Here are the pros and cons of retiring to Asheville, North Carolina. Durham. However, its important to remember that the cost of living varies from state to state. North Carolina offers a relatively low cost of living to its residents. Retirement in North Carolina vs. South Carolina - Acts For instance, with the highest average rent in the United States, a one-bedroom apartment in the. 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. Overall Score. placing it on the ranking of 26 in the nation. All Rights Reserved. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. 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. That rate continues to drop from what was 5.75% in tax years 2015-2016. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. For instance, Duke University Hospital is among the best in the country. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. North Carolina doesnt tax Social Security retirement benefits. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. Speaking from personal experience, one of the best things about living in North Carolina is actually being able to enjoy life without feeling the pinch of irrational rent prices and overall high cost of living. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Benefits of Retiring In North Carolina (Pros & Cons) - Retire Fearless amongst states with the highest per capita tax. According to the states residents, North Carolina only happens to experience two seasons summer and fall. in advertising from the University of Illinois, Alissa has worked all over the world as a freelance communications strategist and writer. , both states ranked in the top five for net migration of people aged 60 and older. The company also offers access to third-party pre . Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. 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. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. These same mountains include fishing, boating, whitewater rafting, and rock climbing. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. Therefore it becomes challenging to get from one place to another without a vehicle. The similarities end with the choice of meat (both use pork), from there the methods differ. Pros of retiring in North Carolina Beautiful scenery Diversity in locations Low cost of living And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. Theres essentially something for everyone. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. In true form to its southern neighbors, North Carolinas public schools are nothing to write home about. Mild Weather Year-Round #3. In North Carolina, the public transportation network is limited in scope and under-served. But even then, its hard to fault someone who considers living in North Carolina the end prize. 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. 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. 8 Things You Must Know About Retiring to the Carolinas 2023 RetireGuide LLC. 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. This means that your money will go significantly farther in North Carolina than it would in an average U.S. state. Rapidly Increasing Economy. But I dont want to get ahead of myself, so lets cover everything you need to know about moving to North Carolina based on firsthand experience. Most weekends can be spend hiking, biking, fishing, swimming or hunting. 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. Especially if you are moving from up north, youll find that even the largest cities compare favorably to the cost of living that youre used to. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. 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 . Now to answer the big question: Is North Carolina a good place to live? Is North Carolina a good place to retire? When it comes to retirement, there's a lot to consider. If youre new to North Carolina, allow me to fill you in. The most frequent explanation for North Carolina's increased crime rate is the state's higher-than-average poverty levels. Best North Carolina Beaches. Everything is a lot cheaper here, especially when it comes to housing. (n.d.). The median home price in Myrtle Beach is $216,000, and rent also . if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-mobile-leaderboard-1','ezslot_16',134,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-mobile-leaderboard-1-0');The hurricane season hits North Carolina from June to November. North Carolina does have a low corporate tax rate, making it more business-friendly. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. 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. However, certain types of crimes are more common in the state than others. Sauna-quality humidity (yay!). Update your browser for more security, speed and compatibility. Consider leaving a review on Google or Facebook. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. Usually, there are two options to steer clear of hurricane damage. Explore the local galleries for hand-crafted pottery and other creations. 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). 4 Full Seasons Cons of Retiring in West Virginia 1. retiring in North Carolina pros and cons - Vision Retirement North Carolina does have a state income tax, which can be unappealing to some retirees and sets it back from a financial perspective from popular retirement states like Florida, which doesnt have tax income at all. You'll need to buy an automobile to get the most out of living in North Carolina. 4.3. 2023 Best & Worst States for Retirement | Retirement Living 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. Regardless of your preference, know this: you cant go wrong but you better learn to defend it. 201-447-2212 171 E. Ridgewood Ave. Suite 205 Ridgewood, NJ 07450 Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. Cost of Living Data Series. State Individual Income Tax Rates and Brackets for 2020. The cost of living in North Carolina is relatively low compared to other US states. The. One option that stands out is Hendersonville. 1.. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. 11 Pros and Cons of Retiring in Maine (2020) - Aging Greatly Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Living in North Carolina, cost of living in North Carolina, pros and cons of living in North Carolina, moving to North Carolina, living in North Carolina, cost of living in North Carolina, north Carolina living, Your email address will not be published. Fall and spring are a good time to enjoy scenic views of the outdoors. The good thing is that they are more than willing to welcome newcomers with open arms. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. We are a publishing team of licensed Nursing Home Administrators, Nurses, Assisted Living Directors, and individuals with vast personal experience with retirement communities and senior living. Eastern BBQ calls for the smoking of the whole hog (minus the snout) before finishing with a vinegar-based sauce. But one mountain city that stands out is Asheville. March 2023 Blog Posts - EZ Search Real Estate Blog Mission was ranked #6 in U.S. News and World Report's North Carolina hospital rankings. 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. Recall how I mentioned southern hospitality as one of the best things about living in North Carolina? However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. North Carolina has a growing variety of retirement communities, with some as small as a couple hundred homes grouped together and others large enough to qualify as sprawling self-sufficient towns. 0.77%. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. Black Mountain. The Pros and Cons of Retiring to Alabama Have you been thinking of retiring to Alabama? The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. (30) Living in North Carolina (99) Living in Ohio (11) . If youre hoping to stay in touch with civilization in retirement, this city offers everything from a great culture to major sports teams and events while still giving you the chance to experience seasonal weather with mountain ranges and nature activities nearby. Festivals and events take place throughout the year. North Carolina doesnt tax Social Security retirement benefits. 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 state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. 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. Pros of living in North Carolina 1. (n.d.). Were you able to find the information you were looking for on RetireGuide.com? From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. 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. North Carolina VS South Carolina - Which One is Better - Movingist The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. 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. RetireGuide.com, 20 Feb 2023, https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. But the rate in North Carolina is modest, coming in at 5.25%. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. 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. 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. If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. How To Apply For Medicare: A Step-by-Step Guide, Missouri Economic Research and Information Center. Posted by Preston Guyton on Friday, September 30, 2022 at 10:07 AM By Preston Guyton / September 30, 2022 Comment When you think "retirement destination," North Carolina may not be top of mind. 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. Even though this isnt true for the entire state, the most populous places do experience a fairly temperate climate. Low Employment Opportunities 3. Its important to remember that regardless of where you choose to settle in North Carolina, youre never far from the mountains. North Carolina Pros And Cons; North Carolina Pros And Cons. Find fishing, boating, hiking, golfing, and much more. However, the state will tax other types of retirement income, including 401(k) and pension distributions. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. The Best Places to Retire in North Carolina. Pros And Cons Of South Carolina - 890 Words | Bartleby This includes looking into hospitals, clinics, and doctors in the area. Residents 65 and older can deduct up to $12,000 per person of retirement income, subject to income-eligibility limits. However, the sales tax differs from county to county. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. 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. Pros And Cons Of South Carolina. Thats our promise. Retrieved March 4, 2023, from https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Theres something for everyone in the mountains of North Carolina. Know what that means? As far as overall health in the state, the United Health Foundation ranks North Carolina 33rd nationally in 2021. 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. But thats not all there is to this wonder.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-medrectangle-4','ezslot_6',109,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-medrectangle-4-0'); North Carolina has some majestic views, temperate weather, lower-than-average cost of living, above-average healthcare, and a welcoming population. 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. 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. The fact is that not everything is rainbows and butterflies in the Old North State. Pros and Cons of a Georgia Retirement. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. The state experiences all four seasons, with hot summers and cold winters in the mountains. Retrieved from, Missouri Economic Research and Information Center. YOUR DREAM RETIREMENT ON YOUR BUDGET From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. North Carolina Retirement. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Decent Essays. Again, it's about researching the specific community you're interested in living in as many areas have low crime rates. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016. High Crime Rate 2. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. Access to Nature #2. 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. 5 Reasons to Consider Buying a House in Boone, NC One of the benefits of retiring in North Carolina is that the state offers tax breaks for seniors. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. 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. ; There are no social security taxes. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. 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. 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. When it comes to retiring for cheap, leaving the United States to a cheaper region is possible and two places worth considering are Belize and Costa Rica. While those certainly exist, there are also major cities that could make for a fun and active retirement lifestyle. As far as the major cities, Asheville may offer the most affordable lifestyle. 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. For anyone who is looking for housing for themselves or a loved one who is a senior citizen, North Carolina has many options to choose from. North Carolina ranks 19thamongst states with the highest per capita tax. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. Your web browser is no longer supported by Microsoft. 2. It offers a small-town vibe nestled within the North Carolina mountains. With some of the countrys best university medical centers in the country, fortunately, North Carolina delivers well in this regard. I think this is a normal human reaction to outsiders, but it takes a little while for folks to warm up and to make genuine friends after moving to North Carolina. Its your time to build your future. If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. North Carolina is home to a thriving arts and culture scene. South Carolina Low Cost of Living. Resorts are spread throughout the mountains and many are open for skiing in the winter and hiking in the summer. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. But there are still notable drawbacks to retiring in North Carolina. Retiring in North Carolina Is North Carolina a good place to live? North Carolinas total state and average local sales tax rate is 6.98%. Unlike most other states, North Carolina taxes groceries. Moving to South Carolina? Here's Everything You Need to Know - 55Places.com Retrieved from, Brandon, E. (2021, February 22). Pros & Cons of Living in Asheville . The hurricane season hits North Carolina from June to November. There aren't enough regular buses, trains, and other means of transportation to allow you to travel and explore different areas of the state. In fact. Many retiree-friendly communities have been developed with top-notch health care facilities. Charlotte, North Carolina is the most populous city in the state and offers residents a big city feel with small-town charm. . Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). Simmons, C. (2023, February 20). 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 If youve ever wondered how some of our favorite Hollywood stars continue to make a living after their film days are over, they usually have several options. These include Chapel Hill, Raleigh, and Asheville. Here's what you need to know about the state before you make your move. Top 10 places to retire in NC. 771 Words 4 Pages. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. By 2026, the individual income tax will drop to 3.99%. JG Wentworth Personal Loans: 2023 Review | Bankrate With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. Please call us using the phone number listed on this page. It also has a lot to offer retirees, from big cities to tightknit mountain communities. Expenses like groceries, housing, and transportation were under national expenditures. Your money will go far there, helping you to have a full retirement. First off, accommodation is the biggest expense that any states residents have to incur. But before I get some sassy remark, allow me to explain. We appreciate your feedback. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. A cost of living index above 100 means North Carolina, North Carolina is more expensive. It truly offers the best of both worlds to prospective retirees. Retrieved from, U.S. News & World Report. According to an article from Tax Foundation, the spending power of $100 in North Carolina is equal to $109.53. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. Usually, there are two options to steer clear of hurricane damage. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. While it is technically one of the highest-ranking states in terms of taxation, there are a few pretty low taxes. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. Retrieved from. North Carolina may not be a state traditionally thought of when it comes to retirement, but its popularity is on the rise. As in North Carolina, South Carolina does not tax Social Security benefits. North Carolina has become one of the best retirement states in recent years. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. Property taxes vary from county and municipality. Simmons, Christian. 10 Pros and Cons of Living in North Carolina Right Now Abandoning the city has its advantages, especially when considering the scenery. 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). 22 Living in North Carolina Pros and Cons - Vittana.org 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. [ See: The Best Places to Retire in 2022. ] North Carolina has a diverse range of weather and climate, depending on which region you retire to. In 2021, MERIC data ranked North Carolina as having the 24th lowest cost of living in the US. Unlike most other states, North Carolina taxes groceries. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. Although the good news is that 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. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. The report noted that North Carolina had several health pros including good flu vaccine coverage and a low prevalence of falls. Save my name, email, and website in this browser for the next time I comment. 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. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. 25 Pros And Cons Of Living In Greenville SC (Updated 2023) - Home Mindset While the cost of living in North Carolina is relatively low, the state does have higher taxes than some other US states. Over the last 10 years, Greenville has become one of the most vibrant cities in the nation. 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. Sorry there is a continuing error in our system. But North Carolina has a lot to offer, from stunning scenery to tax breaks for seniors. This is something to keep in mind if you're considering retiring to North Carolina. Fuel costs are also cheaper than the rest of the country, sometimes by as much as $0.50 per gallon.
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