retiring in north carolina pros and cons

And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. South Carolina Is Tax-Friendlier to Retirees Than North Carolina.Kiplinger ranks South Carolina as one of the most-friendly states for taxes on retirees. Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. 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. But dont just take my word for it. This post is for you. North Carolina is home to a thriving arts and culture scene. Healthcare is a massive concern for those looking to move to another state, especially retirees. 21 Pros and Cons of Living in Charlotte, NC - Vittana.org 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. As for my favorite BBQ joint? North Carolina Pros And Cons - 771 Words | Internet Public Library 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. COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] RetireGuide doesnt believe in selling customer information. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. The Lively Music Scene #5. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. Retrieved from, Missouri Economic Research and Information Center. 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. 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. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. 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. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. The job market in Raleigh is thriving right now. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. In her free time, Alissa loves to travel, read, cook, and spend time with her family. 771 Words 4 Pages. Low Employment Opportunities 3. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. The Median income in North Carolina is about $56,000. The answer really depends on what youre looking for in retirement since each state offers different benefits. 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. Pros Quality healthcare. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. 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. Fall and spring are a good time to enjoy scenic views of the outdoors. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. Your money will go far there, helping you to have a full retirement. I knew that living in North Carolina would require becoming acquainted with a humid sub-tropical climate, but even after 12 years I still cant get used to it. This climate diversity means that there's something for everyone regarding retiree weather. However, with your retirement nearing, you dont have to look past this wonderful state. 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. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. 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. Unlike most other states, North Carolina taxes groceries. It has an old town feel and is very affordable, giving older adults the chance to retire in a charming town with great scenery. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. Obviously your lifestyle with depend on your way of life in North Carolina. 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. Explore the local galleries for hand-crafted pottery and other creations. Low Population 4. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. What Are The Pros And Cons Of Living In Myrtle Beach? The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. According to a chart from the U.S. News & World Report, North Carolina also has a poor ranking for Medicare quality, coming in at 38th. It offers a small-town vibe nestled within the North Carolina mountains. Just when you think summers in North Carolina cant get worse, youll experience the threat of a looming hurricane. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. For instance, Duke University Hospital is among the best in the country. 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. Where do most retirees live in North Carolina? In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. Simmons, Christian. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. 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. 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. District of Columbia costs $2,324 to rent. Chicago In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. Retirement in North Carolina vs. South Carolina - Acts Aging in America Rankings. A popular getaway for beachcombers, the Outer Banks is ideal for climbing sand dunes, cruising the ocean, learn more about history, exploring nature, and more. How much money do you need to retire in North Carolina? The Best Places to Retire in North Carolina. As a mid-sized city of around 275,000 residents, Durham has all the excitement . Best North Carolina Beaches. 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. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. It can be exciting to move somewhere new, start fresh, and . It's somewhat of a hobby, and we want to share what we've learned with you. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. It came in as the 20th most-taxed state. Benefits of Retiring In North Carolina (Pros & Cons) - Retire Fearless Is it cheaper to live in North Carolina? - 2023 Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. Thats our promise. Cons of Retiring in North Carolina Threat of hurricanes. 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. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. 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. [ See: The Best Places to Retire in 2022. ] 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 With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. North Carolinas Medicare quality ranking reflects the availability and effectiveness of Medicare Advantage plans in the state, which are sold privately and are available regionally. Youve come to the right place. 8 Things You Must Know About Retiring to the Carolinas Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. In July of 1933, the North Carolina State Legislature formed the EBNC. While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. (n.d.). Sadly, our state has one of the most poorly funded schools systems in the nation. Theres something for everyone in the mountains of North Carolina. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. Many of the mountainous small towns typically come with very low costs of living. 10 Pros and Cons of Living in North Carolina Right Now All-in-all, you will find that the big city vibe doesn't come with a significant price tag. 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. No matter which sport you love, North Carolina has it. . This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. Unfortunately, North Carolina is located in an area susceptible to hurricanes. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. You can learn more about our writers, here. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. 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. Most weekends can be spend hiking, biking, fishing, swimming or hunting. This area is famous for its beaches, lighthouses, and wildlife. The coastal areas are milder, with average temperatures in the 60s and 70s. The low property taxes in the state are one of the reasons for the below-average housing costs. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. 2. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. This is something to keep in mind if you're considering retiring to North Carolina. Why do retirees move to North Carolina? - 2023 State Individual Income Tax Rates and Brackets for 2020. Another pro of retiring in North Carolina is excellent health care. So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. Is it better to retire in South Carolina or North Carolina? - 2023 Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. Should You Retire in Georgia or Florida? Let's Compare! North Carolina is a retiree's paradise when it comes to outdoor recreation. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). North Carolina doesnt tax Social Security retirement benefits. Top 10 places to retire in NC. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? Is Virginia a good place to retire for taxes? Update your browser for more security, speed and compatibility. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. In fact, Virginia was colonized almost sixty years before South Carolina was. 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. Retrieved from, U.S. News & World Report. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. One of the largest is Brunswick Forest, which is located outside of Wilmington. Pros of retiring in North Carolina Beautiful scenery Diversity in locations Low cost of living And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. 2023 Best & Worst States for Retirement | Retirement Living Pros of living in North Carolina 1. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. 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. Social Security is not taxed, but 401(k) and pension distributions are. The rolling landscape is dotted with lakes and reservoirs. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. In fact. Now to answer the big question: Is North Carolina a good place to live? Overall Score. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. The state averages homeowners pay 0.85% of property value. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. North Carolina doesnt tax Social Security retirement benefits. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. It wont come easy (Ill touch on this shortly as well). The state also offers other generous exemptions on other types of retirement income. Living in North Carolina during the winter months is easy compared to other places Ive lived, and its one of the things I most enjoy about daily life here. 25 Pros And Cons Of Living In Greenville SC (Updated 2023) - Home Mindset Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. 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. 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. 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. 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). Property taxes vary from county and municipality. However, European countries had beforehand . Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. Enter North Carolina, sweet North Carolina. The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. (n.d.). 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. 4.3. 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. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. If youve ever wondered how some of our favorite Hollywood stars continue to make a living after their film days are over, they usually have several options. 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 sales tax rate is 6.98%, which falls into about the middle tier nationally. Is North Carolina a good place to retire? Abandoning the city has its advantages, especially when considering the scenery. Moreover, there are also smaller university hospitals in the state that are nationally ranked. Social Security Income is exempt. 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. The state is 560 miles wide from east to west! I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. 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. North Carolina ranks 19thamongst states with the highest per capita tax. 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. 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. These include Chapel Hill, Raleigh, and Asheville. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. The fact is that not everything is rainbows and butterflies in the Old North State. But thats not all there is to this wonder. Pros & Cons of Living in Asheville . But there are still notable drawbacks to retiring in North Carolina. You will need to invest in a car to get the most out of living in North Carolina. 6. As far as the major cities, Asheville may offer the most affordable lifestyle. You will need to invest in a car to get the most out of living in North Carolina. Hickory. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state.