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North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. Five-star fun. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. 20 Pros and Cons of Living in Raleigh, NC - Vittana.org North Carolina is the third most popular retirement destination. When it comes to retirement, there's a lot 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). Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. 1. 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. Get instant access to our latest in-depth guides covering important retirement topics. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. However, with your retirement nearing, you dont have to look past this wonderful state. The. Even popular tourist spots like Myrtle Beach can offer affordable living. However, the state will tax other types of retirement income, including 401(k) and pension distributions. 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. The sales tax rate in North Carolina is 4.75% across the state, although county and local taxes can add to it. 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. Were you able to find the information you were looking for on RetireGuide.com? 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. 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. How is North Carolina for retirement? - meetbeagle.com We appreciate your feedback. Pros & Cons of Retiring in South Carolina - RetireGuide 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. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. The Appalachian Mountains have a strong folk art and music tradition. They also have higher than average property tax rates. Sadly, our state has one of the most poorly funded schools systems in the nation. 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+. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. When it comes to weather, North Carolina has the best of both worlds. According to the NC Rural Health Research Program, people who live in rural areas often have to travel long distances for care. "North Carolina Retirement." Living in Pennsylvania . North Carolina has a diverse range of weather and climate, depending on which region you retire to. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. Mild Weather Year-Round #3. North Carolina is generally an affordable state. 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. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. 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. 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 pros and cons - Vision Retirement 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. 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. North Carolina does have a low corporate tax rate, making it more business-friendly. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. The Tar Heel State offers exceptional opportunities for you to witness the beauty, from the Outer Banks to the Smoky Mountains. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. These include Chapel Hill, Raleigh, and Asheville. Theyre non-negotiable in my book because they prevent things from molding overnight. 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. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Pros And Cons Of South Carolina. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. Likewise, rain is not uncommon during the summer months. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. The sales tax rate is 6.98%, which falls into about the middle tier nationally. 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. List of the Pros of Living in Charlotte, NC 1. 11 Pros and Cons of Retiring in Maine (2020) - Aging Greatly Now to answer the big question: Is North Carolina a good place to live? Want to Retire in North Carolina? In sum, heres a quick roundup of the pros and cons of moving to North Carolina. Reidsville. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to 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. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. However, the sales tax differs from county to county. Moving to South Carolina? Here's Everything You Need to Know - 55Places.com Its a major area and feels like it as its the most populous city in the state. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. As for my favorite BBQ joint? The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. 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. Fall and spring are a good time to enjoy scenic views of the outdoors. For instance, Duke University Hospital is among the best in the country. Is it cheaper to live in North Carolina? - 2023 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. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. (n.d.). Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. After all, this state has a lot to offer. What more could you want in a new community? In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. You're signed up for our free newsletter! But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. The job market in Raleigh is thriving right now. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. It also has a lot to offer retirees, from big cities to tightknit mountain communities. 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. This is something to keep in mind if you're considering retiring to North Carolina. 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. Benefits of Retiring In North Carolina (Pros & Cons) - Retire Fearless Healthcare is a massive concern for those looking to move to another state, especially retirees. This can be attributed to several factors, including a lower-than-average cost of housing. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. Contact us today to get started. Unlike most other states, North Carolina taxes groceries. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. The average cost of living was $38,295. Even a carefully planned retirement lifestyle may come with unintended consequences. 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. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. 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. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Greensboro. But North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. The state is 560 miles wide from east to west! Pros of retiring in North Carolina All four seasons. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. 2023 RetireGuide LLC. On average, individualstate and municipal taxescost 9.8% of ones yearly income. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. 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. But even then, its hard to fault someone who considers living in North Carolina the end prize. Save my name, email, and website in this browser for the next time I comment. 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. The state averages homeowners pay 0.85% of property value. Simmons, C. (2023, February 20). One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016. As with other retirement communities, it also offers a variety of differently styled homes and ways to live in retirement. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. Unfortunately, North Carolina is located in an area susceptible to hurricanes. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. 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. If you fancy yourself a city-dweller, you wont be disappointed either. First off, accommodation is the biggest expense that any states residents have to incur. No matter your preference, you're sure to find it in North Carolina. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. You can learn more about our writers, here. 12 HONEST Pros & Cons of Living in NORTH CAROLINA 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. Moreover, there are also smaller university hospitals in the state that are nationally ranked. Rapidly Increasing Economy. placing it on the ranking of 26 in the nation. The residents of this state display that Southern charm regularly. The state has been hit by several major storms, including Hurricane Florence in 2018. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). North Carolina's rich history influences much of the cultural scene. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. If youre the self-sufficient sort youll have plenty to do. True to form, locals focus on getting to know their neighbors and building a sense of community. Access to Nature #2. Drawbacks of Retiring in North Carolina | Newsmax.com Javascript must be enabled for the correct page display. The EBNC is The Eugenics Board of North Carolina. Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. JG Wentworth Personal Loans: 2023 Review | Bankrate Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. Is it better to retire in South Carolina or North Carolina? - 2023 Marion. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. 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. 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 North Carolina ranks 19thamongst states with the highest per capita tax. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. Read More. Weigh the pros and cons to see if retiring in North Carolina is right for you. The only downside to the easy going vibe is the lack of ambition you may come across from time to time. When you think "retirement destination," North Carolina may not be top of mind. Florida and Arizona may be the most popular spots, but they are paired with extreme heat, virtually nonexistent seasons and are as far away as can be from the Northeast or Midwest where many retirees come from. In my experience, locals are very friendly, but theres a reserved nature about them. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. Enter North Carolina, sweet North Carolina. (n.d.). North Carolina offers a relatively low cost of living to its residents. In July of 1933, the North Carolina State Legislature formed the EBNC. 3. Pros of Living in Asheville #1. Hurricanes in North Carolina are accompanied by intense winds and unpredictable weather patterns that can cause flooding and severely damage your home. Retrieved from, Loughead, K. (2020, February 3). Drawing people from all over the country with its beauty, stunning coastline, and southern hospitality, theres a lot to love about retiring in North Carolina. Cmon now, my grubby little hands will never squeal! However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina. North Carolina has become one of the best retirement states in recent years. Heck, it wont take long after moving to North Carolina for you to realize the vital role BBQ plays and that folks are willing to defend the honor of their preferred style. 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. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? MLA 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. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. Home to a combination of 21 professional and minor league teams, North Carolina has a football team, minor league baseball teams, basketball, and hockey teams. 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. Please call us using the phone number listed on this page. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. The fact is that every place you consider moving to will have its benefits and pitfalls; you will have to decide the factors that are important to you and the ones youre willing to look past. However, some of my friends have shared stories of woe, especially when searching for white collar jobs they could advance in. 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. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. This can take out a big chunk of your retirement savings. A State Estate Tax does not exist, and the corporate income tax is low. But one mountain city that stands out is Asheville. If youre new to North Carolina, allow me to fill you in. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. Many of the mountainous small towns typically come with very low costs of living. 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. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. Benefits of Retiring In South Carolina (Pros & Cons) - Retire Fearless