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. As a mid-sized city of around 275,000 residents, Durham has all the excitement . Black Mountain. The summers are good for the beach, while winters are good for skiing in the mountains. Retiring in NC: Best Places to Retire & Cost of Living - RetireGuide Access to Nature #2. 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. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. in the state is 5.8 per 100,000, 10% higher than the national average. This is very ideal for retirees. 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. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 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. No matter which sport you love, North Carolina has it. Plenty of Outdoor Activities 3. Low Population 4. In true form to its southern neighbors, North Carolinas public schools are nothing to write home about. Where do most retirees live in North Carolina? 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). Summers in North Carolina are the worst. Overview. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. In fact, Virginia was colonized almost sixty years before South Carolina was. 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 7 Best Places to Retire in North Carolina - msn.com 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 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. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. Please call us using the phone number listed on this page. 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. Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. Is Virginia a good place to retire for taxes? 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. Thats our promise. Williamston. However, it does so at a reduced rate, with almost 2% on most food. Consider these retirement communities in North Carolina: Asheville. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. MLA Low Employment Opportunities 3. According to the U.S. News and World Report, Charlotte is viewed as an excellent retirement destination. . Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. Javascript must be enabled for the correct page display. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. Although the good news is that Maine . The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. Table of Contents. The Appalachian Mountains form most of North Carolinas territory, providing the state with. For the first time, most Medicare beneficiaries will opt for a private plan as early as this year. Its a major area and feels like it as its the most populous city in the state. 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. Pros & Cons of Retiring in South Carolina - RetireGuide All rights reserved. Pros And Cons Of South Carolina. One of the largest is Brunswick Forest, which is located outside of Wilmington. North Carolina VS South Carolina - Which One is Better - Movingist In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. North Carolina ranks 19thamongst states with the highest per capita tax. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. Social Security Income is exempt. How much money do you need to retire in North Carolina? In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. 6. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. Retrieved from, United Health Foundation. How much do you need to retire in North Carolina? . Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. 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. 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. RetireGuide.com. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). cost 9.8% of ones yearly income. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. The state also offers other generous exemptions on other types of retirement income. 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. You will need to invest in a car to get the most out of living in North Carolina. 0.77%. The sales tax rate is 6.98%, which falls into about the middle tier nationally. 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%. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. A State Estate Tax does not exist, and the corporate income tax is low. This area is famous for its beaches, lighthouses, and wildlife. Between the breathtaking Appalachian and Blue Ridge Mountains, youll be spoiled of choice. Unlike most other states, North Carolina taxes groceries. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. One of the reasons people retire to North Carolina is the stunning scenery. Charlotte. 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. If you need help pricing and building your medicare plan, call us at 844-572-0696. 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. (n.d.). Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. Many retiree-friendly communities have been developed with top-notch health care facilities. North Carolina is home to a thriving arts and culture scene. Overall, North Carolinas health care is not bad by any means, but its also not close to the states in the top tier. 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. We'd love to hear your thoughts. Benefits of Retiring In West Virginia (Pros & Cons) - Retire Fearless When it comes to weather, North Carolina has the best of both worlds. 11 Pros and Cons of Retiring in Maine (2020) - Aging Greatly But there are still notable drawbacks to retiring in North Carolina. Most of all, retirees with eyes on West Virginia must weigh the pros and cons of rural living. 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. Durham. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Contents1 Is it cheaper to live in SC [] When you think "retirement destination," North Carolina may not be top of mind. Your money will go far there, helping you to have a full retirement. One option that stands out is Hendersonville. "North Carolina Retirement." According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. North Carolina Retirement. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. 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. Speaking of, heres a locals tip: Purchase these bad boys before moving to North Carolina. North Carolina is generally an affordable state. However, the sales tax differs from county to county. It has an old town feel and is very affordable, giving older adults the chance to retire in a charming town with great scenery. Much of determining where to retire may come down to researching where your money will spend the best. Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. Thats a similar level of cost of living for states like Wyoming or Wisconsin, and significantly lower than most of the states that make up the Northeast, Midwest and West Coast. The company also offers access to third-party pre . Mild Weather Year-Round #3. North Carolina is home to several historical sites, including battlefields from the Civil War, the Thomas Wolfe Memorial, the first documented gold find in the U.S., and the Battleship USS North Carolina. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Pros And Cons Of South Carolina - 890 Words | Bartleby Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. 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 The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. 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. Dont hesitate to reach out with questions, Im here to help! Regardless of your preference, know this: you cant go wrong but you better learn to defend it. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. North Carolina is certainly an interesting state. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. Usually, there are two options to steer clear of hurricane damage. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. It offers a small-town vibe nestled within the North Carolina mountains. 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. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? Decent Essays. retiring in North Carolina pros and cons - Vision Retirement Read More. Pinehurst. 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. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. Fall and spring are a good time to enjoy scenic views of the outdoors. Both of those are key areas for seniors and certainly good news. Simmons, Christian. APA and youll see what all the fuss is about. Update your browser for more security, speed and compatibility. 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. By 2026, the individual income tax will drop to 3.99%. Cmon now, my grubby little hands will never squeal! Five-star fun. Drawbacks of Retiring in North Carolina | Newsmax.com (2021). On the other hand, some people find the cost of living in North Carolina to be . The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. 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. The state averages homeowners pay 0.85% of property value. Expenses like groceries, housing, and transportation were under national expenditures. If it sounds appealing, start looking at these 16 top cities in NC. Five-star service. In North Carolina, the public transportation network is limited in scope and under-served. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. Consider leaving a review on Google or Facebook. 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. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. North Carolina offers many advantages for older adults. Dine Well, Live Well at The Vero at Orange, One Month Rent-Free Incentive at Treeo Raleigh, Memory Care at MacKenzie Place Fort Collins, February Fitness Frenzy at Fairwinds Rio Rancho, True restaurant dining, with made to order meals, Gym memberships and fitness classes through PrimeFit, Assisted living and memory care services, if needed. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. Its your time to build your future. Raleigh and Durham. 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. 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. Want to Retire in North Carolina? Property taxes vary from county and municipality. 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. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. What Are The Pros And Cons Of Living In Myrtle Beach? 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. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. As in North Carolina, South Carolina does not tax Social Security benefits. The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. North Carolina's property tax rates are relatively low in comparison to those of other states. 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. Thats lower than every bordering state except Tennessee. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. High Crime Rate 2. Benefits of Retiring In South Carolina (Pros & Cons) - Retire Fearless It came in as the 20th most-taxed state. Overall, the cost of living in North Carolina comes in 5 points below the national average. If you fancy yourself a city-dweller, you wont be disappointed either. Of course, your location influences your total costs. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] March 2023 Blog Posts - EZ Search Real Estate Blog The low property taxes in the state are one of the reasons for the below-average housing costs. 10 Pros and Cons of Living in North Carolina - Redfin North Carolinas total state and average local sales tax rate is 6.98%. This is something to keep in mind if you're considering retiring to North Carolina.