It offers a small-town vibe nestled within the North Carolina mountains. 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. The median home price in Myrtle Beach is $216,000, and rent also . 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. The report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. However, certain types of crimes are more common in the state than others. This can take out a big chunk of your retirement savings. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. Much of determining where to retire may come down to researching where your money will spend the best. You'll need to buy an automobile to get the most out of living in North Carolina. In fact. 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. Both of those are key areas for seniors and certainly good news. Reidsville. Enter North Carolina, sweet North Carolina. 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. On the other hand, some people find the cost of living in North Carolina to be . 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. Theres something for everyone! Pros & Cons of Living in Asheville North Carolina. One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. Were you able to find the information you were looking for on RetireGuide.com? 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. The University of North Carolina, for example, offers a Continuing Education program with a range of general interest courses for community members. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. List of the Pros of Living in Charlotte, NC 1. Americas Health Rankings. Another pro of retiring in North Carolina is excellent health care. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. High Crime Rate 2. Top 10 places to retire in NC. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. Local venues often have bluegrass and country music bands creating a folk atmosphere. Generally speaking, North Carolina offers more diversity in locations and scenery, from major cities and beaches to full-blown mountain ranges. APA If you prefer the sea to mountaintops, the state has you covered in that department as well. However, some of my friends have shared stories of woe, especially when searching for white collar jobs they could advance in. However, its important to remember that the cost of living varies from state to state. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. cost 9.8% of ones yearly income. 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. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. Receive Helpful Content Straight ToYour Inbox. (2021). Charlotte, Raleigh, Durham, Morehead City, and Asheville had higher housing costs than New Bern, Fayetteville, Greensboro, and Jacksonville. 1.. 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. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. 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. COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. The EBNC is The Eugenics Board of North Carolina. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. This can be attributed to several factors, including a lower-than-average cost of housing. Consider these retirement communities in North Carolina: Asheville. You will need to invest in a car to get the most out of living in North Carolina. 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 . (n.d.). Where do most retirees live in North Carolina? The rolling landscape is dotted with lakes and reservoirs. Plenty of Outdoor Activities 3. Social Security is not taxed, but 401(k) and pension distributions are. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. 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. When it comes to weather, North Carolina has the best of both worlds. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. 22 Living in North Carolina Pros and Cons - Vittana.org 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. North Carolina is the third most popular retirement destination. In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. 4 Full Seasons Cons of Retiring in West Virginia 1. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. 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. They also have higher than average property tax rates. North Carolinas total state and average local sales tax rate is 6.98%. 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. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. 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. From Sir Walter Raleigh landing in NC in 1587 to NC succeeding during the Civil War, this state has witnessed its fair share of nation-defining historical events. 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. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. 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. In July of 1933, the North Carolina State Legislature formed the EBNC. Retrieved from, Missouri Economic Research and Information Center. True to form, locals focus on getting to know their neighbors and building a sense of community. 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. and youll see what all the fuss is about. 10 Reasons to Retire in North Carolina - Corbinton Living I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. 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. While my new state gets snow occasionally (folks arent accustomed to driving in the snow, so be careful), the winters are mild overall. So heads up! Low Employment Opportunities 3. Is it cheaper to live in North Carolina? - 2023 JG Wentworth Personal Loans: 2023 Review | Bankrate Access to Nature #2. Likewise, rain is not uncommon during the summer months. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). According to the states residents, North Carolina only happens to experience two seasons summer and fall. It truly offers the best of both worlds to prospective retirees. RetireGuide.com. It can be exciting to move somewhere new, start fresh, and . in the state is 5.8 per 100,000, 10% higher than the national average. Therefore it becomes challenging to get from one place to another without a vehicle. When it comes to retirement, there's a lot to consider. 2023 RetireGuide LLC. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. As you think about it, the state does have a lot to love for retirement. 890 Words; 4 Pages; Open Document. 6. 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. The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. No matter your preference, you're sure to find it in North Carolina. Contact us today to get started. However, with your retirement nearing, you dont have to look past this wonderful state. 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. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. 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. What more could you want in a new community? Posted by Preston Guyton on March 3, 2023 . State Individual Income Tax Rates and Brackets for 2020. If it sounds appealing, start looking at these 16 top cities in NC. Property taxes vary from county and municipality. Thats lower than every bordering state except Tennessee. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. You're signed up for our free newsletter! In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. North Carolina is an overall safe state for you and your family to call home. North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. Moving to South Carolina? Here's Everything You Need to Know - 55Places.com 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. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. One of the most significant advantages of retiring in South Carolina is the low cost of living. Pros of Living in Asheville #1. Unlike most other states, North Carolina taxes groceries. 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. 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. Best North Carolina Beaches. ; There are no social security taxes. Charlotte. Here, retirees can enjoy a more peaceful and relaxed pace of life.
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