Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. South Carolina Low Cost of Living. 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. Likewise, rain is not uncommon during the summer months. They also appreciate the state's diverse culture, with its many festivals and events. In fact. According to the states residents, North Carolina only happens to experience two seasons summer and fall. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. The High Cost of Housing #2. 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. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. 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. North Carolina offers a relatively low cost of living to its residents. To retire comfortably in the state of North Carolina starting today, you will need to have saved at least $65,000. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. Consider these retirement communities in North Carolina: Asheville. 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.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-large-mobile-banner-2','ezslot_9',145,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-mobile-banner-2-0'); One of the most popular trails in the state is the Appalachian Trail. Today, we're going to highlight 7 of the best places to retire in North Carolina. 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. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. Pros & Cons of Living in Asheville North Carolina. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. If it sounds appealing, start looking at these 16 top cities in NC. Forest City. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. We can be reached via email at contact@retirefearless.com. Something went wrong while submitting the form. Much of determining where to retire may come down to researching where your money will spend the best. The state also offers other generous exemptions on other types of retirement income. We appreciate your feedback. Reidsville. placing it on the ranking of 26 in the nation. 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. Is North Carolina a good place to retire? 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. 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. 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. 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. Roxboro. He covers Medicare and important retirement topics. But there are still notable drawbacks to retiring in North Carolina. Even popular tourist spots like Myrtle Beach can offer affordable living. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. The south is known for hospitality, and North Carolina is no exception. 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. 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. Unlike most other states, North Carolina taxes groceries. Fuel costs are also cheaper than the rest of the country, sometimes by as much as $0.50 per gallon. The cost of living in North Carolina is relatively low compared to other US states. 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. When it comes to weather, North Carolina has the best of both worlds. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Theres something for everyone in the mountains of North Carolina. The job market in Raleigh is thriving right now. One option that stands out is Hendersonville. North Carolina does have a low corporate tax rate, making it more business-friendly. Its a major area and feels like it as its the most populous city in the state. A State Estate Tax does not exist, and the corporate income tax is low. On the other hand, some people find the cost of living in North Carolina to be . So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. Posted by Preston Guyton on Friday, September 30, 2022 at 10:07 AM By Preston Guyton / September 30, 2022 Comment When you think "retirement destination," North Carolina may not be top of mind. Low Employment Opportunities 3. 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. Update your browser for more security, speed and compatibility. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. Retrieved from, United Health Foundation. 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. MLA Speaking from personal experience, one of the best things about living in North Carolina is actually being able to enjoy life without feeling the pinch of irrational rent prices and overall high cost of living. So what does that mean for you? If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. Is South Carolina or North Carolina better for retirement? 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. 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. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. How much do you need to retire in North Carolina? Cost of Living Data Series. 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. However, that doesnt mean that crime in the state is non-existent. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. Retiring in North Carolina Is North Carolina a good place to live? 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. These include Chapel Hill, Raleigh, and Asheville. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. Find fishing, boating, hiking, golfing, and much more. The Pros of Retiring in Georgia are: It is incredibly tax-friendly - As one of the most tax-friendly states, Georgia offers people over the age of 65 a $65,000 deduction per individual on retirement income outside of social security and up to $130,000 per couple. 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. ; There are no social security taxes. The median home price in Myrtle Beach is $216,000, and rent also . North Carolina's property tax rates are relatively low in comparison to those of other states. Summers in North Carolina are the worst. 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. Sauna-quality humidity (yay!). Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. That rate continues to drop from what was 5.75% in tax years 2015-2016. Pros of Living in Asheville #1. 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. List of the Pros of Living in Charlotte, NC 1. With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. 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. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. Asheville is a unique mixture of a lively city with an active and modern culture that is surrounded by the Blue Ridge Mountains and plenty of nature. North Carolina cost of living is 90.6. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. The good thing is that they are more than willing to welcome newcomers with open arms. 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. All-in-all, you will find that the big city vibe doesn't come with a significant price tag. Estimate how long you'll live and explore retirement options for a long life. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. Thank you! 771 Words 4 Pages. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. If youre new to North Carolina, allow me to fill you in. Identifying a state with a low cost of living and still offers a vibrant post-retirement lifestyle can be difficult, but North Carolina checks both boxes. The low property taxes in the state are one of the reasons for the below-average housing costs. Thats not to say that youll be greeted with open arms (Ive found locals to be friendly, yet reserved Ill cover this in detail shortly) but you will be welcomed and treated with respect. The fact is that not everything is rainbows and butterflies in the Old North State. This can take out a big chunk of your retirement savings. 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. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. Save my name, email, and website in this browser for the next time I comment. The sales tax rate is 6.98%, which falls into about the middle tier nationally. North Carolinas total state and average local sales tax rate is 6.98%. 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. 1. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. 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. Everything is a lot cheaper here, especially when it comes to housing. Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. A cost of living index above 100 means North Carolina, North Carolina is more expensive. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. Here, retirees can enjoy a more peaceful and relaxed pace of life. For full transparency, we clearly identify our sources in a list at the bottom of each page. However, it does so at a reduced rate, with almost 2% on most food. One of the reasons people retire to North Carolina is the stunning scenery. This area is famous for its beaches, lighthouses, and wildlife. First off, accommodation is the biggest expense that any states residents have to incur. 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 . The rolling landscape is dotted with lakes and reservoirs. Please call us using the phone number listed on this page. The hurricane season hits North Carolina from June to November. North Carolina is an overall safe state for you and your family to call home. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). The state is home to a handful of great cities, but most of the Tar Heel State is rural. It came in as the 20th most-taxed state. 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. Many of the mountainous small towns typically come with very low costs of living. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. . However, some of my friends have shared stories of woe, especially when searching for white collar jobs they could advance in. APA As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. They also have higher than average property tax rates. Enter North Carolina, sweet North Carolina. 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. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Theres something for everyone! 2023 RetireGuide LLC. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. Its important to remember that regardless of where you choose to settle in North Carolina, youre never far from the mountains. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-box-4','ezslot_5',111,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-box-4-0'); When moving to a new state, especially with the purpose of living out your retirement years, there are more than a few things to consider. 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. 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. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. You will need to invest in a car to get the most out of living in North Carolina. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. These same mountains include fishing, boating, whitewater rafting, and rock climbing. But one mountain city that stands out is Asheville. Retirees can enjoy beautiful falls and springs without the harsher weather found in more northern states while appreciating nature that ranges from towering mountains to sandy beaches. Where do most retirees live in North Carolina? North Carolina has a diverse range of weather and climate, depending on which region you retire to. As a mid-sized city of around 275,000 residents, Durham has all the excitement . Insurance is often more expensive in rural areas, and there are fewer providers to choose from. It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. Many of our communities include a wide range of amenities including. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. Here's what you need to know about the state before you make your move. After all, this state has a lot to offer. However, its important to remember that the cost of living varies from state to state. But North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. It can be exciting to move somewhere new, start fresh, and . 5 Reasons to Consider Buying a House in Boone, NC 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.