With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. Thats our promise. Retrieved from, U.S. News & World Report. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. However, European countries had beforehand . In North Carolina, the public transportation network is limited in scope and under-served. When you think "retirement destination," North Carolina may not be top of mind. Find fishing, boating, hiking, golfing, and much more. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). Most weekends can be spend hiking, biking, fishing, swimming or hunting. The job market in Raleigh is thriving right now. Obviously your lifestyle with depend on your way of life in North Carolina. Summers in North Carolina are the worst. Thats lower than every bordering state except Tennessee. Speaking of, heres a locals tip: Purchase these bad boys before moving to North Carolina. However, with your retirement nearing, you dont have to look past this wonderful state. 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. The sales tax rate in North Carolina is 4.75% across the state, although county and local taxes can add to it. For instance, Duke University Hospital is among the best in the country. Pros of Living in Asheville #1. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. 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. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. Are you considering buying a house in the mountains of North Carolina but arent sure where Read More, 8 Best NC School Districts for Buying a House Poverty is seen as a significant contributor to the relatively higher crime rate in the state. Receive Helpful Content Straight ToYour Inbox. . Unfortunately, North Carolina is located in an area susceptible to hurricanes. Pros of Retiring in West Virginia 1. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. 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. North Carolina is certainly an interesting state. We can be reached via email at contact@retirefearless.com. North Carolina offers many advantages for older adults. The good thing is that they are more than willing to welcome newcomers with open arms. Taxes - North Carolina's recent income tax reform lowered its rate to a flat 5.57 percent, but there are several states that don't tax resident income at all. Today, we're going to highlight 7 of the best places to retire in North Carolina. 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. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. Pros and Cons of a Georgia Retirement. Pros & Cons of Living in Asheville North Carolina. North Carolina is certainly an interesting state. Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Here's what you need to know about the state before you make your move. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. The similarities end with the choice of meat (both use pork), from there the methods differ. Although the good news is that Maine . RetireGuide.com. Here's What You Need to Know. 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. But North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. in the state is 5.8 per 100,000, 10% higher than the national average. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. A recent study by MIT found that a single adult (without kids) needs to make a minimum of $31,660 per year to live in North Carolina. Its important to remember that regardless of where you choose to settle in North Carolina, youre never far from the mountains. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. However, its important to remember that the cost of living varies from state to state. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. 2023 RetireGuide LLC. The company also offers access to third-party pre . Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? Required fields are marked *. Festivals and events take place throughout the year. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. This can take out a big chunk of your retirement savings. However, that doesnt mean that crime in the state is non-existent. Consider these retirement communities in North Carolina: Asheville. Here are the pros and cons of retiring to Asheville, North Carolina. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. As in North Carolina, South Carolina does not tax Social Security benefits. 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. 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. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. Is Virginia a good place to retire for taxes? Raleigh and Durham. 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. 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. 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. 4.3. Many of the mountainous small towns typically come with very low costs of living. One of the largest is Brunswick Forest, which is located outside of Wilmington. 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. 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. 2. Durham. North Carolina is a retiree's paradise when it comes to outdoor recreation. ; There are no social security taxes. 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! North Carolinas total state and average local sales tax rate is 6.98%. While many of these trials are for hikers, you can also easily come across some excellent trails where you can enjoy horse riding or mountain biking. No matter which sport you love, North Carolina has it. But one mountain city that stands out is Asheville. South Carolina Low Cost of Living. As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. 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. Dont hesitate to reach out with questions, Im here to help! As far as the major cities, Asheville may offer the most affordable lifestyle. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. If youre new to North Carolina, allow me to fill you in. As you think about it, the state does have a lot to love for retirement. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. North Carolina is home to a thriving arts and culture scene. This climate diversity means that there's something for everyone regarding retiree weather. 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. In my experience, locals are very friendly, but theres a reserved nature about them. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Pros of living in North Carolina 1. You're signed up for our free newsletter! True to form, locals focus on getting to know their neighbors and building a sense of community. All rights reserved. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. 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. North Carolina offers a relatively temperate climate to enjoy. With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. Access to Nature #2. Everything is a lot cheaper here, especially when it comes to housing. List of the Pros of Living in Charlotte, NC 1. Mild Weather Year-Round #3. One of the most important aspects to consider when buying a house is the quality of schools your Read More, North Carolina vs. Virginia: Which is the Better State? But there are still notable drawbacks to retiring in North Carolina. Good news for retirees eyeing North Carolina as a landing pad for their golden years: State residents 65 and older can, on a space-available basis, audit classes tuition-free at the campuses of. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. With over 300 miles of beaches, you are sure to find one you love. 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 . Healthcare is a massive concern for those looking to move to another state, especially retirees. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. 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. Since they live in a gorgeous state, youll find most people casually walking around looking happy and enjoying life. 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. 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+. Social Security Income is exempt. Explore the local galleries for hand-crafted pottery and other creations. Chicago For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. Your email address will not be published. Many of our communities include a wide range of amenities including. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. But there are still notable drawbacks to retiring in North Carolina. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. These same mountains include fishing, boating, whitewater rafting, and rock climbing. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. 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. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Even popular tourist spots like Myrtle Beach can offer affordable living. Were you able to find the information you were looking for on RetireGuide.com? Posted by Preston Guyton on Friday, September 30, 2022 at 10:07 AM By Preston Guyton / September 30, 2022 Comment When you think "retirement destination," North Carolina may not be top of mind. The cost of living in Charlotte is lower than in other cities along the East Coast. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. Top 10 places to retire in NC. On the other hand, some people find the cost of living in North Carolina to be . North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. Fuel costs are also cheaper than the rest of the country, sometimes by as much as $0.50 per gallon. If youre the self-sufficient sort youll have plenty to do. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. Pros And Cons Of South Carolina. Insurance is often more expensive in rural areas, and there are fewer providers to choose from. For anyone who is looking for housing for themselves or a loved one who is a senior citizen, North Carolina has many options to choose from. North Carolina does have a state income tax, which can be unappealing to some retirees and sets it back from a financial perspective from popular retirement states like Florida, which doesnt have tax income at all. Simmons, Christian. Our calculator will help you determine the life insurance policy size that best fits your circumstance. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. The hurricane season hits North Carolina from June to November. To retire comfortably in the state of North Carolina starting today, you will need to have saved at least $65,000. Consider leaving a review on Google or Facebook. The. With an abundance of hiking trails and hundreds of miles of coastline, theres no seeming end to the amount of outdoor expeditions you can enjoy in the state. However, with your retirement nearing, you dont have to look past this wonderful state. The taxes are not overtly high, but still will cost you more than many other parts of the country. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. Weigh the pros and cons to see if retiring in North Carolina is right for you. Its important to remember that Original Medicare is essentially the same in every state since it is a federal program. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. According to the states residents, North Carolina only happens to experience two seasons summer and fall. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. 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 what does that mean for you? Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. 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. According to the NC Rural Health Research Program, people who live in rural areas often have to travel long distances for care. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. Overall Score. 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. 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. The Friendly Community Feeling #6. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. South Carolina Is Tax-Friendlier to Retirees Than North Carolina.Kiplinger ranks South Carolina as one of the most-friendly states for taxes on retirees. As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. The state also offers other generous exemptions on other types of retirement income. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. Aging in America Rankings. One big perk for retirees is that North Carolina will not tax your Social Security, which can give you thousands of extra dollars each year. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. Pros And Cons Of Living In North Carolina First of all, these are the top 10 North Carolina pros and cons: Great sense of community Low cost of living and economic opportunity Temperate weather and mild winters Abundant outdoor activities Access to quality health care High tax burden Sub-par K-12 education High crime rates Lack of weather variety All-in-all, you will find that the big city vibe doesn't come with a significant price tag. The low property taxes in the state are one of the reasons for the below-average housing costs. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. Property taxes vary from county and municipality. This is considered southern etiquette and folks are keen to teach their children manners. The state is best known as the birthplace of Aviation, irresistible barbecue and friendly locals theres so much to love about living in North Carolina. District of Columbia costs $2,324 to rent. Therefore it becomes challenging to get from one place to another without a vehicle. 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. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. . If it sounds appealing, start looking at these 16 top cities in NC. Now to answer the big question: Is North Carolina a good place to live? Being called maam isnt a reference to your age, fret not. Usually, there are two options to steer clear of hurricane damage. You'll need to buy an automobile to get the most out of living in North Carolina. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? Its true, but this point warrants a deeper dive. Retrieved from, U.S. News & World Report. . And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. You can thank me later. With a B.S. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. Its your time to build your future. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. Sorry there is a continuing error in our system. Eastern BBQ calls for the smoking of the whole hog (minus the snout) before finishing with a vinegar-based sauce. 1.. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. (n.d.). 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. Overview. By 2026, the individual income tax will drop to 3.99%. The rolling landscape is dotted with lakes and reservoirs. Heck, take a road trip to Great Smokey Mountains National Park (the most visited national park in the country!) 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. Likewise, rain is not uncommon during the summer months. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. 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. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. Fall and spring are a good time to enjoy scenic views of the outdoors. Living in Pennsylvania . 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. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. 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. The answer is yes, between the affordable housing market, low cost of living and unmistakable southern hospitality, living in North Carolina is living life on easy mode. 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. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. Overall, the cost of living in North Carolina comes in 5 points below the national average. 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. 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. Sauna-quality humidity (yay!). Historically, Virginia has had a reputation for wealth creation. North Carolinas crime rate almost matches the national average. 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. Javascript must be enabled for the correct page display. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. North Carolina's property tax rates are relatively low in comparison to those of other states. First off, accommodation is the biggest expense that any states residents have to incur. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. There is no estate tax. When it comes to retirement, there's a lot to consider. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. 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. Save my name, email, and website in this browser for the next time I comment. Many retiree-friendly communities have been developed with top-notch health care facilities. Retirees can enjoy beautiful falls and springs without the harsher weather found in more northern states while appreciating nature that ranges from towering mountains to sandy beaches. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. However, the state will tax other types of retirement income, including 401(k) and pension distributions. Of course, your location influences your total costs. But the rate in North Carolina is modest, coming in at 5.25%. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway.
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