data-series, https://web.archive.org/web/20230126082510/https://www.usnews.com/news/best-states/rankings/aging, https://travel.usnews.com/rankings/best-beaches-in-north-carolina/, This article contains incorrect information, This article doesn't have the information I'm looking for, Winner of the Florida Society of News Editors Journalism Contest, Member of the Association for Financial Counseling & Planning Education, Founded an independent, student-run publication at UCF, Leah, H. (2021, September 16). The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. The state has a moderate climate while still offering four distinct seasons. The rolling landscape is dotted with lakes and reservoirs. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-leader-2','ezslot_11',135,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-2-0');North Carolina has relatively low property taxes. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. Please call us using the phone number listed on this page. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. 5 Reasons to Consider Buying a House in Boone, NC The state also offers other generous exemptions on other types of retirement income. By 2026, the individual income tax will drop to 3.99%. As you think about it, the state does have a lot to love for retirement. You can thank me later. I knew that living in North Carolina would require becoming acquainted with a humid sub-tropical climate, but even after 12 years I still cant get used to it. Once you have a good understanding of how much it costs to live on your own, you will have a more comprehensive understanding of the cost of senior living. Charlotte. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. With over 300 miles of beaches, you are sure to find one you love. The low property taxes in the state are one of the reasons for the below-average housing costs. High Crime Rate 2. Residents can claim a $3,000 deduction if they are under 65 or $15,000 if they are over 65, making it exceptionally welcoming for senior citizens who are receiving income from sources other than social security. The residents of this state display that Southern charm regularly. In her free time, Alissa loves to travel, read, cook, and spend time with her family. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Theres something for everyone! Expenses like groceries, housing, and transportation were under national expenditures. To retire comfortably in the state of North Carolina starting today, you will need to have saved at least $65,000. With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. If you're considering retiring to the coastal region of North Carolina, it's important to have a plan in place in case of a hurricane. Get instant access to our latest in-depth guides covering important retirement topics. North Carolinas crime rate almost matches the national average. and youll see what all the fuss is about. The Median income in North Carolina is about $56,000. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. Fall and spring are a good time to enjoy scenic views of the outdoors. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. We offerindependent living servicesat Treeo Raleigh in North Carolina. Abandoning the city has its advantages, especially when considering the scenery. Each beach has a distinct vibe and feeling and many are surrounded by quaint coastal towns great for family reunions or a quick weekend getaway. Is North Carolina a good place to retire? It can be exciting to move somewhere new, start fresh, and . Brevard. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. amongst states with the highest per capita tax. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. Moreover, there are also smaller university hospitals in the state that are nationally ranked. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. [ See: The Best Places to Retire in 2022. ] Obviously your lifestyle with depend on your way of life in North Carolina. However, it does so at a reduced rate, with almost 2% on most food. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. The state also has major league lacrosse games and all of that is before getting into college sports where there is a fierce following for several college teams. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. For instance, if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-large-leaderboard-2','ezslot_15',113,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-leaderboard-2-0');Duke University Hospital is among the best in the country. 890 Words; 4 Pages; Open Document. Moreover, there are also smaller university hospitals in the state that are nationally ranked. The states property tax rate stands at 0.77%, which means that a homeowner has to pay around $770 every year for every $100,000 in home value. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. Plenty of Outdoor Activities 3. North Carolina Pros And Cons; North Carolina Pros And Cons. Asheville is a unique mixture of a lively city with an active and modern culture that is surrounded by the Blue Ridge Mountains and plenty of nature. On average, individualstate and municipal taxescost 9.8% of ones yearly income. Truthfully speaking, the friendly community feel took some adjusting at first because Ive mostly lived in large cities where being greeted by name was deemed unusual. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. A popular getaway for beachcombers, the Outer Banks is ideal for climbing sand dunes, cruising the ocean, learn more about history, exploring nature, and more. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. The similarities end with the choice of meat (both use pork), from there the methods differ. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). It also has a lot to offer retirees, from big cities to tightknit mountain communities. However, the state will tax other types of retirement income, including 401(k) and pension distributions. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. The Appalachian Mountains have a strong folk art and music tradition. There are several prominent health care systems throughout the state that have been nationally ranked for different specialties, including cardiac surgery; rheumatology; ear, nose, and throat; and cancer. After all, this state has a lot to offer. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. North Carolina ranks 19thamongst states with the highest per capita tax. Usually, there are two options to steer clear of hurricane damage. "North Carolina Retirement." However, with your retirement nearing, you dont have to look past this wonderful state. Your money will go far there, helping you to have a full retirement. Hickory. Where do most retirees live in North Carolina? A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. A cost of living index above 100 means North Carolina, North Carolina is more expensive. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. As one of the original 13 colonies, you'll find important historical sites in American history, from Revolutionary-era buildings to Civil War battle sites. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. It wont come easy (Ill touch on this shortly as well). Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. . Social Security is not taxed, but 401(k) and pension distributions are. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. Local venues often have bluegrass and country music bands creating a folk atmosphere. We can be reached via email at contact@retirefearless.com. Simmons, C. (2023, February 20). The median home price in Myrtle Beach is $216,000, and rent also . Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. The Friendly Community Feeling #6. Pros & Cons of Living in Asheville . There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. According to How Stuff Works, "the average cost of living for a retired couple in South Carolina is about $37,000 a year," which is significantly lower than many other states in the US. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. But before I get some sassy remark, allow me to explain. Something went wrong while submitting the form. So Ive told you home much I enjoy the mild winters after moving to North Carolina, but Id be doing you a disservice if I didnt mention the blistering hot summers. Pros of Living in Asheville #1. Theres essentially something for everyone. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). Save my name, email, and website in this browser for the next time I comment. Consider these retirement communities in North Carolina: Asheville. It can balance out somewhat, however, since the cost of living and affordability of North Carolina is significantly lower than some similar states that also tax retirement income. Pros of Retiring in South Carolina Beautiful Landscapes Tax-Friendly Good Healthcare System Great Weather Numerous Outdoor Activities Southern Hospitality Convenient Transportation Historically Rich Low Crime Rates Free Education for Retirees Cons of Retiring in South Carolina High Cost of Living Too Much Construction Hurricanes Flood Alligators Even a carefully planned retirement lifestyle may come with unintended consequences. You will need to invest in a car to get the most out of living in North Carolina. There is no estate tax. Residents could spend years exploring the state's caverns, gorges, and state parks, but retirees will need to plan their excursions for the summer months before the . How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. 0.77%. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. With a B.S. In true form to its southern neighbors, North Carolinas public schools are nothing to write home about. North Carolina is generally an affordable state. For starters, Social Security income is not taxed and if youre over 65 years old, up to $35,000 of your retirement income is exempt from state taxes. Overall Score. But thats not all there is to this wonder.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-medrectangle-4','ezslot_6',109,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-medrectangle-4-0'); North Carolina has some majestic views, temperate weather, lower-than-average cost of living, above-average healthcare, and a welcoming population. List of the Pros of Living in Charlotte, NC 1. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. There are many advantages to retiring in North Carolina. Best North Carolina Beaches. 4.3. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. North Carolinas Medicare quality ranking reflects the availability and effectiveness of Medicare Advantage plans in the state, which are sold privately and are available regionally. With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-large-mobile-banner-1','ezslot_7',143,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-mobile-banner-1-0'); First off, accommodation is the biggest expense that any states residents have to incur. Retrieved from, Missouri Economic Research and Information Center. The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. I was fortunate enough to keep my teleworking job while living in North Carolina, so I didnt experience the challenges of find a job firsthand. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-box-4','ezslot_5',111,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-box-4-0'); When moving to a new state, especially with the purpose of living out your retirement years, there are more than a few things to consider. In fact, Virginia was colonized almost sixty years before South Carolina was. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. When it comes to retiring for cheap, leaving the United States to a cheaper region is possible and two places worth considering are Belize and Costa Rica. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'retirefearless_com-medrectangle-3','ezslot_3',110,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-medrectangle-3-0'); The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. Sadly, our state has one of the most poorly funded schools systems in the nation. Javascript must be enabled for the correct page display. Pros Quality healthcare. It offers a small-town vibe nestled within the North Carolina mountains. The taxes are not overtly high, but still will cost you more than many other parts of the country. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. This area is famous for its beaches, lighthouses, and wildlife. Pros And Cons Of South Carolina. North Carolina is the third most popular retirement destination. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-leader-3','ezslot_12',146,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-3-0'); The fact is that not everything is rainbows and butterflies in the Old North State. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. Weigh the pros and cons to see if retiring in North Carolina is right for you. Thats not to say that youll be greeted with open arms (Ive found locals to be friendly, yet reserved Ill cover this in detail shortly) but you will be welcomed and treated with respect. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. But thats not all there is to this wonder. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. But I dont want to fool you, its not all sunshine and peach cobbler gossip runs rampant in the rural parts of town and youll need to be mindful of the tea youre spilling. Much of determining where to retire may come down to researching where your money will spend the best. North Carolina offers many advantages for older adults. Theyre non-negotiable in my book because they prevent things from molding overnight. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. Of course, your location influences your total costs. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. This is very ideal for retirees. Most weekends can be spend hiking, biking, fishing, swimming or hunting. Social Security Income is exempt. Even popular tourist spots like Myrtle Beach can offer affordable living. Cities such as Raleigh and Charlotte have a public transportation system, but they lack the convenience that other cities, such as Chicago or New York, offer. You're signed up for our free newsletter! Whereas, residents of North Carolina pay 0.85% of their home's market value and offers a deduction of $25K to those who are 65+. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. Especially if you are moving from up north, youll find that even the largest cities compare favorably to the cost of living that youre used to. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. Retrieved from, Brandon, E. (2021, February 22). Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. However, the sales tax differs from county to county. The cost of senior living in North Carolina is fairly consistent across the state, coming in at $3250 per month for assisted living care, below than the national average. Retrieved from, U.S. News & World Report. Unfortunately, North Carolina is located in an area susceptible to hurricanes. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. Living in Pennsylvania . Winston-Salem. Cons of Retiring in North Carolina Threat of hurricanes. One of the largest is Brunswick Forest, which is located outside of Wilmington. isnt one of the easiest states to find work, 16 HONEST Pros & Cons of Living in Georgia (Lets Talk), 12 HONEST Pros & Cons of Living in Minneapolis, 15 HONEST Pros & Cons of Living in Charlotte, North Carolina, Property taxes: 0.84%, well below the national average, Access to the mountains (alright, hills) and the beach. North Carolina has a diverse range of weather and climate, depending on which region you retire to. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Its important to remember that regardless of where you choose to settle in North Carolina, youre never far from the mountains. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Dont hesitate to reach out with questions, Im here to help! True to form, locals focus on getting to know their neighbors and building a sense of community. If you prefer the sea to mountaintops, the state has you covered in that department as well. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. This could include having an evacuation route and plan and supplies to ride out the storm. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. Unlike most other states, North Carolina taxes groceries. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. The report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. Table of Contents. Simmons, Christian. Its your time to build your future. On the other hand, some people find the cost of living in North Carolina to be . Now to answer the big question: Is North Carolina a good place to live? The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. However, as required by the new California Consumer Privacy Act (CCPA), you may record your preference to view or remove your personal information by completing the form below. Reidsville. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. Not only will you get amazing service when you visit the store or supermarket, but youll also receive kind gestures from random people you bump into on the streets. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Your email address will not be published. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Whether youve longed to live by an ocean view or in a town surrounded by towering mountains, North Carolina is the ideal state for you! Thats a similar level of cost of living for states like Wyoming or Wisconsin, and significantly lower than most of the states that make up the Northeast, Midwest and West Coast. Otherwise, it will be difficult to visit the beautiful beaches and mountains. The Tar Heel State offers exceptional opportunities for you to witness the beauty, from the Outer Banks to the Smoky Mountains. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. 2023 RetireGuide LLC. As a mid-sized city of around 275,000 residents, Durham has all the excitement . For instance, Duke University Hospital is among the best in the country. When it comes to weather, North Carolina has the best of both worlds. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. 771 Words 4 Pages. So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. If it sounds appealing, start looking at these 16 top cities in NC. RetireGuide.com. Required fields are marked *. These include Chapel Hill, Raleigh, and Asheville. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. They also have higher than average property tax rates. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. All rights reserved. Five-star service. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities.
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