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. Sorry there was an error. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. 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. 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. Contents1 Is it cheaper to live in SC [] There is no estate tax. Many of our communities include a wide range of amenities including. North Carolina has become one of the best retirement states in recent years. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. True to form, locals focus on getting to know their neighbors and building a sense of community. On average, individualstate and municipal taxescost 9.8% of ones yearly income. Still, its worth pointing out, especially for those looking to grow their careers after moving to North Carolina. As one of the original 13 colonies, you'll find important historical sites in American history, from Revolutionary-era buildings to Civil War battle sites. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. 2. 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. Expenses like groceries, housing, and transportation were under national expenditures. Chicago 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. All-in-all, you will find that the big city vibe doesn't come with a significant price tag. A cost of living index above 100 means North Carolina, North Carolina is more expensive. As a mid-sized city of around 275,000 residents, Durham has all the excitement . and youll see what all the fuss is about. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. On the other hand, some people find the cost of living in North Carolina to be . According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. In July of 1933, the North Carolina State Legislature formed the EBNC. It's somewhat of a hobby, and we want to share what we've learned with you. Please wait a moment and try again. Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. Required fields are marked *. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. Its important to remember that Original Medicare is essentially the same in every state since it is a federal program. According to the U.S. News and World Report, Charlotte is viewed as an excellent retirement destination. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. We'd love to hear your thoughts. 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. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. Everything is a lot cheaper here, especially when it comes to housing. One big perk for retirees is that North Carolina will not tax your Social Security, which can give you thousands of extra dollars each year. 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. 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. 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. Get instant access to our latest in-depth guides covering important retirement topics. The median home price in Myrtle Beach is $216,000, and rent also . North Carolina Retirement. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. Being called maam isnt a reference to your age, fret not. Posted by Preston Guyton on March 3, 2023 . The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. 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. . With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. 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. This climate diversity means that there's something for everyone regarding retiree weather. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. However, the state will tax other types of retirement income, including 401(k) and pension distributions. North Carolina experiences moderate temperatures in all four seasons. Where do most retirees live in North Carolina? 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. 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. 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. The state is home to a handful of great cities, but most of the Tar Heel State is rural. Otherwise, it will be difficult to visit the beautiful beaches and mountains. But before I get some sassy remark, allow me to explain. Something went wrong while submitting the form. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. 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. There are several prominent health care systems throughout the state that have been nationally ranked for different specialties, including cardiac surgery; rheumatology; ear, nose, and throat; and cancer. But one mountain city that stands out is Asheville. We can be reached via email at [email protected]. While most of these are meant for hikers, there are options for mountain biking or horseback riding. 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. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. 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. Its true, but this point warrants a deeper dive. Simmons, C. (2023, February 20). [ See: The Best Places to Retire in 2022. ] Although the surgeon population for the Charlotte area is beginning to minimize this advantage, the cost of living here is still lower than it is across the United States, and especially along the eastern seaboard. It can be exciting to move somewhere new, start fresh, and . 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. Alissa has been working in marketing and the senior living industry for over ten years. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. Retrieved from, Loughead, K. (2020, February 3). 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. Summers in North Carolina are the worst. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. Between the breathtaking Appalachian and Blue Ridge Mountains, youll be spoiled of choice. Pros of Retiring in West Virginia 1. (n.d.). North Carolina doesnt tax Social Security retirement benefits. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. 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. Abandoning the city has its advantages, especially when considering the scenery. The Tar Heel State offers exceptional opportunities for you to witness the beauty, from the Outer Banks to the Smoky Mountains. 890 Words; 4 Pages; Open Document. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. In North Carolina, the public transportation network is limited in scope and under-served. So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. 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. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. North Carolina does have a low corporate tax rate, making it more business-friendly. If you need help pricing and building your medicare plan, call us at 844-572-0696. Do you enjoy the resources RetireGuide provides? 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. (n.d.). In true form to its southern neighbors, North Carolinas public schools are nothing to write home about. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. 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. Therefore it becomes challenging to get from one place to another without a vehicle. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. Pros & Cons of Living in Asheville North Carolina. 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. Pros of retiring in North Carolina All four seasons. According to an article from Tax Foundation, the spending power of $100 in North Carolina is equal to $109.53. 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. North Carolina does have a state income tax, which can be unappealing to some retirees and sets it back from a financial perspective from popular retirement states like Florida, which doesnt have tax income at all. The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. How much money do you need to retire in North Carolina? For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. When it comes to weather, North Carolina has the best of both worlds. 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. The low property taxes in the state are one of the reasons for the below-average housing costs. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. From Sir Walter Raleigh landing in NC in 1587 to NC succeeding during the Civil War, this state has witnessed its fair share of nation-defining historical events. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. 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. 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. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. Local venues often have bluegrass and country music bands creating a folk atmosphere. When it comes to retirement, there's a lot to consider. 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%. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. North Carolina doesnt tax Social Security retirement benefits. As in North Carolina, South Carolina does not tax Social Security benefits. The state is 560 miles wide from east to west! Your money will go far there, helping you to have a full retirement. 3. Even popular tourist spots like Myrtle Beach can offer affordable living. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. Good news for retirees eyeing North Carolina as a landing pad for their golden years: State residents 65 and older can, on a space-available basis, audit classes tuition-free at the campuses of. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. Most weekends can be spend hiking, biking, fishing, swimming or hunting. They also appreciate the state's diverse culture, with its many festivals and events. 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. Its more of a low-impact retirement destination than Florida or Arizona, keeping many snowbirds closer to home and maintaining the seasonal changes that many Americans enjoy without as much severe weather. In fact, Virginia was colonized almost sixty years before South Carolina was. The state also offers other generous exemptions on other types of retirement income. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. Pros & Cons of Living in Asheville . 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. You never know when the threat will come to fruition so youll want to be prepared. Low Employment Opportunities 3. There are many advantages to retiring in North Carolina. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. Many of the mountainous small towns typically come with very low costs of living. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. The state experiences all four seasons, with hot summers and cold winters in the mountains. North Carolinas crime rate almost matches the national average. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. Consider these retirement communities in North Carolina: Asheville. 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). RetireGuide.com. Contact us today to get started. Better with age, exceptional with us! One of the largest is Brunswick Forest, which is located outside of Wilmington. 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. Obviously your lifestyle with depend on your way of life in North Carolina. 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 Pros And Cons; North Carolina Pros And Cons. Our calculator will help you determine the life insurance policy size that best fits your circumstance. As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. Best North Carolina Beaches. 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. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. Its all about the meat in this method, and sauce would serve as a mere distraction although a small side of ketchup-based sauce is provided, for those so inclined. Cost of Living Data Series. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. From traveling the world to exploring your own backyard, Leisure Care living is fun and easy.