Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. Mild Weather Year-Round #3. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. North Carolina's property tax rates are relatively low in comparison to those of other states. When it comes to weather, North Carolina has the best of both worlds. However, certain types of crimes are more common in the state than others. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. Its important to remember that Original Medicare is essentially the same in every state since it is a federal program. North Carolina offers many advantages for older adults. Low Cost of Living 2. Thats lower than every bordering state except Tennessee. Retiring in North Carolina brings tax benefits, which means that the state considered pro-business, with a great outlook on jobs for seniors looking to start their own business or begin a second career. 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. North Carolina offers a relatively temperate climate to enjoy. North Carolina is the third most popular retirement destination. Javascript must be enabled for the correct page display. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. The Appalachian Mountains form most of North Carolinas territory, providing the state with. 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. List of the Pros of Living in Charlotte, NC 1. It wont come easy (Ill touch on this shortly as well). One of the most significant advantages of retiring in South Carolina is the low cost of living. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. 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. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. This climate diversity means that there's something for everyone regarding retiree weather. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. Know what that means? Now to answer the big question: Is North Carolina a good place to live? Retrieved from, Missouri Economic Research and Information Center. 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. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. 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 similarities end with the choice of meat (both use pork), from there the methods differ. 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 One of our content team members will be in touch with you soon. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. 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. The median home price in Myrtle Beach is $216,000, and rent also . 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. First off, accommodation is the biggest expense that any states residents have to incur. Expenses like groceries, housing, and transportation were under national expenditures. Speaking of, heres a locals tip: Purchase these bad boys before moving to North Carolina. Americas Health Rankings. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. Is South Carolina or North Carolina better for retirement? 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. 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. 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. If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. This area is famous for its beaches, lighthouses, and wildlife. Please call us using the phone number listed on this page. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'retirefearless_com-medrectangle-3','ezslot_3',110,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-medrectangle-3-0'); The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. To retire comfortably in the state of North Carolina starting today, you will need to have saved at least $65,000. . On the other hand, some people find the cost of living in North Carolina to be . The taxes are not overtly high, but still will cost you more than many other parts of the country. If it sounds appealing, start looking at these 16 top cities in NC. 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. North Carolina has a diverse range of weather and climate, depending on which region you retire to. Pinehurst. (n.d.). Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. This is something to keep in mind if you're considering retiring to North Carolina. It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. State Individual Income Tax Rates and Brackets for 2020. A cost of living index above 100 means North Carolina, North Carolina is more expensive. We'd love to hear your thoughts. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. The state has been hit by several major storms, including Hurricane Florence in 2018. If you need help pricing and building your medicare plan, call us at 844-572-0696. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. Simmons, Christian. We can be reached via email at [email protected]. District of Columbia costs $2,324 to rent. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. Do you enjoy the resources RetireGuide provides? The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. 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. Retrieved from, Brandon, E. (2021, February 22). Festivals and events take place throughout the year. Summers in North Carolina are the worst. The Median income in North Carolina is about $56,000. An amount below 100 means North Carolina is cheaper than the US average. 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. As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. 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. You will need to invest in a car to get the most out of living in North Carolina. True to form, locals focus on getting to know their neighbors and building a sense of community. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. The fact is that every place you consider moving to will have its benefits and pitfalls; you will have to decide the factors that are important to you and the ones youre willing to look past. For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. Thinking about living in North Carolina? Cost of Living Data Series. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. You can thank me later. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. This can take out a big chunk of your retirement savings. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. 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. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. 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. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. However, the sales tax differs from county to county. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. . Update your browser for more security, speed and compatibility. Social Security Income is exempt. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. 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. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. 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. On the flip side, NC has a high-than-usual crime rate, increased chances of hurricanes, higher taxation, and a poor transportation system. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. 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. You can learn more about our writers, here. So what does that mean for you? 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. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. Our calculator will help you determine the life insurance policy size that best fits your circumstance. This includes looking into hospitals, clinics, and doctors in the area. 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. 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. 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. There are many advantages to retiring in North Carolina. Pros of Retiring in West Virginia 1. 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. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. 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. The Lively Music Scene #5. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. But thats not all there is to this wonder. 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 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. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. You may be surprised to learn that the home of Duke University and University of North Carolina at Chapel Hill might value public education enough to fund it, but no dice. APA This can be attributed to several factors, including a lower-than-average cost of housing. North Carolina offers a relatively low cost of living to its residents. Even a carefully planned retirement lifestyle may come with unintended consequences. 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. "North Carolina Retirement." For anyone trying to find affordable senior housing in Indiana, there are some good options to choose from around the state. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. 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. How much do you need to retire in North Carolina? 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 Cons of Retiring in North Carolina Threat of hurricanes. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. The Friendly Community Feeling #6. The state averages homeowners pay 0.85% of property value. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. , both states ranked in the top five for net migration of people aged 60 and older. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. (30) Living in North Carolina (99) Living in Ohio (11) . Between the breathtaking Appalachian and Blue Ridge Mountains, youll be spoiled of choice. It can be exciting to move somewhere new, start fresh, and . COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] 4 Full Seasons Cons of Retiring in West Virginia 1. It offers a small-town vibe nestled within the North Carolina mountains. Everything is a lot cheaper here, especially when it comes to housing. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. And while seasonal weather is a benefit to some, other retirees may simply want to move far enough south to never even have to think about snow again. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. 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. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. 1.. 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. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. 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. 771 Words 4 Pages. 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). Top 10 places to retire in NC. This is very ideal for retirees. Its your time to build your future. Hickory. Read More. But dont just take my word for it. Otherwise, it will be difficult to visit the beautiful beaches and mountains. 3. Consider leaving a review on Google or Facebook. Each beach has a distinct vibe and feeling and many are surrounded by quaint coastal towns great for family reunions or a quick weekend getaway. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Get instant access to our latest in-depth guides covering important retirement topics. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. Sauna-quality humidity (yay!). Many retiree-friendly communities have been developed with top-notch health care facilities. Pros of living in North Carolina 1. Your web browser is no longer supported by Microsoft. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). Pros & Cons of Living in Asheville . The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. 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. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. Its a major area and feels like it as its the most populous city in the state. Fall and spring are a good time to enjoy scenic views of the outdoors. 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. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. High Crime Rate 2. This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. However, with your retirement nearing, you dont have to look past this wonderful state. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. . Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. After all, this state has a lot to offer. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Local venues often have bluegrass and country music bands creating a folk atmosphere. The state has a moderate climate while still offering four distinct seasons. As a mid-sized city of around 275,000 residents, Durham has all the excitement . So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. But there are still notable drawbacks to retiring in North Carolina. Insurance is often more expensive in rural areas, and there are fewer providers to choose from. The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. But thats not all there is to this wonder.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-medrectangle-4','ezslot_6',109,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-medrectangle-4-0'); North Carolina has some majestic views, temperate weather, lower-than-average cost of living, above-average healthcare, and a welcoming population. The parkway is a total of 469 miles and is world-renowned for its biodiversity featuring extremely rare habitats. Explore the local galleries for hand-crafted pottery and other creations. 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. 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. No matter which sport you love, North Carolina has it. 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. https://www.wral.com/new-study-reveals-best-places-to-retire-in-north-carolina-they-re-all-small-towns/19879509/, https://money.usnews.com/money/retirement/baby-boomers/articles/best-places-to-retire-in-north-carolina, https://assets.americashealthrankings.org/app/uploads/2021-senior-report-%E2%80%93-state-summaries.pdf, https://taxfoundation.org/state-individual-income-tax-rates-and-brackets-for-2020/, https://meric.mo.gov/data/cost-living-data-series, https://web.archive.org/web/20230126082510/https://www.usnews.com/news/best-states/rankings/aging, https://travel.usnews.com/rankings/best-beaches-in-north-carolina/, This article contains incorrect information, This article doesn't have the information I'm looking for, Winner of the Florida Society of News Editors Journalism Contest, Member of the Association for Financial Counseling & Planning Education, Founded an independent, student-run publication at UCF, Leah, H. (2021, September 16).