The Lively Music Scene #5. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. Raleigh and Durham. 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. 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. Most weekends can be spend hiking, biking, fishing, swimming or hunting. 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. After all, this state has a lot to offer. The average cost of living was $38,295. Thinking about living in North Carolina? Many of our communities include a wide range of amenities including. The scenery is also beautiful, and its one of the few states that is diverse enough to offer everything from small mountain towns to major cities and beaches. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. The parkway is a total of 469 miles and is world-renowned for its biodiversity featuring extremely rare habitats. You will also want to think through what is included at the community you are considering. Overall, the cost of living in North Carolina comes in 5 points below the national average. A recent study by MIT found that a single adult (without kids) needs to make a minimum of $31,660 per year to live in North Carolina. 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+. 20 Pros and Cons of Living in Raleigh, NC - Vittana.org Forest City. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. Retrieved from, Brandon, E. (2021, February 22). Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. In my experience, locals are very friendly, but theres a reserved nature about them. 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. Theyre non-negotiable in my book because they prevent things from molding overnight. 10 Reasons to Retire in North Carolina - Corbinton Living Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. 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. However, the state has some potential downsides to retiring that you should be aware of before moving to North Carolina. But dont just take my word for it. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. You will need to invest in a car to get the most out of living in North Carolina. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. 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. This includes looking into hospitals, clinics, and doctors in the area. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? On the flip side, NC has a high-than-usual crime rate, increased chances of hurricanes, higher taxation, and a poor transportation system. As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. Otherwise, it will be difficult to visit the beautiful beaches and mountains. We love planning for retirement. 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. Youve come to the right place. Greensboro. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. We appreciate your feedback. 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. Pros & Cons of Retiring in South Carolina - RetireGuide According to a chart from the U.S. News & World Report, North Carolina also has a poor ranking for Medicare quality, coming in at 38th. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. Cost of Living Data Series. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. This could include having an evacuation route and plan and supplies to ride out the storm. JG Wentworth Personal Loans: 2023 Review | Bankrate Likewise, rain is not uncommon during the summer months. APA North Carolina offers a relatively low cost of living to its residents. Overview. RetireGuide doesnt believe in selling customer information. 2. 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 state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. But thats not all there is to this wonder. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. Insurance is often more expensive in rural areas, and there are fewer providers to choose from. Top 10 places to retire in NC. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. Abandoning the city has its advantages, especially when considering the scenery. 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. I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. 1. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. 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. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. 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. Drawbacks of Retiring in North Carolina | Newsmax.com Best North Carolina Beaches. We can be reached via email at contact@retirefearless.com. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. Reidsville. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. 1.. Know what that means? In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. 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). 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. Good news for retirees eyeing North Carolina as a landing pad for their golden years: State residents 65 and older can, on a space-available basis, audit classes tuition-free at the campuses of. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. Healthcare is a massive concern for those looking to move to another state, especially retirees. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. A coworker joked that North Carolinians are the best neighborhoods and acquaintances a person could have because respect is a second language. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 Pros Quality healthcare. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. 22 Living in North Carolina Pros and Cons - Vittana.org in the state is 5.8 per 100,000, 10% higher than the national average. Travel Challenges 4. 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. 25 Pros And Cons Of Living In Greenville SC (Updated 2023) - Home Mindset This can be attributed to several factors, including a lower-than-average cost of housing. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. The coastal areas are milder, with average temperatures in the 60s and 70s. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. As far as the major cities, Asheville may offer the most affordable lifestyle. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. North Carolina is generally an affordable state. Raleigh, the state capital, could also be a suitable retirement destination that includes many big city offerings without quite as much activity as Charlotte. The state is 560 miles wide from east to west!