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The good thing is that they are more than willing to welcome newcomers with open arms. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. 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. 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). Many of the mountainous small towns typically come with very low costs of living. From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. High Crime Rate 2. He covers Medicare and important retirement topics. Update your browser for more security, speed and compatibility. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. Healthcare is a massive concern for those looking to move to another state, especially retirees. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). Alissa has been working in marketing and the senior living industry for over ten years. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. Overview. 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. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Both of those are key areas for seniors and certainly good news. But there are still notable drawbacks to retiring in North Carolina. 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. While most of these are meant for hikers, there are options for mountain biking or horseback riding. 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. Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. 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 The Friendly Community Feeling #6. North Carolina cost of living is 90.6. With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. Pinehurst. As you think about it, the state does have a lot to love for retirement. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. Better with age, exceptional with us! Here are the pros and cons of retiring to Asheville, North Carolina. The board was formed to repeal a 1929 law that had been put in place to provide sterilization for persons that were feeble minded and mentally . Theres two types of BBQ (Eastern style and Lexington style) and the topic of the best is hotly debated. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. We'd love to hear your thoughts. What more could you want in a new community? The report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). North Carolina offers a relatively low cost of living to its residents. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. It wont come easy (Ill touch on this shortly as well). Most weekends can be spend hiking, biking, fishing, swimming or hunting. South Carolina Is Tax-Friendlier to Retirees Than North Carolina.Kiplinger ranks South Carolina as one of the most-friendly states for taxes on retirees. Retiring in North Carolina Is North Carolina a good place to live? [ See: The Best Places to Retire in 2022. ] NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. 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. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. You can thank me later. Do you enjoy the resources RetireGuide provides? However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina. Pros Quality healthcare. But thats not all there is to this wonder. 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+. RetireGuide doesnt believe in selling customer information. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. ; There are no social security taxes. 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. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. 1.. 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. Cmon now, my grubby little hands will never squeal! Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. By 2026, the individual income tax will drop to 3.99%. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. North Carolina ranks 19thamongst states with the highest per capita tax. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. However, it does so at a reduced rate, with almost 2% on most food. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. Unfortunately, North Carolina is located in an area susceptible to hurricanes. Still, its worth pointing out, especially for those looking to grow their careers after moving to North Carolina. 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. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. Get instant access to our latest in-depth guides covering important retirement topics. Either way, since most seniors seek to build a home in a place with moderate weather, North Carolina is an excellent choice or at least a much better choice than Florida or New York. North Carolina offers many advantages for older adults. This includes looking into hospitals, clinics, and doctors in the area. 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. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. Healthcare is a massive concern for those looking to move to another state, especially retirees. Even a carefully planned retirement lifestyle may come with unintended consequences. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. Unlike most other states, North Carolina taxes groceries. 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. But even then, its hard to fault someone who considers living in North Carolina the end prize. The sales tax is around 6.98%, with municipalities having special leverage. The similarities end with the choice of meat (both use pork), from there the methods differ. Historically, Virginia has had a reputation for wealth creation. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). Much of determining where to retire may come down to researching where your money will spend the best. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'retirefearless_com-leader-1','ezslot_14',114,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-1-0'); The true reality of a state can often be judged through its people, and if thats the case, then North Carolina truly is the most charming state in the US. 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. 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. Where do most retirees live in North Carolina? 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. Theres essentially something for everyone. Travel Challenges 4. Marion. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. In North Carolina, the public transportation network is limited in scope and under-served. So what does that mean for you? North Carolina is generally an affordable state. 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. There are many advantages to retiring in North Carolina. 2023 RetireGuide LLC. Top 10 places to retire in NC. 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. Now to answer the big question: Is North Carolina a good place to live? 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%. The state is best known as the birthplace of Aviation, irresistible barbecue and friendly locals theres so much to love about living in North Carolina. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. Otherwise, it will be impossible to see the lovely beaches and mountainsides. 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. So heads up! It can be exciting to move somewhere new, start fresh, and . if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-leader-2','ezslot_11',135,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-2-0');North Carolina has relatively low property taxes. 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. Pros of living in North Carolina 1. North Carolina is certainly an interesting state. Eastern BBQ calls for the smoking of the whole hog (minus the snout) before finishing with a vinegar-based sauce. 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. According to the states residents, North Carolina only happens to experience two seasons summer and fall. Hickory. However, its important to remember that the cost of living varies from state to state. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. Thinking about living in North Carolina? 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. The state has been hit by several major storms, including Hurricane Florence in 2018. It came in as the 20th most-taxed state. 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. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. Sorry there is a continuing error in our system. Likewise, rain is not uncommon during the summer months. 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. You will need to invest in a car to get the most out of living in 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. For instance, if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-large-leaderboard-2','ezslot_15',113,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-leaderboard-2-0');Duke University Hospital is among the best in the country. When it comes to weather, North Carolina has the best of both worlds. North Carolina is a retiree's paradise when it comes to outdoor recreation. But the rate in North Carolina is modest, coming in at 5.25%. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. One of the most significant advantages of retiring in South Carolina is the low cost of living. Moreover, there are also smaller university hospitals in the state that are nationally ranked. The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Javascript must be enabled for the correct page display. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. "North Carolina Retirement." With a B.S. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. 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. However, the state will tax other types of retirement income, including 401(k) and pension distributions. Living in Pennsylvania . 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. This could include having an evacuation route and plan and supplies to ride out the storm. This is something to keep in mind if you're considering retiring to North Carolina. North Carolina doesnt tax Social Security retirement benefits. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. Pros of Retiring in Virginia: Robust Economy: Even though the COVID-19 pandemic considerably affected the state's economic growth, Virginia still remains one of the US's strongest economies. Pros And Cons Of South Carolina. They also have higher than average property tax rates. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. 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. Expats, digital nomads and retirees living in North Carolina responded: "People who live in North Carolina enjoy the mild climate, the beautiful beaches, and the friendly people. 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. You will also want to think through what is included at the community you are considering. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? Contents1 Is it cheaper to live in SC [] Your email address will not be published. Regardless of your preference, know this: you cant go wrong but you better learn to defend it. Its important to remember that Original Medicare is essentially the same in every state since it is a federal program. List of the Pros of Living in Charlotte, NC 1. However, it does so at a reduced rate, with almost 2% on most food. 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. 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. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. 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. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. 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. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. This is very ideal for retirees. 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. Otherwise, it will be difficult to visit the beautiful beaches and mountains. One of the reasons people retire to North Carolina is the stunning scenery. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. Therefore it becomes challenging to get from one place to another without a vehicle. By 63, you no longer pay taxes. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. 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. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. 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. Low Cost of Living 2. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. The answer really depends on what youre looking for in retirement since each state offers different benefits. Best North Carolina Beaches. The cost of living in Charlotte is lower than in other cities along the East Coast. Once you have a good understanding of how much it costs to live on your own, you will have a more comprehensive understanding of the cost of senior living. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. For full transparency, we clearly identify our sources in a list at the bottom of each page. Plenty of Outdoor Activities 3. Five-star service. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Pros & Cons of Living in Asheville North Carolina. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. State Individual Income Tax Rates and Brackets for 2020. Here's what you need to know about the state before you make your move. 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. According to the U.S. News and World Report, some of the best beaches and beach town options in North Carolina include Emerald Isle, Bald Head Island and Cape Hatteras. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. Heck, take a road trip to Great Smokey Mountains National Park (the most visited national park in the country!) Best known for the Blue Ridge Parkway and the Appalachian Trail, the mountains of North Carolina also boast stunning waterfalls, one of the oldest rivers in North America, farm-fresh foods, and even some of Americas best craft beer. Please wait a moment and try again. Pros of Living in Asheville #1. You never know when the threat will come to fruition so youll want to be prepared. Today, we're going to highlight 7 of the best places to retire in North Carolina. Small City . How much do you need to retire in North Carolina? 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. First off, accommodation is the biggest expense that any states residents have to incur. 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. Overall Score. Your web browser is no longer supported by Microsoft. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. 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. We offerindependent living servicesat Treeo Raleigh in North Carolina. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. Cons of Retiring in North Carolina Threat of hurricanes. If you prefer the sea to mountaintops, the state has you covered in that department as well. So, if you move to North Carolina, youll be saving quite a bit on your monthly cost. You will need to invest in a car to get the most out of living in North Carolina. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. 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. (n.d.). Reidsville. 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. 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. , both states ranked in the top five for net migration of people aged 60 and older. All-in-all, you will find that the big city vibe doesn't come with a significant price tag.