They also have higher than average property tax rates. Pros & Cons of Living in Asheville . Low Population 4. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. 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. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. Consider these retirement communities in North Carolina: Asheville. (n.d.). For full transparency, we clearly identify our sources in a list at the bottom of each page. The state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. The company also offers access to third-party pre . North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. There are many advantages to retiring in North Carolina. Unlike most other states, North Carolina taxes groceries. Update your browser for more security, speed and compatibility. 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. On average, individualstate and municipal taxescost 9.8% of ones yearly income. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. These same mountains include fishing, boating, whitewater rafting, and rock climbing. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. 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. 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. Unlike most other states, North Carolina taxes groceries. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. Insurance is often more expensive in rural areas, and there are fewer providers to choose from. Williamston. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Before moving to North Carolina I found myself living in Chicago, where I braced for winters with the enthusiasm reserved for water-downed cocktails and malfunctioning alarm clocks. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. Its a major area and feels like it as its the most populous city in the state. So heads up! North Carolina Retirement. Sadly, our state has one of the most poorly funded schools systems in the nation. 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. North Carolinas total state and average local sales tax rate is 6.98%. Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. As you think about it, the state does have a lot to love for retirement.The state's picturesque landscape,. RetireGuide.com. 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. The Biltmore Estate near Asheville stuns visitors with its beautifully designed 250 rooms and sprawling grounds. The parkway is a total of 469 miles and is world-renowned for its biodiversity featuring extremely rare habitats. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Our calculator will help you determine the life insurance policy size that best fits your circumstance. North Carolina is an overall safe state for you and your family to call home. No matter your preference, you're sure to find it in North Carolina. When you think "retirement destination," North Carolina may not be top of mind. However, certain types of crimes are more common in the state than others. Fall and spring are a good time to enjoy scenic views of the outdoors. A cost of living index above 100 means North Carolina, North Carolina is more expensive. Based on Sperling's Best Places Index, North Carolina is 9% cheaper than the overall national median. However, with your retirement nearing, you dont have to look past this wonderful state. Expenses like groceries, housing, and transportation were under national expenditures. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? Retrieved from. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. The state also offers other generous exemptions on other types of retirement income. Sorry there was an error. The job market in Raleigh is thriving right now. In cities such as Charlotte or Raleigh, temperatures during winters rarely drop lower than 35 F. North Carolinas summers are also temperature, even though the temperatures do rise above 90F at times. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. Javascript must be enabled for the correct page display. Festivals and events take place throughout the year. 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. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. As for my favorite BBQ joint? And often the most popular choice within the southeastern United States is a toss-up between North Carolina and South Carolina. Abandoning the city has its advantages, especially when considering the scenery. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. The answer really depends on what youre looking for in retirement since each state offers different benefits. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. 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 With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-large-mobile-banner-1','ezslot_7',143,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-mobile-banner-1-0'); First off, accommodation is the biggest expense that any states residents have to incur. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. North Carolina's rich history influences much of the cultural scene. As you think about it, the state does have a lot to love for retirement. Americas Health Rankings. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. Contents1 Is it cheaper to live in SC [] 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. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. One of the largest is Brunswick Forest, which is located outside of Wilmington. Heck, take a road trip to Great Smokey Mountains National Park (the most visited national park in the country!) Consider leaving a review on Google or Facebook. 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. If you prefer the sea to mountaintops, the state has you covered in that department as well. 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. Its your time to build your future. 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. 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. In fact. 2. While most of these are meant for hikers, there are options for mountain biking or horseback riding. Theres something for everyone! Social Security Income is exempt. Low Cost of Living 2. Overall Score. Contact us today to get started. And while seasonal weather is a benefit to some, other retirees may simply want to move far enough south to never even have to think about snow again. 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 lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. But I dont want to fool you, its not all sunshine and peach cobbler gossip runs rampant in the rural parts of town and youll need to be mindful of the tea youre spilling. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). 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. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. You will also want to think through what is included at the community you are considering. Speaking of, heres a locals tip: Purchase these bad boys before moving to North Carolina. Another pro of retiring in North Carolina is excellent health care. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. 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. 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). By 2026, the individual income tax will drop to 3.99%. There is no estate tax. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. 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. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. You can just as easily find a charming apartment in the city or a farmstead, if you so choose. Charlotte. On the other hand, some people find the cost of living in North Carolina to be . 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%. North Carolinas total state and average local sales tax rate is 6.98%,placing it on the ranking of 26 in the nation. According to a study by Safewise, 11% of the states residents encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. The report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. They also appreciate the state's diverse culture, with its many festivals and events. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. 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. However, it does so at a reduced rate, with almost 2% on most food. The state has a moderate climate while still offering four distinct seasons. Eastern BBQ calls for the smoking of the whole hog (minus the snout) before finishing with a vinegar-based sauce. (n.d.). Central North Carolina's Piedmont region is home to the state's capital, Raleigh. If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. Here are the pros and cons of retiring to Asheville, North Carolina. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. Weigh the pros and cons to see if retiring in North Carolina is right for you. Enter North Carolina, sweet North Carolina. Cons of Retiring in North Carolina Threat of hurricanes. However, with your retirement nearing, you dont have to look past this wonderful state. 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. In fact, there's a large contingent of residents called "half-backs," who spend winters in Florida and summers in the Carolina mountains. Aging in America Rankings. YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. First off, accommodation is the biggest expense that any states residents have to incur. (2021). When it comes to weather, North Carolina has the best of both worlds. Simmons, Christian. The south is known for hospitality, and North Carolina is no exception. With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. In my experience, locals are very friendly, but theres a reserved nature about them. Retrieved from, Loughead, K. (2020, February 3). Please call us using the phone number listed on this page. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Its important to remember that regardless of where you choose to settle in North Carolina, youre never far from the mountains. 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. 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. 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. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. Read More. Chicago This post is for you. Overall, the cost of living in North Carolina comes in 5 points below the national average. The sales tax rate is 6.98%, which falls into about the middle tier nationally. Your money will go far there, helping you to have a full retirement. Unfortunately, North Carolina is located in an area susceptible to hurricanes. Alissa has been working in marketing and the senior living industry for over ten years. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. 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. These include Chapel Hill, Raleigh, and Asheville. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. The median home price in Myrtle Beach is $216,000, and rent also . 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. IBM WatsonHealth named it a Top 50 cardiovascular . District of Columbia costs $2,324 to rent. Although North Carolina has several world-renowned hospitals, not all citizens have the same level of access to health care. It wont come easy (Ill touch on this shortly as well). Retrieved from, United Health Foundation. But dont just take my word for it. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. Youve come to the right place. Durham. 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. Oops! RetireGuide doesnt believe in selling customer information. MLA The state averages homeowners pay 0.85% of property value. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. And the next 10 years are predicted to bring even more growth. You'll need to buy an automobile to get the most out of living in North Carolina. Healthcare is a massive concern for those looking to move to another state, especially retirees. Whether youve longed to live by an ocean view or in a town surrounded by towering mountains, North Carolina is the ideal state for you! Being called maam isnt a reference to your age, fret not. 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. Greensboro. Forest City. It was also named the top hospital in the state by Business North Carolina in 2017, 2018, and 2019. That rate continues to drop from what was 5.75% in tax years 2015-2016. A State Estate Tax does not exist, and the corporate income tax is low. North Carolina's property tax rates are relatively low in comparison to those of other states. Hurricanes are always a lurking threat for those living along the eastern seaboard, and unfortunately, they can potentially wreak havoc on the residents lives. Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. However, the state will tax other types of retirement income, including 401(k) and pension distributions. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. Reidsville. North Carolina is generally an affordable state. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. 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. Miles of sandy shoreline mark the spot where our lovely state ends and the Atlantic Ocean begins. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). The beaches are stunning and bring many families back year after year a great way to start a new family tradition. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling. North Carolina offers many advantages for older adults. North Carolina Pros And Cons; North Carolina Pros And Cons. 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. Access to Nature #2. 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. Even popular tourist spots like Myrtle Beach can offer affordable living. One of the most significant disadvantages of retiring in North Carolina is a lack of public transportation. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. Moreover, there are also smaller university hospitals in the state that are nationally ranked. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. Pros of retiring in North Carolina All four seasons. Save my name, email, and website in this browser for the next time I comment. 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. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. Everything is a lot cheaper here, especially when it comes to housing. Living in North Carolina during the winter months is easy compared to other places Ive lived, and its one of the things I most enjoy about daily life here. North Carolina is certainly an interesting state. Find many museums, including the North Carolina Museum of Art and the Asheville Art Museum. Now to answer the big question: Is North Carolina a good place to live? South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. If you're considering retiring to the coastal region of North Carolina, it's important to have a plan in place in case of a hurricane. 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.
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