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Better with age, exceptional with us! This could include having an evacuation route and plan and supplies to ride out the storm. 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. Unfortunately, North Carolina is located in an area susceptible to hurricanes. The state has been hit by several major storms, including Hurricane Florence in 2018. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. The state also offers other generous exemptions on other types of retirement income. North Carolina Retirement. The good thing is that they are more than willing to welcome newcomers with open arms. Retrieved from, U.S. News & World Report. Summers in North Carolina are the worst. 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. Thats our promise. Please wait a moment and try again. You will also want to think through what is included at the community you are considering. List of the Pros of Living in Charlotte, NC 1. Fall and spring are a good time to enjoy scenic views of the outdoors. If youre the self-sufficient sort youll have plenty to do. It wont come easy (Ill touch on this shortly as well). . Pros & Cons of Living in Asheville North Carolina. The cost of living in North Carolina is relatively low compared to other US states. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. North Carolina is a retiree's paradise when it comes to outdoor recreation. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. 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. If youre new to North Carolina, allow me to fill you in. North Carolinas Medicare quality ranking reflects the availability and effectiveness of Medicare Advantage plans in the state, which are sold privately and are available regionally. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. North Carolinas total state and average local sales tax rate is 6.98%. The state has a moderate climate while still offering four distinct seasons. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. So what does that mean for you? The low property taxes in the state are one of the reasons for the below-average housing costs. Is South Carolina or North Carolina better for retirement? Your web browser is no longer supported by Microsoft. Overall, the cost of living in North Carolina comes in 5 points below the national average. The cost of living index for Myrtle Beach is 93, which means that it's 7 percent cheaper than the national average. Many of our communities include a wide range of amenities including. 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 to the stunning scenery, the state has many parks and trails for retirees to enjoy. Simmons, C. (2023, February 20). The residents of this state display that Southern charm regularly. So heads up! 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. This is considered southern etiquette and folks are keen to teach their children manners. 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. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. Pros And Cons Of Living In North Carolina First of all, these are the top 10 North Carolina pros and cons: Great sense of community Low cost of living and economic opportunity Temperate weather and mild winters Abundant outdoor activities Access to quality health care High tax burden Sub-par K-12 education High crime rates Lack of weather variety But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. amongst states with the highest per capita tax. Is Virginia a good place to retire for taxes? It can be exciting to move somewhere new, start fresh, and . Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. This is very ideal for retirees. One option that stands out is Hendersonville. 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. Rapidly Increasing Economy. Living in Pennsylvania . Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. North Carolina's rich history influences much of the cultural scene. North Carolina offers a relatively low cost of living to its residents. However, the sales tax differs from county to county. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. 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. If you consider yourself a nature nut, you will love living in North Carolina. YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. The state offers various outdoor activities Whether you enjoy hiking, biking, fishing, or camping, North Carolina has plenty of outdoor activities to keep you busy. According to the U.S. News and World Report, Charlotte is viewed as an excellent retirement destination. 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. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. 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. The. A cost of living index above 100 means North Carolina, North Carolina is more expensive. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. Moreover, there are also smaller university hospitals in the state that are nationally ranked. Most weekends can be spend hiking, biking, fishing, swimming or hunting. And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. 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. However, its important to remember that the cost of living varies from state to state. Five-star fun. The average cost of living was $38,295. The Lively Music Scene #5. On the flip side, NC has a high-than-usual crime rate, increased chances of hurricanes, higher taxation, and a poor transportation system. Taxes - North Carolina's recent income tax reform lowered its rate to a flat 5.57 percent, but there are several states that don't tax resident income at all. 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. One of the most significant advantages of retiring in South Carolina is the low cost of living. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. In my experience, locals are very friendly, but theres a reserved nature about them. This climate diversity means that there's something for everyone regarding retiree weather. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. Simmons, Christian. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. 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. With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. When it comes to retirement, there's a lot to consider. Greensboro. 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. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. Whether youre looking for directions or recommendations for a good restaurant, the locals will be more than enthused about helping you out. 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. North Carolina is certainly an interesting state. 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. Retirefearless.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon. isnt one of the easiest states to find work, 16 HONEST Pros & Cons of Living in Georgia (Lets Talk), 12 HONEST Pros & Cons of Living in Minneapolis, 15 HONEST Pros & Cons of Living in Charlotte, North Carolina, Property taxes: 0.84%, well below the national average, Access to the mountains (alright, hills) and the beach. One of the largest is Brunswick Forest, which is located outside of Wilmington. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. 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. Moreover, given the vast and diverse landscape, you can engage in a myriad of outdoor activities, such as visiting the beach or trekking, completely free of cost. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). In fact, Virginia was colonized almost sixty years before South Carolina was. 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. True to form, locals focus on getting to know their neighbors and building a sense of community. 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. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Best North Carolina Beaches. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. The taxes are not overtly high, but still will cost you more than many other parts of the country. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. 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. However, some of my friends have shared stories of woe, especially when searching for white collar jobs they could advance in. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. Overview. 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. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. But there are still notable drawbacks to retiring in North Carolina. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. [ See: The Best Places to Retire in 2022. ] With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. When you think "retirement destination," North Carolina may not be top of mind. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. 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. As in North Carolina, South Carolina does not tax Social Security benefits. . Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Retrieved from, United Health Foundation. It truly offers the best of both worlds to prospective retirees. 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. Thats lower than every bordering state except Tennessee. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. According to the states residents, North Carolina only happens to experience two seasons summer and fall. 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. 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. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. First off, accommodation is the biggest expense that any states residents have to incur. Want to Retire in North Carolina? These include Chapel Hill, Raleigh, and Asheville. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. Another pro of retiring in North Carolina is excellent health care. In her free time, Alissa loves to travel, read, cook, and spend time with her family. It's somewhat of a hobby, and we want to share what we've learned with you. You will need to invest in a car to get the most out of living in North Carolina. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Small City . Required fields are marked *. What more could you want in a new community? Being called maam isnt a reference to your age, fret not. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. (2021). Pros of Living in Asheville #1. But dont just take my word for it. Raleigh and Durham. 2023 Retire Fearless. Five-star service. North Carolina ranks 19thamongst states with the highest per capita tax. However, it does so at a reduced rate, with almost 2% on most food. 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. Where do most retirees live in North Carolina? For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. The access to nature and plethora of outdoor recreational is hard to beat. The parkway is a total of 469 miles and is world-renowned for its biodiversity featuring extremely rare habitats. After all, this state has a lot to offer. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. Theres essentially something for everyone. 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 . Here's What You Need to Know. The coastal areas are milder, with average temperatures in the 60s and 70s. Get instant access to our latest in-depth guides covering important retirement topics. 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 has become one of the best retirement states in recent years. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. ; There are no social security taxes. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. 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 report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. Therefore it becomes challenging to get from one place to another without a vehicle. In July of 1933, the North Carolina State Legislature formed the EBNC. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. The cost of living in Charlotte is lower than in other cities along the East Coast. 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+. Your money will go far there, helping you to have a full retirement. The state averages homeowners pay 0.85% of property value. APA (30) Living in North Carolina (99) Living in Ohio (11) . 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).