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. Here, retirees can enjoy a more peaceful and relaxed pace of life. From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. isnt one of the easiest states to find work, 16 HONEST Pros & Cons of Living in Georgia (Lets Talk), 12 HONEST Pros & Cons of Living in Minneapolis, 15 HONEST Pros & Cons of Living in Charlotte, North Carolina, Property taxes: 0.84%, well below the national average, Access to the mountains (alright, hills) and the beach. 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. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. 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). If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. For instance, Duke University Hospital is among the best in the country. So heads up! Your money will go far there, helping you to have a full retirement. There is no estate tax. . Read More. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. According to the U.S. News and World Report, Charlotte is viewed as an excellent retirement destination. Read More. Estimate how long you'll live and explore retirement options for a long life. The south is known for hospitality, and North Carolina is no exception. Everything is a lot cheaper here, especially when it comes to housing. 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. The report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). On average, individualstate and municipal taxescost 9.8% of ones yearly income. Both of those are key areas for seniors and certainly good news. If you fancy yourself a city-dweller, you wont be disappointed either. 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. The state experiences all four seasons, with hot summers and cold winters in the mountains. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. JG Wentworth Personal Loans: 2023 Review | Bankrate Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. While most of these are meant for hikers, there are options for mountain biking or horseback riding. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. We love planning for retirement. The Southern states have seen massive growth recently, with the region becoming one of Read More, These Markets Are Projected to Have the Most Home Price Change in 2023. Should You Retire in Georgia or Florida? Let's Compare! 8 Things You Must Know About Retiring to the Carolinas Plenty of Outdoor Activities 3. These include Chapel Hill, Raleigh, and Asheville. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. You're signed up for our free newsletter! With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. Why do retirees move to North Carolina? - 2023 5 Reasons to Consider Buying a House in Boone, NC 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. Overall Score. Top 10 places to retire in NC. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. Overall, the cost of living in North Carolina comes in 5 points below the national average. Usually, there are two options to steer clear of hurricane damage. 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+. District of Columbia costs $2,324 to rent. For full transparency, we clearly identify our sources in a list at the bottom of each page. This is something to keep in mind if you're considering retiring to North Carolina. Travel Challenges 4. 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. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Pros And Cons Of South Carolina - 890 Words | Bartleby 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. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. Retire in Asheville - Asheville North Carolina retirement 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. Theres something for everyone! 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%. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. Summers in North Carolina are the worst. North Carolina is home to several historical sites, including battlefields from the Civil War, the Thomas Wolfe Memorial, the first documented gold find in the U.S., and the Battleship USS North Carolina. 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. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. . 10 Pros and Cons of Living in North Carolina - Redfin Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. Retrieved from, Missouri Economic Research and Information Center. Forest City. The state is 560 miles wide from east to west! Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. Is it better to retire in South Carolina or North Carolina? - 2023 As for my favorite BBQ joint? South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. Between the breathtaking Appalachian and Blue Ridge Mountains, youll be spoiled of choice. However, the state will tax other types of retirement income, including 401(k) and pension distributions. 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. Pros & Cons of Living in Asheville . No matter which sport you love, North Carolina has it. Pros & Cons of Retiring in South Carolina - RetireGuide 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. 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 . Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Javascript must be enabled for the correct page display. 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. Hickory. 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. It wont come easy (Ill touch on this shortly as well). Save my name, email, and website in this browser for the next time I comment. True to form, locals focus on getting to know their neighbors and building a sense of community. North Carolina offers mild weather and beautiful seasons while also keeping older adults closer to the communities they came from, offering a more pleasing retirement life. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. Pros and Cons of Living in North Carolina | Expat Exchange amongst states with the highest per capita tax. Low Employment Opportunities 3. RetireGuide doesnt believe in selling customer information. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. With over 300 miles of beaches, you are sure to find one you love. 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. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. Chicago But there are still notable drawbacks to retiring in North Carolina. 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. The rolling landscape is dotted with lakes and reservoirs. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. 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. Retrieved from, U.S. News & World Report. 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. 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. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Fuel costs are also cheaper than the rest of the country, sometimes by as much as $0.50 per gallon. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. Pros and Cons of a Georgia Retirement. You never know when the threat will come to fruition so youll want to be prepared. Contact us today to get started. North Carolina VS South Carolina - Which One is Better - Movingist While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. 11 Pros and Cons of Retiring in Maine (2020) - Aging Greatly Healthcare is a massive concern for those looking to move to another state, especially retirees. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. Five-star service. However, it does so at a reduced rate, with almost 2% on most food. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. A cost of living index above 100 means North Carolina, North Carolina is more expensive. Receive Helpful Content Straight ToYour Inbox. It offers a small-town vibe nestled within the North Carolina mountains. The Appalachian Mountains have a strong folk art and music tradition. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). Here's What You Need to Know. Pros And Cons Of South Carolina. Pinehurst. Table of Contents. Americas Health Rankings. 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 The company also offers access to third-party pre . The state has a moderate climate while still offering four distinct seasons. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. All-in-all, you will find that the big city vibe doesn't come with a significant price tag. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. The fact is that not everything is rainbows and butterflies in the Old North State. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. Retirement in North Carolina vs. South Carolina - Acts The similarities end with the choice of meat (both use pork), from there the methods differ. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). ; There are no social security taxes. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. Property taxes vary from county and municipality. 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. 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. Our calculator will help you determine the life insurance policy size that best fits your circumstance. [ See: The Best Places to Retire in 2022. ] One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. (n.d.). Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. 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. But dont just take my word for it. Benefits of Retiring In North Carolina (Pros & Cons) - Retire Fearless While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. Social Security Income is exempt. You will need to invest in a car to get the most out of living in North Carolina. Simmons, Christian. 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. Pros Quality healthcare. How is North Carolina for retirement? - meetbeagle.com South Carolina Low Cost of Living. Williamston. Were you able to find the information you were looking for on RetireGuide.com?