Moreover, there are also smaller university hospitals in the state that are nationally ranked. JG Wentworth Personal Loans: 2023 Review | Bankrate Your email address will not be published. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. 0.77%. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. Low Population 4. (n.d.). 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. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. As far as the major cities, Asheville may offer the most affordable lifestyle. 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. Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. 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. 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. According to the U.S. News and World Report, Charlotte is viewed as an excellent retirement destination. 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. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. You never know when the threat will come to fruition so youll want to be prepared. 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 state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. 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 big perk for retirees is that North Carolina will not tax your Social Security, which can give you thousands of extra dollars each year. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. District of Columbia costs $2,324 to rent. Charlotte. Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. The rolling landscape is dotted with lakes and reservoirs. Pros of Retiring in West Virginia 1. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. 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. North Carolina's rich history influences much of the cultural scene. 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. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. Likewise, rain is not uncommon during the summer months. With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. The hurricane season hits North Carolina from June to November. 6. The average monthly rent for a 2-bedroom apartment in North Carolina is $825, which is much lower than in many other states. Marion. When evaluating the cost of senior living first think through your current expenses because so much of senior living is all-inclusive. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. and youll see what all the fuss is about. Weigh the pros and cons to see if retiring in North Carolina is right for you. Just when you think summers in North Carolina cant get worse, youll experience the threat of a looming hurricane. Chicago Retrieved from, U.S. News & World Report. South Carolina Low Cost of Living. The low property taxes in the state are one of the reasons for the below-average housing costs. 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). All-in-all, you will find that the big city vibe doesn't come with a significant price tag. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. The Median income in North Carolina is about $56,000. Usually, there are two options to steer clear of hurricane damage. North Carolina does have a low corporate tax rate, making it more business-friendly. 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). Simmons, Christian. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. in the state is 5.8 per 100,000, 10% higher than the national average. Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. , both states ranked in the top five for net migration of people aged 60 and older. 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. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. 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+. However, as required by the new California Consumer Privacy Act (CCPA), you may record your preference to view or remove your personal information by completing the form below. When it comes to retirement, there's a lot to consider. North Carolina ranks 19thamongst states with the highest per capita tax. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. Five-star fun. But one mountain city that stands out is Asheville. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Sign up for helpful guides, interesting topics, and tips from locals. 4.3. Five-star service. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. . 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. 1.. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). Reidsville. The average cost of living was $38,295. Do you enjoy the resources RetireGuide provides? Much of determining where to retire may come down to researching where your money will spend the best. Low Employment Opportunities 3. Forest City. 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. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. Pros and Cons of a Georgia Retirement. 890 Words; 4 Pages; Open Document. 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. 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. Pros and Cons of Living in North Carolina | Expat Exchange By 2026, the individual income tax will drop to 3.99%. 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. Travel Challenges 4. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. Overall, North Carolinas health care is not bad by any means, but its also not close to the states in the top tier. 21 Pros and Cons of Living in Charlotte, NC - Vittana.org Dont hesitate to reach out with questions, Im here to help! "North Carolina Retirement." While most of these are meant for hikers, there are options for mountain biking or horseback riding. Pros & Cons of Living in Asheville North Carolina. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. It truly offers the best of both worlds to prospective retirees. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. 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. 3. 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. The state has a moderate climate while still offering four distinct seasons. The good thing is that they are more than willing to welcome newcomers with open arms. Fuel costs are also cheaper than the rest of the country, sometimes by as much as $0.50 per gallon. North Carolina cost of living is 90.6. What more could you want in a new community? Oops! Here's What You Need to Know. How is North Carolina for retirement? - meetbeagle.com 10 Reasons to Retire in North Carolina - Corbinton Living Please wait a moment and try again. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. We love planning for retirement. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. Raleigh and Durham. North Carolina VS South Carolina - Which One is Better - Movingist State Individual Income Tax Rates and Brackets for 2020. 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. 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. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. If youre more interested in a small-town retirement, the U.S. News & World Report also pointed to Hickory as an option, which is opposite from Charlotte. Better with age, exceptional with us! RetireGuide doesnt believe in selling customer information. Explore the local galleries for hand-crafted pottery and other creations. 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. If youre the self-sufficient sort youll have plenty to do. North Carolina doesnt tax Social Security retirement benefits. 10 Pros and Cons of Living in North Carolina - Redfin Central North Carolina's Piedmont region is home to the state's capital, Raleigh. 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. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. Enter North Carolina, sweet North Carolina. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. Its true, but this point warrants a deeper dive. Living in Pennsylvania . The. Many of our communities include a wide range of amenities including. [ See: The Best Places to Retire in 2022. ] Many of the mountainous small towns typically come with very low costs of living. We'd love to hear your thoughts. While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. No matter which sport you love, North Carolina has it. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. In fact. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. Update your browser for more security, speed and compatibility. However, European countries had beforehand . Retiring in Asheville, NC: Reasons, Best Places & More! Speaking of, heres a locals tip: Purchase these bad boys before moving to North Carolina. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. Decent Essays. 15 HONEST Pros & Cons of Living in Asheville, North Carolina Benefits of Retiring In Virginia (Pros & Cons) | Retire Fearless Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. 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.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-banner-1','ezslot_8',112,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-banner-1-0'); If youve spent most of your life living and working in a metropolitan city, the best thing about retirement is the opportunity to pack up your life and move to a quiet place with majestic views. That rate continues to drop from what was 5.75% in tax years 2015-2016. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. The summers are good for the beach, while winters are good for skiing in the mountains. Winston-Salem. You will need to invest in a car to get the most out of living in North Carolina. 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. 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. 1. 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 In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. 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. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. Simmons, C. (2023, February 20). Is It Better To Retire In Virginia Or North Carolina? - CLJ I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. North Carolina experiences moderate temperatures in all four seasons. North Carolina is certainly an interesting 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. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Between the breathtaking Appalachian and Blue Ridge Mountains, youll be spoiled of choice. 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. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. One of the largest is Brunswick Forest, which is located outside of Wilmington. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. 771 Words 4 Pages. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. RetireGuide.com. Brevard. North Carolina is the third most popular retirement destination. Drawbacks of Retiring in North Carolina | Newsmax.com 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. Many retiree-friendly communities have been developed with top-notch health care facilities. Not only will you get amazing service when you visit the store or supermarket, but youll also receive kind gestures from random people you bump into on the streets. 5 Reasons to Consider Buying a House in Boone, NC Sauna-quality humidity (yay!). However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. For full transparency, we clearly identify our sources in a list at the bottom of each page. By 63, you no longer pay taxes. 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. Now to answer the big question: Is North Carolina a good place to live? 10 Reasons to Retire in North Carolina - Leisure Care 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. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Why do retirees move to North Carolina? - 2023 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. 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. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Theres something for everyone in the mountains of North Carolina. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. North Carolina is an overall safe state for you and your family to call home. Each beach has a distinct vibe and feeling and many are surrounded by quaint coastal towns great for family reunions or a quick weekend getaway. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. Read More. Otherwise, it will be impossible to see the lovely beaches and mountainsides. However, it does so at a reduced rate, with almost 2% on most food. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. APA This includes looking into hospitals, clinics, and doctors in the area. 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. If you consider yourself a nature nut, you will love living in North Carolina. In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. After all, this state has a lot to offer. These include Chapel Hill, Raleigh, and Asheville. 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. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. 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. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. Know what that means? 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. He covers Medicare and important retirement topics.