Youve come to the right place. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. The Pros and Cons of Retiring in North Carolina (2022) 890 Words; 4 Pages; Open Document. North Carolina offers mild weather and beautiful seasons while also keeping older adults closer to the communities they came from, offering a more pleasing retirement life. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. In her free time, Alissa loves to travel, read, cook, and spend time with her family. However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. 0.77%. 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). While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Why do retirees move to North Carolina? - 2023 Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. Sorry there is a continuing error in our system. This could include having an evacuation route and plan and supplies to ride out the storm. Moreover, there are also smaller university hospitals in the state that are nationally ranked. North Carolina is certainly an interesting state. Forest City. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. So what does that mean for you? It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. Ready to Retire in North Carolina? Check out these Pros and Cons. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. RetireGuide doesnt believe in selling customer information. For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. North Carolinas crime rate almost matches the national average. One option that stands out is Hendersonville. And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. Theres essentially something for everyone. Your money will go far there, helping you to have a full retirement. 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. Alissa has been working in marketing and the senior living industry for over ten years. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. This is very ideal for retirees. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. The Southern states have seen massive growth recently, with the region becoming one of Read More, These Markets Are Projected to Have the Most Home Price Change in 2023. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. Overall, North Carolinas health care is not bad by any means, but its also not close to the states in the top tier. With over 300 miles of beaches, you are sure to find one you love. Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. Where do most retirees live in North Carolina? Here's What You Need to Know. This can take out a big chunk of your retirement savings. Festivals and events take place throughout the year. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. Table of Contents. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. Benefits of Retiring In South Carolina (Pros & Cons) - Retire Fearless The Tar Heel State offers exceptional opportunities for you to witness the beauty, from the Outer Banks to the Smoky Mountains. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Speaking from personal experience, one of the best things about living in North Carolina is actually being able to enjoy life without feeling the pinch of irrational rent prices and overall high cost of living. North Carolina cost of living is 90.6. Theyre non-negotiable in my book because they prevent things from molding overnight. The parkway is a total of 469 miles and is world-renowned for its biodiversity featuring extremely rare habitats. But dont just take my word for it. 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. amongst states with the highest per capita tax. (2021). However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. You will also want to think through what is included at the community you are considering. Pinehurst. Should You Retire in Georgia or Florida? Let's Compare! The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. When it comes to retirement, there's a lot to consider. Brevard. With that said, after researching one too many US states with retirement potential, I decided to dig deeper into the hidden wonder that is North Carolina. Fall and spring are a good time to enjoy scenic views of the outdoors. If youre new to North Carolina, allow me to fill you in. 8 Things You Must Know About Retiring to the Carolinas Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. The state averages homeowners pay 0.85% of property value. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. But one mountain city that stands out is Asheville. 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. Five-star service. Small City . Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. 4.3. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. Unlike most other states, North Carolina taxes groceries. North Carolina Pros And Cons; North Carolina Pros And Cons. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. The state also offers other generous exemptions on other types of retirement income. The similarities end with the choice of meat (both use pork), from there the methods differ. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. The job market in Raleigh is thriving right now. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. JG Wentworth Personal Loans: 2023 Review | Bankrate . An amount below 100 means North Carolina is cheaper than the US average. 25 Pros And Cons Of Living In Greenville SC (Updated 2023) - Home Mindset In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. By 2026, the individual income tax will drop to 3.99%. Retiring in North Carolina brings tax benefits, which means that the state considered pro-business, with a great outlook on jobs for seniors looking to start their own business or begin a second career. Cmon now, my grubby little hands will never squeal! Florida and Arizona may be the most popular spots, but they are paired with extreme heat, virtually nonexistent seasons and are as far away as can be from the Northeast or Midwest where many retirees come from. High Crime Rate 2. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. And while seasonal weather is a benefit to some, other retirees may simply want to move far enough south to never even have to think about snow again. North Carolinas total state and average local sales tax rate is 6.98%. Sauna-quality humidity (yay!). The cost of living in North Carolina is relatively low compared to other US states. 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. Pros And Cons Of South Carolina - 890 Words | Bartleby You will need to invest in a car to get the most out of living in North Carolina. The cost of living in Charlotte is lower than in other cities along the East Coast. Raleigh and Durham. Want to Retire in North Carolina? North Carolina has a growing variety of retirement communities, with some as small as a couple hundred homes grouped together and others large enough to qualify as sprawling self-sufficient towns. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. Low Cost of Living 2. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. Fuel costs are also cheaper than the rest of the country, sometimes by as much as $0.50 per gallon. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. The only downside to the easy going vibe is the lack of ambition you may come across from time to time. However, its important to remember that the cost of living varies from state to state.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'retirefearless_com-leader-4','ezslot_13',144,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-4-0'); North Carolina has a complicated tax system. Cost of Living Data Series. Travel Challenges 4. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. Low Employment Opportunities 3. But there are still notable drawbacks to retiring in North Carolina. Reidsville. We offerindependent living servicesat Treeo Raleigh in North Carolina. Our calculator will help you determine the life insurance policy size that best fits your circumstance. However, the state will tax other types of retirement income, including 401(k) and pension distributions. If you need help pricing and building your medicare plan, call us at 844-572-0696. Many retiree-friendly communities have been developed with top-notch health care facilities. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. Pros and Cons of a Georgia Retirement. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. Thats our promise. North Carolina does have a low corporate tax rate, making it more business-friendly. The report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. In July of 1933, the North Carolina State Legislature formed the EBNC. In cities such as Charlotte or Raleigh, temperatures during winters rarely drop lower than 35 F. North Carolinas summers are also temperature, even though the temperatures do rise above 90F at times. If you prefer the sea to mountaintops, the state has you covered in that department as well. Retrieved from, Brandon, E. (2021, February 22). Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. Your email address will not be published. With a B.S. Heck, take a road trip to Great Smokey Mountains National Park (the most visited national park in the country!) 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. Drawbacks of Retiring in North Carolina | Newsmax.com Here's what you need to know about the state before you make your move. This can be attributed to several factors, including a lower-than-average cost of housing. The Best Places to Retire in North Carolina. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. And its true, with median home prices coming in at $330,000, many folks end up moving to North Carolina to fulfill their lifelong dream of owning a home (myself included). 4 Full Seasons Cons of Retiring in West Virginia 1. The summers are good for the beach, while winters are good for skiing in the mountains. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. By 63, you no longer pay taxes. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. After all, this state has a lot to offer. 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. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. However, it does so at a reduced rate, with almost 2% on most food. 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. Benefits of Retiring In North Carolina (Pros & Cons) - Retire Fearless One of the most significant advantages of retiring in South Carolina is the low cost of living. Retrieved from, Loughead, K. (2020, February 3). The state offers various outdoor activities Whether you enjoy hiking, biking, fishing, or camping, North Carolina has plenty of outdoor activities to keep you busy. North Carolina's property tax rates are relatively low in comparison to those of other states. 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. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. Dine Well, Live Well at The Vero at Orange, One Month Rent-Free Incentive at Treeo Raleigh, Memory Care at MacKenzie Place Fort Collins, February Fitness Frenzy at Fairwinds Rio Rancho, True restaurant dining, with made to order meals, Gym memberships and fitness classes through PrimeFit, Assisted living and memory care services, if needed. North Carolina is a retiree's paradise when it comes to outdoor recreation. (n.d.). Pros and Cons of Living in North Carolina | Expat Exchange When you think "retirement destination," North Carolina may not be top of mind. Otherwise, it will be difficult to visit the beautiful beaches and mountains. (30) Living in North Carolina (99) Living in Ohio (11) . One of the downsides to living in Maine is the fact that the income tax and retirement income tax rate can be as high as 7.15%. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. 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. The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. Required fields are marked *. Local venues often have bluegrass and country music bands creating a folk atmosphere. But before I get some sassy remark, allow me to explain. 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. 20 Pros and Cons of Living in Raleigh, NC - Vittana.org Regardless of your preference, know this: you cant go wrong but you better learn to defend it. These include Chapel Hill, Raleigh, and Asheville. If youre hoping to stay in touch with civilization in retirement, this city offers everything from a great culture to major sports teams and events while still giving you the chance to experience seasonal weather with mountain ranges and nature activities nearby. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. Still, its worth pointing out, especially for those looking to grow their careers after moving to North Carolina. We'd love to hear your thoughts. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. As a mid-sized city of around 275,000 residents, Durham has all the excitement . Property taxes vary from county and municipality. Since they live in a gorgeous state, youll find most people casually walking around looking happy and enjoying life. Theres something for everyone! 2. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. However, its important to remember that the cost of living varies from state to state. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. Consider leaving a review on Google or Facebook. Estimate how long you'll live and explore retirement options for a long life. The south is known for hospitality, and North Carolina is no exception. Get instant access to our latest in-depth guides covering important retirement topics. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. A State Estate Tax does not exist, and the corporate income tax is low. 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. With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling. ; There are no social security taxes. You'll need to buy an automobile to get the most out of living in North Carolina. YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. The fact is that not everything is rainbows and butterflies in the Old North State. 22 Living in North Carolina Pros and Cons - Vittana.org