But even then, its hard to fault someone who considers living in North Carolina the end prize. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. North Carolina cost of living is 90.6. Hickory. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. I think this is a normal human reaction to outsiders, but it takes a little while for folks to warm up and to make genuine friends after moving to North Carolina. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. Alissa has been working in marketing and the senior living industry for over ten years. Many of our communities include a wide range of amenities including. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. How much money do you need to retire in North Carolina? However, it does so at a reduced rate, with almost 2% on most food. The cost of living in North Carolina is relatively low compared to other US states. 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. Javascript must be enabled for the correct page display. Posted by Preston Guyton on March 3, 2023 . The low property taxes in the state are one of the reasons for the below-average housing costs. It offers a small-town vibe nestled within the North Carolina mountains. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. Where do most retirees live in North Carolina? According to a chart from the U.S. News & World Report, North Carolina also has a poor ranking for Medicare quality, coming in at 38th. Cons of Retiring in North Carolina Threat of hurricanes. If youre more interested in a small-town retirement, the U.S. News & World Report also pointed to Hickory as an option, which is opposite from Charlotte. So heads up! Pros & Cons of Living in Asheville . What this means for you: Anytime you hear mention of a possible hurricane, make a beeline for the grocery store and stock up on essentials. But I dont want to get ahead of myself, so lets cover everything you need to know about moving to North Carolina based on firsthand experience. 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. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. 21 Pros and Cons of Living in Charlotte, NC - Vittana.org Consider these retirement communities in North Carolina: Asheville. The median home price in Myrtle Beach is $216,000, and rent also . This area is famous for its beaches, lighthouses, and wildlife. So what does that mean for you? The city mixes the old with the new in an innovative way, bringing history to life with Civil War landmarks, the Discovery Place, the NASCAR Hall of Fame, and even Carowinds, a sprawling theme park all within the Queen City. However, that doesnt mean that crime in the state is non-existent. Therefore it becomes challenging to get from one place to another without a vehicle. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. Overview. Mild Weather Year-Round #3. The state is 560 miles wide from east to west! Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Although the surgeon population for the Charlotte area is beginning to minimize this advantage, the cost of living here is still lower than it is across the United States, and especially along the eastern seaboard. Unfortunately, North Carolina is located in an area susceptible to hurricanes. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. Local venues often have bluegrass and country music bands creating a folk atmosphere. Contact us today to get started. 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. . North Carolina has a diverse range of weather and climate, depending on which region you retire to. RetireGuide doesnt believe in selling customer information. . 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 West Virginia 1. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. Plenty of Outdoor Activities 3. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. Its a major area and feels like it as its the most populous city in the state. (30) Living in North Carolina (99) Living in Ohio (11) . However, with your retirement nearing, you dont have to look past this wonderful state. APA Festivals and events take place throughout the year. Its your time to build your future. With a B.S. RetireGuide.com. However, with your retirement nearing, you dont have to look past this wonderful state. Simmons, Christian. Your money will go far there, helping you to have a full retirement. If we talk about numbers then, South Carolina is a clear winner as the people here pay 0.56% of their home's market value, and also people above 65 years of age get a deduction of about $50K. The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. 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. Moreover, given the vast and diverse landscape, you can engage in a myriad of outdoor activities, such as visiting the beach or trekking, completely free of cost. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. Dont hesitate to reach out with questions, Im here to help! The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. The only downside to the easy going vibe is the lack of ambition you may come across from time to time. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. Moving to South Carolina? Here's Everything You Need to Know - 55Places.com If youre the self-sufficient sort youll have plenty to do. 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 Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. 0.77%. 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. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. Retrieved from, U.S. News & World Report. Your web browser is no longer supported by Microsoft. Fall and spring are a good time to enjoy scenic views of the outdoors. As in North Carolina, South Carolina does not tax Social Security benefits. And the next 10 years are predicted to bring even more growth. 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. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. For instance, Duke University Hospital is among the best in the country. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'retirefearless_com-leader-1','ezslot_14',114,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-1-0'); The true reality of a state can often be judged through its people, and if thats the case, then North Carolina truly is the most charming state in the US. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina. We love planning for retirement. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. Expenses like groceries, housing, and transportation were under national expenditures. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. Benefits of Retiring In West Virginia (Pros & Cons) - Retire Fearless NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. In July of 1933, the North Carolina State Legislature formed the EBNC. Ready to Retire in North Carolina? Check out these Pros and Cons. Here are the pros and cons of retiring to Asheville, North Carolina. 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. Although the good news is that Maine . Drawbacks of Retiring in North Carolina | Newsmax.com in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. 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 . Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. When you think "retirement destination," North Carolina may not be top of mind. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. These include Chapel Hill, Raleigh, and Asheville. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. 1.. If youre new to North Carolina, allow me to fill you in. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). It also has a lot to offer retirees, from big cities to tightknit mountain communities. However, the sales tax differs from county to county. Weigh the pros and cons to see if retiring in North Carolina is right for you. cost 9.8% of ones yearly income. Pros and Cons of Living in North Carolina | Expat Exchange Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. According to a study by Safewise, 11% of the states residents encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. Is Virginia a good place to retire for taxes? The state also offers other generous exemptions on other types of retirement income. This includes looking into hospitals, clinics, and doctors in the area. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. Small City . 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. There are many advantages to retiring in North Carolina. A cost of living index above 100 means North Carolina, North Carolina is more expensive. 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. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. Home to a combination of 21 professional and minor league teams, North Carolina has a football team, minor league baseball teams, basketball, and hockey teams. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? Im not joking, the debate has become the subject of state legislation with bills being introduced over which of the two prominent BBQ styles should be deemed official. Oops! Before moving to North Carolina I found myself living in Chicago, where I braced for winters with the enthusiasm reserved for water-downed cocktails and malfunctioning alarm clocks. 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. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. Retire in Asheville - Asheville North Carolina retirement North Carolinas crime rate almost matches the national average. 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. The Best Places to Retire in North Carolina - US News & World Report For anyone trying to find affordable senior housing in Indiana, there are some good options to choose from around the state. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. State Individual Income Tax Rates and Brackets for 2020. Save my name, email, and website in this browser for the next time I comment. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. If you fancy yourself a city-dweller, you wont be disappointed either. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. First off, accommodation is the biggest expense that any states residents have to incur. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. Benefits of Retiring In South Carolina (Pros & Cons) - Retire Fearless In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. North Carolina offers a relatively temperate climate to enjoy. The similarities end with the choice of meat (both use pork), from there the methods differ. The state experiences all four seasons, with hot summers and cold winters in the mountains. Is it better to retire in South Carolina or North Carolina? - 2023 As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. The first option is to live inland as the worst effects of the hurricane can impact you in the mountains, while the other option is to buy an insurance plan that covers all aspects of hurricane damage. Retiring in North Carolina Is North Carolina a good place to live? Pros Quality healthcare. Retrieved from. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. The Median income in North Carolina is about $56,000. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. But there are still notable drawbacks to retiring in North Carolina. Expats, digital nomads and retirees living in North Carolina responded: "People who live in North Carolina enjoy the mild climate, the beautiful beaches, and the friendly people. The Best Places to Retire in North Carolina. By 2026, the individual income tax will drop to 3.99%. 2023 Best & Worst States for Retirement | Retirement Living Roxboro. The cost of living in Charlotte is lower than in other cities along the East Coast. Aging in America Rankings. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. The first option is to live inland as the worst effects of the hurricane can impact you in the mountains, while the other option is to buy an insurance plan that covers all aspects of hurricane damage. In North Carolina, there is no tax on Social Security Income, income taxes have been lowered a flat rate (and that rate has been decreasing), there is no State Estate Tax, and a low corporate income tax. 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. However, the sales tax differs from county to county. 4.3. To retire comfortably in the state of North Carolina starting today, you will need to have saved at least $65,000. In my experience, locals are very friendly, but theres a reserved nature about them. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. amongst states with the highest per capita tax. Social Security Income is exempt. For full transparency, we clearly identify our sources in a list at the bottom of each page. 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. This site also participates in other affiliate programs such as CJ, ClickBank and more, and is compensated for referring traffic and business to these companies. But dont just take my word for it, with an unemployment rate sitting at 3.8%, North Carolina isnt one of the easiest states to find work. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. Many retiree-friendly communities have been developed with top-notch health care facilities. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. North Carolina VS South Carolina - Which One is Better - Movingist Identifying a state with a low cost of living and still offers a vibrant post-retirement lifestyle can be difficult, but North Carolina checks both boxes. 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 state has been hit by several major storms, including Hurricane Florence in 2018. Usually, there are two options to steer clear of hurricane damage. 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. As far as the major cities, Asheville may offer the most affordable lifestyle. Your email address will not be published. Low Population 4. Still, its worth pointing out, especially for those looking to grow their careers after moving to North Carolina. Durham. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. North Carolina's rich history influences much of the cultural scene. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. The hurricane season hits North Carolina from June to November. The board was formed to repeal a 1929 law that had been put in place to provide sterilization for persons that were feeble minded and mentally . "North Carolina Retirement." On the flip side, NC has a high-than-usual crime rate, increased chances of hurricanes, higher taxation, and a poor transportation system. 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. 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. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. 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. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. Pros And Cons Of South Carolina. However, certain types of crimes are more common in the state than others. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. Theres something for everyone! 5 Reasons to Consider Buying a House in Boone, NC According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. How is North Carolina for retirement? - meetbeagle.com While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Greensboro. 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. The low property taxes in the state are one of the reasons for the below-average housing costs. Social Security is not taxed, but 401(k) and pension distributions are. Know what that means? However, European countries had beforehand . RetireGuide.com. And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. We will work closely with you and your family to create a lifestyle that meets care and budget needs while making the most of every day of retirement. While the people whove been living here for a long are prepared for these types of disasters, those who are unprepared can often be severely injured or embrace mortality due to touching downed wires or getting swept up in flood. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. Travel Challenges 4. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. 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. Pros of Retiring in Virginia: Robust Economy: Even though the COVID-19 pandemic considerably affected the state's economic growth, Virginia still remains one of the US's strongest economies. But one mountain city that stands out is Asheville. , both states ranked in the top five for net migration of people aged 60 and older. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. The south is known for hospitality, and North Carolina is no exception. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. Sauna-quality humidity (yay!). Forest City. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. North Carolina experiences moderate temperatures in all four seasons. Now to answer the big question: Is North Carolina a good place to live? Pros & Cons of Retiring in South Carolina - RetireGuide Its more of a low-impact retirement destination than Florida or Arizona, keeping many snowbirds closer to home and maintaining the seasonal changes that many Americans enjoy without as much severe weather. Chicago [ See: The Best Places to Retire in 2022. ] 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. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. It can be exciting to move somewhere new, start fresh, and . North Carolina doesnt tax Social Security retirement benefits. Sorry there was an error. Drawing people from all over the country with its beauty, stunning coastline, and southern hospitality, theres a lot to love about retiring in North Carolina. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. placing it on the ranking of 26 in the nation. 10 Pros and Cons of Living in North Carolina Right Now