Pros of living in North Carolina 1. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. With a B.S. The average cost of living was $38,295. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. 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. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. 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. 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. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'retirefearless_com-leader-1','ezslot_14',114,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-1-0'); The true reality of a state can often be judged through its people, and if thats the case, then North Carolina truly is the most charming state in the US. One of our content team members will be in touch with you soon. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. For instance, Duke University Hospital is among the best in the country. Overall, North Carolinas health care is not bad by any means, but its also not close to the states in the top tier. As a mid-sized city of around 275,000 residents, Durham has all the excitement . You can learn more about our writers, here. Retrieved from, Missouri Economic Research and Information Center. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. The Friendly Community Feeling #6. The residents of this state display that Southern charm regularly. Travel Challenges 4. 771 Words 4 Pages. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. We can be reached via email at contact@retirefearless.com. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. This site also participates in other affiliate programs such as CJ, ClickBank and more, and is compensated for referring traffic and business to these companies. Here are the pros and cons of retiring to Asheville, North Carolina. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. The Best Places to Retire in North Carolina - US News & World Report Five-star fun. 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. Marion. 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 doesnt tax Social Security retirement benefits. Here's what you need to know about the state before you make your move. Retiring in NC: Best Places to Retire & Cost of Living - RetireGuide Pros and Cons of Retiring in South Carolina The advantages of retiring in South Carolina include an affordable lifestyle where your money can go much farther than in many other parts of the country. Retire in Asheville - Asheville North Carolina retirement Find fishing, boating, hiking, golfing, and much more. Even popular tourist spots like Myrtle Beach can offer affordable living. 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. Low Employment Opportunities 3. Eastern BBQ calls for the smoking of the whole hog (minus the snout) before finishing with a vinegar-based sauce. Something went wrong while submitting the form. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Explore the local galleries for hand-crafted pottery and other creations. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. The low property taxes in the state are one of the reasons for the below-average housing costs. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. 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. Update your browser for more security, speed and compatibility. 10 Reasons to Retire in North Carolina - Corbinton Living Worth mention: The flat 4.99% state income tax is one of the lowest in the country, further adding to the lost cost of living in North Carolina. Drawbacks of Retiring in North Carolina | Newsmax.com 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. North Carolina is a retiree's paradise when it comes to outdoor recreation. North Carolina offers a relatively temperate climate to enjoy. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Simmons, Christian. Between the breathtaking Appalachian and Blue Ridge Mountains, youll be spoiled of choice. Thats lower than every bordering state except Tennessee. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. But the rate in North Carolina is modest, coming in at 5.25%. North Carolina experiences moderate temperatures in all four seasons. Obviously your lifestyle with depend on your way of life in North Carolina. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. We offerindependent living servicesat Treeo Raleigh in North Carolina. Likewise, rain is not uncommon during the summer months. Although the good news is that Maine . A recent study by MIT found that a single adult (without kids) needs to make a minimum of $31,660 per year to live in North Carolina. Were you able to find the information you were looking for on RetireGuide.com? The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. Many retiree-friendly communities have been developed with top-notch health care facilities. 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. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. . The 7 Best Places to Retire in North Carolina - msn.com The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. The only downside to the easy going vibe is the lack of ambition you may come across from time to time. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. 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. Fuel costs are also cheaper than the rest of the country, sometimes by as much as $0.50 per gallon. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. 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 . Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. Not only will you get amazing service when you visit the store or supermarket, but youll also receive kind gestures from random people you bump into on the streets. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. We love planning for retirement. The company also offers access to third-party pre . While most of these are meant for hikers, there are options for mountain biking or horseback riding. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. It offers a small-town vibe nestled within the North Carolina mountains. But before I get some sassy remark, allow me to explain. Local venues often have bluegrass and country music bands creating a folk atmosphere. The job market in Raleigh is thriving right now. Theres something for everyone! The sales tax rate is 6.98%, which falls into about the middle tier nationally. 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. However, European countries had beforehand . With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling. Williamston. If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. The similarities end with the choice of meat (both use pork), from there the methods differ. North Carolina is certainly an interesting state. 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. 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. 5 Reasons to Consider Buying a House in Boone, NC Is it cheaper to live in North Carolina? - 2023 Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. But even then, its hard to fault someone who considers living in North Carolina the end prize. However, with your retirement nearing, you dont have to look past this wonderful state. How much money do you need to retire in North Carolina? Retrieved from, United Health Foundation. With an abundance of hiking trails and hundreds of miles of coastline, theres no seeming end to the amount of outdoor expeditions you can enjoy in the state. 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. All Rights Reserved. Low Cost of Living 2. 0.77%. Thank you! 10 Pros and Cons of Living in North Carolina Right Now Hickory. North Carolina does have a low corporate tax rate, making it more business-friendly. Small City . in the state is 5.8 per 100,000, 10% higher than the national average. 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? 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. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. RetireGuide.com. This is very ideal for retirees. Regardless of your preference, know this: you cant go wrong but you better learn to defend it. Usually, there are two options to steer clear of hurricane damage. This could include having an evacuation route and plan and supplies to ride out the storm. 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. 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. 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. High Crime Rate 2. Home to a combination of 21 professional and minor league teams, North Carolina has a football team, minor league baseball teams, basketball, and hockey teams. It's somewhat of a hobby, and we want to share what we've learned with you. The coastal areas are milder, with average temperatures in the 60s and 70s. Being called maam isnt a reference to your age, fret not. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. As for my favorite BBQ joint? 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. What is the property tax in North Carolina? - 2023 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. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. According to the NC Rural Health Research Program, people who live in rural areas often have to travel long distances for care. 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. One option that stands out is Hendersonville. Save my name, email, and website in this browser for the next time I comment. North Carolina ranks 19thamongst states with the highest per capita tax. 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. A State Estate Tax does not exist, and the corporate income tax is low. 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. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). For full transparency, we clearly identify our sources in a list at the bottom of each page. 12 HONEST Pros & Cons of Living in NORTH CAROLINA However, it does so at a reduced rate, with almost 2% on most food. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. Contents1 Is it cheaper to live in SC [] You never know when the threat will come to fruition so youll want to be prepared. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. However, the state will tax other types of retirement income, including 401(k) and pension distributions. The Median income in North Carolina is about $56,000. Most weekends can be spend hiking, biking, fishing, swimming or hunting. Should You Retire in Georgia or Florida? Let's Compare! If it sounds appealing, start looking at these 16 top cities in NC. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Cons of Retiring in North Carolina Threat of hurricanes. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. Overall Score. Festivals and events take place throughout the year. 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. Here's What You Need to Know. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). 4.3. In North Carolina, the public transportation network is limited in scope and under-served. 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. But dont just take my word for it. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Brevard. But thats not all there is to this wonder. 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