North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina. Living in North Carolina during the winter months is easy compared to other places Ive lived, and its one of the things I most enjoy about daily life here. 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 low property taxes in the state are one of the reasons for the below-average housing costs. So heads up! Chicago This climate diversity means that there's something for everyone regarding retiree weather. 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 most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. Pros Quality healthcare. Its true, but this point warrants a deeper dive. The state is 560 miles wide from east to west! 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). 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. The state has a moderate climate while still offering four distinct seasons. Decent Essays. Retrieved from, Loughead, K. (2020, February 3). We are a publishing team of licensed Nursing Home Administrators, Nurses, Assisted Living Directors, and individuals with vast personal experience with retirement communities and senior living. 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. Many of our communities include a wide range of amenities including. Find fishing, boating, hiking, golfing, and much more. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. Now to answer the big question: Is North Carolina a good place to live? So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). According to the communitys website, it is 10 minutes from a city in Wilmington, 30 minutes from the beach and includes many nature attractions and activities. Usually, there are two options to steer clear of hurricane damage. The cost of living in North Carolina is relatively low compared to other US states. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. North Carolina's rich history influences much of the cultural scene. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. The parkway is a total of 469 miles and is world-renowned for its biodiversity featuring extremely rare habitats. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. However, it does so at a reduced rate, with almost 2% on most food. . More so, to celebrate their states rich and abundant history, North Carolina actively funds and looks after the many museums and historical sites in the state. 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. You can learn more about our writers, here. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. Overview. Its your time to build your future. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. Do you enjoy the resources RetireGuide provides? The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. But before I get some sassy remark, allow me to explain. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. 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. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. 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 . Historically, Virginia has had a reputation for wealth creation. North Carolina's property tax rates are relatively low in comparison to those of other states. We love planning for retirement. Social Security Income is exempt. 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. But even then, its hard to fault someone who considers living in North Carolina the end prize. 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. 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. Low Cost of Living 2. As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. . Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. While most of these are meant for hikers, there are options for mountain biking or horseback riding. 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. Access to Nature #2. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. Javascript must be enabled for the correct page display. North Carolina is home to a thriving arts and culture scene. Here are the pros and cons of retiring to Asheville, North Carolina. One option that stands out is Hendersonville. Likewise, rain is not uncommon during the summer months. Sadly, our state has one of the most poorly funded schools systems in the nation. 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%. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? With over 300 miles of beaches, you are sure to find one you love. This includes looking into hospitals, clinics, and doctors in the area. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. 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. Dont hesitate to reach out with questions, Im here to help! The Appalachian Mountains form most of North Carolinas territory, providing the state with. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. Theres something for everyone in the mountains of North Carolina. Explore the local galleries for hand-crafted pottery and other creations. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. But dont just take my word for it. But North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. The Appalachian Mountains have a strong folk art and music tradition. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. In my experience, locals are very friendly, but theres a reserved nature about them. North Carolina is certainly an interesting state. This can take out a big chunk of your retirement savings. 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. 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. 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. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. Small City . Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. MLA The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. Pros of Retiring in South Carolina Beautiful Landscapes Tax-Friendly Good Healthcare System Great Weather Numerous Outdoor Activities Southern Hospitality Convenient Transportation Historically Rich Low Crime Rates Free Education for Retirees Cons of Retiring in South Carolina High Cost of Living Too Much Construction Hurricanes Flood Alligators As far as the major cities, Asheville may offer the most affordable lifestyle. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. The Best Places to Retire in North Carolina. The state also offers other generous exemptions on other types of retirement income. For instance, Duke University Hospital is among the best in the country. Otherwise, it will be difficult to visit the beautiful beaches and mountains. in the state is 5.8 per 100,000, 10% higher than the national average. "North Carolina Retirement." 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. The hurricane season hits North Carolina from June to November. Brevard. 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 her free time, Alissa loves to travel, read, cook, and spend time with her family. In fact. No matter your preference, you're sure to find it in North Carolina. In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. Theyre non-negotiable in my book because they prevent things from molding overnight. You'll need to buy an automobile to get the most out of living in North Carolina. District of Columbia costs $2,324 to rent. 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. As a mid-sized city of around 275,000 residents, Durham has all the excitement . Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. 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 . Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. There are many advantages to retiring in North Carolina. Theres something for everyone! But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. North Carolina is a generally affordable state where your money will go far, especially if you are used to a Northeast standard of living. The Friendly Community Feeling #6. . Your web browser is no longer supported by Microsoft. Sorry there was an error. If you consider yourself a nature nut, you will love living in North Carolina. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. It also has a lot to offer retirees, from big cities to tightknit mountain communities. 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. Even popular tourist spots like Myrtle Beach can offer affordable living. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. If youre considering retiring in North Carolina but still require some convincing, Ive lined up more than a few reasons to help you make a decision. Forest City. But thats not all there is to this wonder. Social Security is not taxed, but 401(k) and pension distributions are. What more could you want in a new community? However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. Top 10 places to retire in NC. 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. Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. Thats lower than every bordering state except Tennessee. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. 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. 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+. Cmon now, my grubby little hands will never squeal! For instance, if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-large-leaderboard-2','ezslot_15',113,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-leaderboard-2-0');Duke University Hospital is among the best in the country. However, with your retirement nearing, you dont have to look past this wonderful state. However, certain types of crimes are more common in the state than others. The average cost of living was $38,295. The Median income in North Carolina is about $56,000. 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. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. With a B.S. 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. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. 2023 Retire Fearless. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. Healthcare is a massive concern for those looking to move to another state, especially retirees. The access to nature and plethora of outdoor recreational is hard to beat. Pros & Cons of Living in Asheville . If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. 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. 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. By 2026, the individual income tax will drop to 3.99%. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. Everything is a lot cheaper here, especially when it comes to housing. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. On the other hand, some people find the cost of living in North Carolina to be . While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. Winston-Salem. North Carolina is the third most popular retirement destination. As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. 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. The state averages homeowners pay 0.85% of property value. 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. Retrieved from, Missouri Economic Research and Information Center. It wont come easy (Ill touch on this shortly as well). North Carolinas crime rate almost matches the national average. Five-star service. Please wait a moment and try again. Thank you! Get instant access to our latest in-depth guides covering important retirement topics. Travel Challenges 4. The coastal areas are milder, with average temperatures in the 60s and 70s. The low property taxes in the state are one of the reasons for the below-average housing costs. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-mobile-leaderboard-1','ezslot_16',134,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-mobile-leaderboard-1-0');The hurricane season hits North Carolina from June to November. 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. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. According to the U.S. News and World Report, Charlotte is viewed as an excellent retirement destination. How much do you need to retire in North Carolina? Especially if you are moving from up north, youll find that even the largest cities compare favorably to the cost of living that youre used to. The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. Table of Contents. 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. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. In July of 1933, the North Carolina State Legislature formed the EBNC. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. 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. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. Simmons, Christian. High Crime Rate 2. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. 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. The south is known for hospitality, and North Carolina is no exception. (n.d.). COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] All-in-all, you will find that the big city vibe doesn't come with a significant price tag. Our calculator will help you determine the life insurance policy size that best fits your circumstance. We'd love to hear your thoughts. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. 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. Pros of living in North Carolina 1. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. Its a major area and feels like it as its the most populous city in the state. We can be reached via email at contact@retirefearless.com. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. The median home price in Myrtle Beach is $216,000, and rent also . Update your browser for more security, speed and compatibility. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. As for my favorite BBQ joint? 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. Low Employment Opportunities 3. Most weekends can be spend hiking, biking, fishing, swimming or hunting. If it sounds appealing, start looking at these 16 top cities in NC. 1. North Carolina offers a relatively low cost of living to its residents. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. Thinking about living in North Carolina? Pros of retiring in North Carolina All four seasons. Pros and Cons of a Georgia Retirement. So what does that mean for you? 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. 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. Contact us today to get started. If you fancy yourself a city-dweller, you wont be disappointed either. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. Sauna-quality humidity (yay!). Still, its worth pointing out, especially for those looking to grow their careers after moving to 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. When you think "retirement destination," North Carolina may not be top of mind. It came in as the 20th most-taxed state. 5 Reasons to Consider Buying a House in Boone, NC IBM WatsonHealth named it a Top 50 cardiovascular . Theres essentially something for everyone. Speaking of, heres a locals tip: Purchase these bad boys before moving to North Carolina. North Carolina does have a low corporate tax rate, making it more business-friendly. Please call us using the phone number listed on this page. 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.