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. Please call us using the phone number listed on this page. 4 Full Seasons Cons of Retiring in West Virginia 1. in the state is 5.8 per 100,000, 10% higher than the national average. 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. In my experience, locals are very friendly, but theres a reserved nature about them. Expenses like groceries, housing, and transportation were under national expenditures. Now to answer the big question: Is North Carolina a good place to live? The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. North Carolina offers a relatively low cost of living to its residents. This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. 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. Simmons, Christian. The state offers various outdoor activities Whether you enjoy hiking, biking, fishing, or camping, North Carolina has plenty of outdoor activities to keep you busy. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. The low property taxes in the state are one of the reasons for the below-average housing costs. North Carolina experiences moderate temperatures in all four seasons. 3. 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. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? How much do you need to retire in North Carolina? Summers in North Carolina are the worst. Sorry there was an error. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. But the rate in North Carolina is modest, coming in at 5.25%. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Save my name, email, and website in this browser for the next time I comment. All rights reserved. North Carolina does have a low corporate tax rate, making it more business-friendly. 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 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. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. Retiring in North Carolina Is North Carolina a good place to live? The state is home to a handful of great cities, but most of the Tar Heel State is rural. For instance, with the highest average rent in the United States, a one-bedroom apartment in the District of Columbia costs $2,324 to rent.So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. According to the states residents, North Carolina only happens to experience two seasons summer and fall. You'll need to buy an automobile to get the most out of living in North Carolina. On the flip side, NC has a high-than-usual crime rate, increased chances of hurricanes, higher taxation, and a poor transportation system. Explore the local galleries for hand-crafted pottery and other creations. 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. The. 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. North Carolina offers a relatively temperate climate to enjoy. Consider leaving a review on Google or Facebook. APA Insurance is often more expensive in rural areas, and there are fewer providers to choose from. 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. Mild Weather Year-Round #3. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. . There are many advantages to retiring in North Carolina. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. 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. Being called maam isnt a reference to your age, fret not. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. With a B.S. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. 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. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. The Outer Banks' positioning on the east coast makes them more susceptible to direct hits or brushes from tropical storms that ride up the East Coast. Social Security is not taxed, but 401(k) and pension distributions are. In fact, Virginia was colonized almost sixty years before South Carolina was. It wont come easy (Ill touch on this shortly as well). cost 9.8% of ones yearly income. Pros Quality healthcare. While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. We can be reached via email at contact@retirefearless.com. Contents1 Is it cheaper to live in SC [] 2023 RetireGuide LLC. Cmon now, my grubby little hands will never squeal! 2023 Retire Fearless. Much of determining where to retire may come down to researching where your money will spend the best. North Carolina Retirement. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. This is very ideal for retirees. If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. Retirefearless.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). [ See: The Best Places to Retire in 2022. ] When it comes to retirement, there's a lot to consider. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? One of the reasons people retire to North Carolina is the stunning scenery. North Carolina has become one of the best retirement states in recent years. YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. Both of those are key areas for seniors and certainly good news. Pros of Living in Asheville #1. North Carolina cost of living is 90.6. (n.d.). So heads up! 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. As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. North Carolina doesnt tax Social Security retirement benefits. 4.3. 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 sales tax rate is 6.98%, which falls into about the middle tier nationally. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Healthcare is a massive concern for those looking to move to another state, especially retirees. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. However, the sales tax differs from county to county. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. 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. One option that stands out is Hendersonville. 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. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. Unlike most other states, North Carolina taxes groceries. 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. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. North Carolina's property tax rates are relatively low in comparison to those of other states. However, with your retirement nearing, you dont have to look past this wonderful state. Locals Tip: Something that caught me off guard after moving to North Carolina was hearing kids use yes maam and no sir in practically every interaction. 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. 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. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. 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. You never know when the threat will come to fruition so youll want to be prepared. North Carolina is the third most popular retirement destination. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Reidsville. The Appalachian Mountains form most of North Carolinas territory, providing the state with. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. If you consider yourself a nature nut, you will love living in North Carolina. Pros of living in North Carolina 1. 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. 0.77%. Decent Essays. The state experiences all four seasons, with hot summers and cold winters in the mountains. Oops! 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, if you move to North Carolina, youll be saving quite a bit on your monthly cost. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. Now to answer the big question: Is North Carolina a good place to live? South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. By 63, you no longer pay taxes. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. When you think "retirement destination," North Carolina may not be top of mind. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. Likewise, rain is not uncommon during the summer months. The rolling landscape is dotted with lakes and reservoirs. 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. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. The company also offers access to third-party pre . That rate continues to drop from what was 5.75% in tax years 2015-2016. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. As a mid-sized city of around 275,000 residents, Durham has all the excitement . New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. It offers a small-town vibe nestled within the North Carolina mountains. RetireGuide.com. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. North Carolina offers a relatively low cost of living to its residents. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. Know what that means? This can take out a big chunk of your retirement savings. But there are still notable drawbacks to retiring in North Carolina. 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. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. Many of our communities include a wide range of amenities including. 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. If you fancy yourself a city-dweller, you wont be disappointed either. The report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. 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. North Carolina's rich history influences much of the cultural scene. The states property tax rate stands at 0.77%, which means that a homeowner has to pay around $770 every year for every $100,000 in home value. 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. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. There is no estate tax. In her free time, Alissa loves to travel, read, cook, and spend time with her family. One of the most significant advantages of retiring in South Carolina is the low cost of living. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. The Appalachian Mountains have a strong folk art and music tradition. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. Greensboro. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. North Carolinas total state and average local sales tax rate is 6.98%,placing it on the ranking of 26 in the nation. Pros And Cons Of South Carolina. The similarities end with the choice of meat (both use pork), from there the methods differ. The state has been hit by several major storms, including Hurricane Florence in 2018. North Carolina is certainly an interesting state. It also has a lot to offer retirees, from big cities to tightknit mountain communities. Dine Well, Live Well at The Vero at Orange, One Month Rent-Free Incentive at Treeo Raleigh, Memory Care at MacKenzie Place Fort Collins, February Fitness Frenzy at Fairwinds Rio Rancho, True restaurant dining, with made to order meals, Gym memberships and fitness classes through PrimeFit, Assisted living and memory care services, if needed. How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. Living in Pennsylvania . In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. With over 300 miles of beaches, you are sure to find one you love. Posted by Preston Guyton on March 3, 2023 . True to form, locals focus on getting to know their neighbors and building a sense of community. The south is known for hospitality, and North Carolina is no exception. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. Receive Helpful Content Straight ToYour Inbox. 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. Your money will go far there, helping you to have a full retirement. Festivals and events take place throughout the year. 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. Your web browser is no longer supported by Microsoft. Theres essentially something for everyone. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. 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. Either way, since most seniors seek to build a home in a place with moderate weather, North Carolina is an excellent choice or at least a much better choice than Florida or New York. Pinehurst. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. North Carolina is a retiree's paradise when it comes to outdoor recreation. North Carolina is an overall safe state for you and your family to call home. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. No matter which sport you love, North Carolina has it. The low property taxes in the state are one of the reasons for the below-average housing costs. 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 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. 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. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Cons of Retiring in North Carolina Threat of hurricanes. If youre new to North Carolina, allow me to fill you in. For starters, Social Security income is not taxed and if youre over 65 years old, up to $35,000 of your retirement income is exempt from state taxes. Otherwise, it will be impossible to see the lovely beaches and mountainsides. This area is famous for its beaches, lighthouses, and wildlife. Pros & Cons of Living in Asheville . Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. You will need to invest in a car to get the most out of living in North Carolina. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. Small City . With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. The state has a moderate climate while still offering four distinct seasons. But dont just take my word for it. 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. 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. Contact us today to get started. Speaking of, heres a locals tip: Purchase these bad boys before moving to North Carolina. So Ive told you home much I enjoy the mild winters after moving to North Carolina, but Id be doing you a disservice if I didnt mention the blistering hot summers. 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. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. And the next 10 years are predicted to bring even more growth. The Median income in North Carolina is about $56,000. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Five-star fun. Overview. It can be exciting to move somewhere new, start fresh, and . 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 answer really depends on what youre looking for in retirement since each state offers different benefits. A cost of living index above 100 means North Carolina, North Carolina is more expensive. Our calculator will help you determine the life insurance policy size that best fits your circumstance. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). In sum, heres a quick roundup of the pros and cons of moving to North Carolina. The Best Places to Retire in North Carolina. "North Carolina Retirement." 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. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. 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.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-narrow-sky-1','ezslot_19',147,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-narrow-sky-1-0'); With multiple family members currently in senior living facilities, David is in the trenches every week, learning the ins and outs of nursing homes, assisted living, memory care, and general senior living. This is considered southern etiquette and folks are keen to teach their children manners. As in North Carolina, South Carolina does not tax Social Security benefits. Forest City. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. 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 . But North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. Five-star service. 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. 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. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%.