While the state has always had plenty to offer, one of its biggest advantages for retirees is that it can essentially serve as a middle ground between more extreme retirement destinations. 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. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. 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. 20 Pros and Cons of Living in Raleigh, NC - Vittana.org Healthcare is a massive concern for those looking to move to another state, especially retirees. List of the Pros of Living in Charlotte, NC 1. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. This post is for you. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. That rate continues to drop from what was 5.75% in tax years 2015-2016. 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 Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. We'd love to hear your thoughts. 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. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. Pros of living in North Carolina 1. Property taxes vary from county and municipality. When it comes to weather, North Carolina has the best of both worlds. Best North Carolina Beaches. The Best Places to Retire in North Carolina. North Carolina cost of living is 90.6. Historically, Virginia has had a reputation for wealth creation. North Carolina experiences moderate temperatures in all four seasons. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. 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 cost of living in North Carolina is relatively low compared to other US states. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. Sadly, our state has one of the most poorly funded schools systems in the nation. Overall, North Carolinas health care is not bad by any means, but its also not close to the states in the top tier. 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. Unlike most other states, North Carolina taxes groceries. Pros of retiring in North Carolina All four seasons. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. Decent Essays. Regardless of your preference, both city and rural life have an overall laid-back quality about them that I havent seen in other places Ive lived. 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. But the rate in North Carolina is modest, coming in at 5.25%. Pros and Cons of a Georgia Retirement. There's a reason why retiring in the southeast, for example, is such a popular choice: it's the perfect intersection of affordability, convenience, and climate that many retirees crave. The residents of this state display that Southern charm regularly. In my experience, locals are very friendly, but theres a reserved nature about them. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. As in North Carolina, South Carolina does not tax Social Security benefits. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. Aging in America Rankings. So what does that mean for you? However, the sales tax differs from county to county. Here's What You Need to Know. Pros of retiring in North Carolina Beautiful scenery Diversity in locations Low cost of living And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. 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. However, certain types of crimes are more common in the state than others. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. 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. 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. One of the most significant advantages of retiring in South Carolina is the low cost of living. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. For anyone trying to find affordable senior housing in Indiana, there are some good options to choose from around the state. On the flip side, NC has a high-than-usual crime rate, increased chances of hurricanes, higher taxation, and a poor transportation system. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. Know what that means? 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+. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. Obviously your lifestyle with depend on your way of life in North Carolina. You will need to invest in a car to get the most out of living in North Carolina. JG Wentworth Personal Loans: 2023 Review | Bankrate As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. Black Mountain. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Retrieved from, Loughead, K. (2020, February 3). North Carolina Pros And Cons - 771 Words | Internet Public Library Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. There are many advantages to retiring in North Carolina. With over 300 miles of beaches, you are sure to find one you love. Today, we're going to highlight 7 of the best places to retire in North Carolina. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. 10 Reasons to Retire in North Carolina - Corbinton Living The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. Here, retirees can enjoy a more peaceful and relaxed pace of life. Low Population 4. 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. The state is home to a handful of great cities, but most of the Tar Heel State is rural. The company also offers access to third-party pre . The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. Simmons, C. (2023, February 20). Overall Score. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. 22 Living in North Carolina Pros and Cons - Vittana.org The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. 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. Why do retirees move to North Carolina? - 2023 Asheville is the #1 retirement town in the U.S. As a result the entire region has experienced rapid growth as tens of thousands of retirees have migrated to these mountains in western North Carolina. Pros And Cons Of South Carolina - 890 Words | Bartleby Fuel costs are also cheaper than the rest of the country, sometimes by as much as $0.50 per gallon. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. The EBNC is The Eugenics Board of North Carolina. Heck, take a road trip to Great Smokey Mountains National Park (the most visited national park in the country!) 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. 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. With a B.S. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. The Appalachian Mountains form most of North Carolinas territory, providing the state with. Travel Challenges 4. 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. 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. According to an article from Tax Foundation, the spending power of $100 in North Carolina is equal to $109.53. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. In fact, according to a 2019 report,1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. Youve come to the right place. North Carolina Pros And Cons; North Carolina Pros And Cons. Where do most retirees live in North Carolina? To retire comfortably in the state of North Carolina starting today, you will need to have saved at least $65,000. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. Many of the mountainous small towns typically come with very low costs of living. North Carolinas crime rate almost matches the national average. The 7 Best Places to Retire in North Carolina - msn.com In fact. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. 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. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. 4.3. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). 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. 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. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. and youll see what all the fuss is about. Is it cheaper to live in North Carolina? - 2023 These same mountains include fishing, boating, whitewater rafting, and rock climbing. Retrieved from, U.S. News & World Report. Please wait a moment and try again. The Best Places to Retire in North Carolina - US News & World Report One of the reasons people retire to North Carolina is the stunning scenery. Five-star service. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. Pros Quality healthcare. Chicago Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. North Carolina is the third most popular retirement destination. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. Reidsville. Both of those are key areas for seniors and certainly good news. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. However, with your retirement nearing, you dont have to look past this wonderful state. The answer really depends on what youre looking for in retirement since each state offers different benefits. North Carolina VS South Carolina - Which One is Better - Movingist Want to Retire in North Carolina? Marion. The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. Likewise, rain is not uncommon during the summer months. Alissa has been working in marketing and the senior living industry for over ten years. After all, this state has a lot to offer. The state experiences all four seasons, with hot summers and cold winters in the mountains. Eastern BBQ calls for the smoking of the whole hog (minus the snout) before finishing with a vinegar-based sauce. From Sir Walter Raleigh landing in NC in 1587 to NC succeeding during the Civil War, this state has witnessed its fair share of nation-defining historical events. While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. According to the U.S. News and World Report, some of the best beaches and beach town options in North Carolina include Emerald Isle, Bald Head Island and Cape Hatteras. Consider leaving a review on Google or Facebook. MLA All rights reserved. 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. 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. North Carolina offers a relatively low cost of living to its residents. Your email address will not be published. You're signed up for our free newsletter! In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. 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.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-large-mobile-banner-2','ezslot_9',145,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-mobile-banner-2-0'); One of the most popular trails in the state is the Appalachian Trail. However, the state will tax other types of retirement income, including 401(k) and pension distributions. In her free time, Alissa loves to travel, read, cook, and spend time with her family. First off, accommodation is the biggest expense that any states residents have to incur. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Many retiree-friendly communities have been developed with top-notch health care facilities. The coastal areas are milder, with average temperatures in the 60s and 70s. The Pros and Cons of Retiring in South Carolina - EZHomeSearch.com The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. 2023 RetireGuide LLC. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. Overview. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. 890 Words; 4 Pages; Open Document. Five-star fun. 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. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. The median home price in Myrtle Beach is $216,000, and rent also . North Carolina offers a relatively temperate climate to enjoy. Theres essentially something for everyone. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. North Carolina offers a relatively low cost of living to its residents. With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. Something went wrong while submitting the form. Another pro of retiring in North Carolina is excellent health care. While most of these are meant for hikers, there are options for mountain biking or horseback riding. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. 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. Enter North Carolina, sweet North Carolina. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. Here's what you need to know about the state before you make your move. High Crime Rate 2. 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. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. Its all about the meat in this method, and sauce would serve as a mere distraction although a small side of ketchup-based sauce is provided, for those so inclined. The Pros of Retiring in Georgia are: It is incredibly tax-friendly - As one of the most tax-friendly states, Georgia offers people over the age of 65 a $65,000 deduction per individual on retirement income outside of social security and up to $130,000 per couple. 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. Of course, your location influences your total costs. Retrieved from, Missouri Economic Research and Information Center. Local venues often have bluegrass and country music bands creating a folk atmosphere. It has an old town feel and is very affordable, giving older adults the chance to retire in a charming town with great scenery. It can be exciting to move somewhere new, start fresh, and . Around 14% percent of residents live in poverty, typically leading to increased criminal activity. Greensboro. The Appalachian Mountains have a strong folk art and music tradition. The low property taxes in the state are one of the reasons for the below-average housing costs. Drawbacks of Retiring in North Carolina | Newsmax.com Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. Essentially, the public transport in North Carolina doesnt cover a huge ground and is rather under-serviced, so it becomes particularly tricky to get from one place to another without a car. Retiring in North Carolina Is North Carolina a good place to live? 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? Posted by Preston Guyton on March 3, 2023 . Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. Plenty of Outdoor Activities 3. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016. 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 Pros of Retiring in West Virginia 1. Otherwise, it will be impossible to see the lovely beaches and mountainsides. And the next 10 years are predicted to bring even more growth. North Carolina is certainly an interesting state. However, it does so at a reduced rate, with almost 2% on most food. In fact, Virginia was colonized almost sixty years before South Carolina was. Benefits of Retiring In West Virginia (Pros & Cons) - Retire Fearless 3. North Carolina is home to a thriving arts and culture scene. RetireGuide.com. Published in Forbes, Senior Finance Advisor, Alzheimers.net and on other leading senior care blogs, she leverages her working knowledge of the senior care industry with leading research and best practices to create engaging content benefitting seniors and their caregivers. Is North Carolina a good place to retire? Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. North Carolina doesnt tax Social Security retirement benefits. No matter your preference, you're sure to find it in North Carolina. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. North Carolinas total state and average local sales tax rate is 6.98%. Small City . 2. But before I get some sassy remark, allow me to explain. 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. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. Retrieved from, Brandon, E. (2021, February 22). As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. Moreover, there are also smaller university hospitals in the state that are nationally ranked. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older.