I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. 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 . Winston-Salem. However, with your retirement nearing, you dont have to look past this wonderful state. This is something to keep in mind if you're considering retiring to North Carolina. The sales tax rate is 6.98%, which falls into about the middle tier nationally. 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 Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. Theres something for everyone! Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-leader-2','ezslot_11',135,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-2-0');North Carolina has relatively low property taxes. 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. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. 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. How much money do you need to retire in North Carolina? North Carolina is certainly an interesting state. Still, its worth pointing out, especially for those looking to grow their careers after moving to North Carolina. North Carolina experiences moderate temperatures in all four seasons. In fact. The rolling landscape is dotted with lakes and reservoirs. The taxes are not overtly high, but still will cost you more than many other parts of the country. Five-star fun. Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Your email address will not be published. All this to say, both the outdoor recreation and road trip possibilities are endless while living 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. In July of 1933, the North Carolina State Legislature formed the EBNC. Many retiree-friendly communities have been developed with top-notch health care facilities. Retire in Asheville - Asheville North Carolina retirement In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. 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. Unlike most other states, North Carolina taxes groceries. Five-star service. North Carolina doesnt tax Social Security retirement benefits. It offers a small-town vibe nestled within the North Carolina mountains. 1.. North Carolina cost of living is 90.6. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. The state is home to a handful of great cities, but most of the Tar Heel State is rural. 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. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. However, its important to remember that the cost of living varies from state to state. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. Know what that means? How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. The beaches are stunning and bring many families back year after year a great way to start a new family 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. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. This can be attributed to several factors, including a lower-than-average cost of housing. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. Find fishing, boating, hiking, golfing, and much more. 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. Therefore it becomes challenging to get from one place to another without a vehicle. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. All-in-all, you will find that the big city vibe doesn't come with a significant price tag. A State Estate Tax does not exist, and the corporate income tax is low. However, with your retirement nearing, you dont have to look past this wonderful state. Enter North Carolina, sweet North Carolina. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. Travel Challenges 4. 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 offers a relatively low cost of living to its residents. Insurance is often more expensive in rural areas, and there are fewer providers to choose from. Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. Fall and spring are a good time to enjoy scenic views of the outdoors. 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. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. Is North Carolina a good place to retire? In North Carolina, the public transportation network is limited in scope and under-served. First off, accommodation is the biggest expense that any states residents have to incur. 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. South Carolina Low Cost of Living. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. One of the largest is Brunswick Forest, which is located outside of Wilmington. North Carolina Pros And Cons; North Carolina Pros And Cons. The state averages homeowners pay 0.85% of property value. 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. 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. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. North Carolina ranks 19thamongst states with the highest per capita tax. 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. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. North Carolina VS South Carolina - Which One is Better - Movingist The answer really depends on what youre looking for in retirement since each state offers different benefits. Chicago This includes looking into hospitals, clinics, and doctors in the area. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. With that said, after researching one too many US states with retirement potential, I decided to dig deeper into the hidden wonder that is North Carolina. 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. (n.d.). The state has a moderate climate while still offering four distinct seasons. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. Required fields are marked *. Published in Forbes, Senior Finance Advisor, Alzheimers.net and on other leading senior care blogs, she leverages her working knowledge of the senior care industry with leading research and best practices to create engaging content benefitting seniors and their caregivers. The Tar Heel State offers exceptional opportunities for you to witness the beauty, from the Outer Banks to the Smoky Mountains. Even a carefully planned retirement lifestyle may come with unintended consequences. As far as the major cities, Asheville may offer the most affordable lifestyle. Brevard. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. 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. (2021). Thats our promise. Its a major area and feels like it as its the most populous city in the state. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. North Carolina has a diverse range of weather and climate, depending on which region you retire to. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. 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). Retiring in NC: Best Places to Retire & Cost of Living - RetireGuide The EBNC is The Eugenics Board of North Carolina. 0.77%. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. Consider leaving a review on Google or Facebook. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. Everything is a lot cheaper here, especially when it comes to housing. 10 Reasons to Retire in North Carolina - Corbinton Living Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. However, that doesnt mean that crime in the state is non-existent. Now to answer the big question: Is North Carolina a good place to live? Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. 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. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. 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. Durham. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. It truly offers the best of both worlds to prospective retirees. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. Sadly, our state has one of the most poorly funded schools systems in the nation. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? March 2023 Blog Posts - EZ Search Real Estate Blog Alissa has been working in marketing and the senior living industry for over ten years. Sorry there was an error. On the other hand, some people find the cost of living in North Carolina to be . One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). IBM WatsonHealth named it a Top 50 cardiovascular . Simmons, Christian. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. The residents of this state display that Southern charm regularly. Thats lower than every bordering state except Tennessee. With over 300 miles of beaches, you are sure to find one you love. Our calculator will help you determine the life insurance policy size that best fits your circumstance. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. 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+. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. 890 Words; 4 Pages; Open Document. Before moving to North Carolina I found myself living in Chicago, where I braced for winters with the enthusiasm reserved for water-downed cocktails and malfunctioning alarm clocks. The. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. The cost of living in Charlotte is lower than in other cities along the East Coast. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. 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. List of the Pros of Living in Charlotte, NC 1. You can thank me later. For instance, with the highest average rent in the United States, a one-bedroom apartment in the District of Columbia costs $2,324 to rent.So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. An amount below 100 means North Carolina is cheaper than the US average. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. According to the NC Rural Health Research Program, people who live in rural areas often have to travel long distances for care. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. 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.
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