Here are 10 pros and cons of living in North Carolina to consider before making this state your home. This post is for you. 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. According to the U.S. News and World Report, some of the best beaches and beach town options in North Carolina include Emerald Isle, Bald Head Island and Cape Hatteras. The cost of living in Charlotte is lower than in other cities along the East Coast. However, the sales tax differs from county to county. RetireGuide.com. The sales tax rate is 6.98%, which falls into about the middle tier nationally. The Appalachian Mountains form most of North Carolinas territory, providing the state with. "North Carolina Retirement." After all, this state has a lot to offer. You will also want to think through what is included at the community you are considering. We'd love to hear your thoughts. 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 state is 560 miles wide from east to west! Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. 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. The sales tax is around 6.98%, with municipalities having special leverage. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. Pros And Cons Of South Carolina. The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. North Carolina is a retiree's paradise when it comes to outdoor recreation. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. Likewise, rain is not uncommon during the summer months. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. . While most of these are meant for hikers, there are options for mountain biking or horseback riding. Do you enjoy the resources RetireGuide provides? 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. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. 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. 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 . Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. 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). A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. Healthcare is a massive concern for those looking to move to another state, especially retirees. This climate diversity means that there's something for everyone regarding retiree weather. The rolling landscape is dotted with lakes and reservoirs. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. 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. It offers a small-town vibe nestled within the North Carolina mountains. Pros and Cons of a Georgia Retirement. Pros Quality healthcare. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. APA Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. North Carolina's rich history influences much of the cultural scene. For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. North Carolina is an overall safe state for you and your family to call home. We appreciate your feedback. . This can be attributed to several factors, including a lower-than-average cost of housing. 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. Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. However, certain types of crimes are more common in the state than others. Local venues often have bluegrass and country music bands creating a folk atmosphere. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. Just when you think summers in North Carolina cant get worse, youll experience the threat of a looming hurricane. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. 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. There is no estate tax. 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. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. Winston-Salem. 1. For anyone trying to find affordable senior housing in Indiana, there are some good options to choose from around the state. Reidsville. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. Social Security is not taxed, but 401(k) and pension distributions are. , both states ranked in the top five for net migration of people aged 60 and older. However, its important to remember that the cost of living varies from state to state. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 Marion. The Appalachian Mountains have a strong folk art and music tradition. 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. However, it does so at a reduced rate, with almost 2% on most food. Low Population 4. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. The good thing is that they are more than willing to welcome newcomers with open arms. 1.. This area is famous for its beaches, lighthouses, and wildlife. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. If you consider yourself a nature nut, you will love living in North Carolina. The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. Find fishing, boating, hiking, golfing, and much more. One option that stands out is Hendersonville. 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. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Theres something for everyone! By 2026, the individual income tax will drop to 3.99%. Another pro of retiring in North Carolina is excellent health care. Low Cost of Living 2. 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. An amount below 100 means North Carolina is cheaper than the US average. You'll need to buy an automobile to get the most out of living in North Carolina. Both of those are key areas for seniors and certainly good news. The scenery is also beautiful, and its one of the few states that is diverse enough to offer everything from small mountain towns to major cities and beaches. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. Decent Essays. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. Here, retirees can enjoy a more peaceful and relaxed pace of life. North Carolina is a generally affordable state where your money will go far, especially if you are used to a Northeast standard of living. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. However, the state will tax other types of retirement income, including 401(k) and pension distributions. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. 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. Still, its worth pointing out, especially for those looking to grow their careers after moving to North Carolina. Well, if youre moving to North Carolina with kids in tow then you will want to budget private education into your cost of living in North Carolina. Overall Score. For anyone who is looking for housing for themselves or a loved one who is a senior citizen, North Carolina has many options to choose from. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. North Carolina cost of living is 90.6. As for my favorite BBQ joint? Simmons, Christian. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. Pros of Retiring in West Virginia 1. All-in-all, you will find that the big city vibe doesn't come with a significant price tag. Usually, there are two options to steer clear of hurricane damage. YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. Social Security Income is exempt. With a B.S. Property taxes vary from county and municipality. Unfortunately, North Carolina is located in an area susceptible to hurricanes. However, with your retirement nearing, you dont have to look past this wonderful state. North Carolina ranks 19thamongst states with the highest per capita tax. But dont just take my word for it, with an unemployment rate sitting at 3.8%, North Carolina isnt one of the easiest states to find work. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. Overall, the cost of living in North Carolina comes in 5 points below the national average. In her free time, Alissa loves to travel, read, cook, and spend time with her family. MLA 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. Please wait a moment and try again. But North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. Get instant access to our latest in-depth guides covering important retirement topics. 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. Much of determining where to retire may come down to researching where your money will spend the best. Your web browser is no longer supported by Microsoft. Heck, it wont take long after moving to North Carolina for you to realize the vital role BBQ plays and that folks are willing to defend the honor of their preferred style. Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. The company also offers access to third-party pre . North Carolina does have a low corporate tax rate, making it more business-friendly. Five-star fun. Historically, Virginia has had a reputation for wealth creation. Explore the local galleries for hand-crafted pottery and other creations. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. The similarities end with the choice of meat (both use pork), from there the methods differ. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. 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. The average monthly rent for a 2-bedroom apartment in North Carolina is $825, which is much lower than in many other states. 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 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. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. However, the sales tax differs from county to county. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? Update your browser for more security, speed and compatibility. But I dont want to get ahead of myself, so lets cover everything you need to know about moving to North Carolina based on firsthand experience. But even then, its hard to fault someone who considers living in North Carolina the end prize. What this means for you: Anytime you hear mention of a possible hurricane, make a beeline for the grocery store and stock up on essentials. The low property taxes in the state are one of the reasons for the below-average housing costs. 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. 0.77%. The coastal areas are milder, with average temperatures in the 60s and 70s. 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. The sales tax rate in North Carolina is 4.75% across the state, although county and local taxes can add to it. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. 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. Living in Pennsylvania . 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. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. Pros & Cons of Living in Asheville . Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] 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. Pros of retiring in North Carolina All four seasons. Healthcare is a massive concern for those looking to move to another state, especially retirees. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. The taxes are not overtly high, but still will cost you more than many other parts of the country. 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. 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. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. Something went wrong while submitting the form. Retiring in North Carolina Is North Carolina a good place to live? According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. As you think about it, the state does have a lot to love for retirement. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. Mild Weather Year-Round #3. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. 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. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. As a mid-sized city of around 275,000 residents, Durham has all the excitement . Enter North Carolina, sweet North Carolina. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. Moreover, there are also smaller university hospitals in the state that are nationally ranked. 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. Williamston. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. The Friendly Community Feeling #6. Although the good news is that Maine . Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. It also has a lot to offer retirees, from big cities to tightknit mountain communities. The answer really depends on what youre looking for in retirement since each state offers different benefits. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. Retrieved from. Want to Retire in North Carolina? And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). Thank you! Its a major area and feels like it as its the most populous city in the state. This is considered southern etiquette and folks are keen to teach their children manners. Its important to remember that Original Medicare is essentially the same in every state since it is a federal program. The job market in Raleigh is thriving right now. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. IBM WatsonHealth named it a Top 50 cardiovascular . Today, we're going to highlight 7 of the best places to retire in North Carolina. Most weekends can be spend hiking, biking, fishing, swimming or hunting. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. 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. One of the most significant advantages of retiring in South Carolina is the low cost of living. With over 300 miles of beaches, you are sure to find one you love. 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. 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. 4.3. Even a carefully planned retirement lifestyle may come with unintended consequences. Simmons, C. (2023, February 20). Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. As far as the major cities, Asheville may offer the most affordable lifestyle. Contents1 Is it cheaper to live in SC [] Its your time to build your future. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. The moderate temperatures mean that the outdoors can be enjoyed year-round, keeping retirees active and engaged. Here's What You Need to Know. Table of Contents. On the other hand, some people find the cost of living in North Carolina to be . Of course, your location influences your total costs. 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. The Lively Music Scene #5. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. Consider leaving a review on Google or Facebook. Your email address will not be published. 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. But there are still notable drawbacks to retiring in North Carolina. Expenses like groceries, housing, and transportation were under national expenditures. Moreover, there are also smaller university hospitals in the state that are nationally ranked. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. 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. High Crime Rate 2. That rate continues to drop from what was 5.75% in tax years 2015-2016. So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. 2. But there are still notable drawbacks to retiring in North Carolina. In cities such as Charlotte or Raleigh, temperatures during winters rarely drop lower than 35 F. North Carolinas summers are also temperature, even though the temperatures do rise above 90F at times.

Ben Herman Oil, Articles R