Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. 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. The south is known for hospitality, and North Carolina is no exception. 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. 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. Lexington style BBQ (also called Western style) uses only the pork shoulder and employs a ketchup-based red sauce perfected with vinegar and spices. Seriously, Ive had days where the temperature soars to 80F by 8am (I mean, what the heck?). RetireGuide doesnt believe in selling customer information. What more could you want in a new community? Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. The state also offers other generous exemptions on other types of retirement income. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. You're signed up for our free newsletter! Regardless of your preference, know this: you cant go wrong but you better learn to defend it. JG Wentworth Personal Loans: 2023 Review | Bankrate Thank you! if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-box-4','ezslot_5',111,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-box-4-0'); When moving to a new state, especially with the purpose of living out your retirement years, there are more than a few things to consider. You will need to invest in a car to get the most out of living in North Carolina. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. For anyone trying to find affordable senior housing in Indiana, there are some good options to choose from around the state. [ See: The Best Places to Retire in 2022. ] Please wait a moment and try again. If you need help pricing and building your medicare plan, call us at 844-572-0696. The cost of living in Charlotte is lower than in other cities along the East Coast. We can be reached via email at contact@retirefearless.com. With over 300 miles of beaches, you are sure to find one you love. 0.77%. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. For full transparency, we clearly identify our sources in a list at the bottom of each page. Consider leaving a review on Google or Facebook. 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. While the state has always had plenty to offer, one of its biggest advantages for retirees is that it can essentially serve as a middle ground between more extreme retirement destinations. Charlotte. We will work closely with you and your family to create a lifestyle that meets care and budget needs while making the most of every day of retirement. With over 300 miles of barrier coastline and beaches, there are plenty of swimming, fishing, and boating opportunities. COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] However, some of my friends have shared stories of woe, especially when searching for white collar jobs they could advance in. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. 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. Know what that means? Pinehurst. and youll see what all the fuss is about. Roxboro. . Retrieved from, United Health Foundation. If you fancy yourself a city-dweller, you wont be disappointed either. 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. Dont hesitate to reach out with questions, Im here to help! 21 Pros and Cons of Living in Charlotte, NC - Vittana.org Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. We'd love to hear your thoughts. Usually, there are two options to steer clear of hurricane damage. Should You Retire in Georgia or Florida? Let's Compare! Pros and Cons of Retiring in South Carolina The advantages of retiring in South Carolina include an affordable lifestyle where your money can go much farther than in many other parts of the country. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. However, after moving to Carolina and making the adjustment, this is one of my personal favorite perks of living in North Carolina. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. The median home price in Myrtle Beach is $216,000, and rent also . RetireGuide.com. 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 . The state has a moderate climate while still offering four distinct seasons. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. The average effective property tax rate in North Carolina is 0.77%, well under the national average of 1.07%. 771 Words 4 Pages. However, certain types of crimes are more common in the state than others. Between the breathtaking Appalachian and Blue Ridge Mountains, youll be spoiled of choice. 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. Sorry there was an error. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. The low property taxes in the state are one of the reasons for the below-average housing costs. 10 Pros and Cons of Living in North Carolina Right Now The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. There are many advantages to retiring in North Carolina. However, it does so at a reduced rate, with almost 2% on most food. Explore the local galleries for hand-crafted pottery and other creations. 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. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. As far as the major cities, Asheville may offer the most affordable lifestyle. The state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. Its your time to build your future. Thats our promise. Both of those are key areas for seniors and certainly good news. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. 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. 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. The answer really depends on what youre looking for in retirement since each state offers different benefits. This is considered southern etiquette and folks are keen to teach their children manners. It came in as the 20th most-taxed state. , both states ranked in the top five for net migration of people aged 60 and older. 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. On average, individualstate and municipal taxescost 9.8% of ones yearly income. The access to nature and plethora of outdoor recreational is hard to beat. With that being said, the low cost of living may be less relevant, depending on how much money you have for your retirement. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. However, with your retirement nearing, you dont have to look past this wonderful state. Winston-Salem. How is North Carolina for retirement? - meetbeagle.com Estimate how long you'll live and explore retirement options for a long life. How much money do you need to retire in North Carolina? 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. District of Columbia costs $2,324 to rent. Retrieved from, Loughead, K. (2020, February 3). Read More. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. Is it better to retire in South Carolina or North Carolina? - 2023 The low property taxes in the state are one of the reasons for the below-average housing costs. You can learn more about our writers, here. You can thank me later. Many of the mountainous small towns typically come with very low costs of living. Simmons, Christian. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. amongst states with the highest per capita tax. Otherwise, it will be impossible to see the lovely beaches and mountainsides. Poverty is seen as a significant contributor to the relatively higher crime rate in the state. The Good Life - Pros and Cons of Retiring in South Carolina Usually, there are two options to steer clear of hurricane damage. Pros And Cons Of South Carolina - 890 Words | Bartleby Proximity to Everything You Need; Cons of Moving to Asheville, NC #1. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. 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. These include Chapel Hill, Raleigh, and Asheville. 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. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. 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. By 2026, the individual income tax will drop to 3.99%. But there are still notable drawbacks to retiring in North Carolina.