Simmons, Christian. in the state is 5.8 per 100,000, 10% higher than the national average. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. And the next 10 years are predicted to bring even more growth. Fuel costs are also cheaper than the rest of the country, sometimes by as much as $0.50 per gallon. Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. Winston-Salem. This can be attributed to a number of factors, including a lack of providers, transportation issues, and a lack of insurance. Read More. You havent lived until youve tasted the irresistible temptation that is vinegar barbecue, its life-changing. The murder ratein the state is 5.8 per 100,000, 10% higher than the national average. Locals Tip: Something that caught me off guard after moving to North Carolina was hearing kids use yes maam and no sir in practically every interaction. Cmon now, my grubby little hands will never squeal! 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. (n.d.). Unlike most other states, North Carolina taxes groceries. 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. 25 Pros And Cons Of Living In Greenville SC (Updated 2023) - Home Mindset In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. Where do most retirees live in North Carolina? 4 Full Seasons Cons of Retiring in West Virginia 1. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. We offerindependent living servicesat Treeo Raleigh in North Carolina. , both states ranked in the top five for net migration of people aged 60 and older. It came in as the 20th most-taxed state. These include Chapel Hill, Raleigh, and Asheville. Yes, North Carolina is a good place to retire because the state offers generous tax breaks for retirees. Is South Carolina or North Carolina better for retirement? Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. As in North Carolina, South Carolina does not tax Social Security benefits. Christian Simmons is a writer for RetireGuide and a member of the Association for Financial Counseling & Planning Education (AFCPE). Abandoning the city has its advantages, especially when considering the scenery. South Carolina's tax code is great for retirees as there are also some substantial deductions for other kinds of retirement income. One of the largest is Brunswick Forest, which is located outside of Wilmington. Many retiree-friendly communities have been developed with top-notch health care facilities. Retirefearless.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon. One of our content team members will be in touch with you soon. 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. You may be surprised to learn that the home of Duke University and University of North Carolina at Chapel Hill might value public education enough to fund it, but no dice. Retiring in North Carolina brings tax benefits, which means that the state considered pro-business, with a great outlook on jobs for seniors looking to start their own business or begin a second career. In addition, Social Security income is not taxed, and income taxes have been lowered to a flat rate, to 4.9% in 2022. Housing, utilities, and transportation costs all fall below the national average while groceries and health care fall slightly above the national average. The sales tax is around 6.98%, with municipalities having special leverage. However, that doesnt mean that crime in the state is non-existent. The state is home to a handful of great cities, but most of the Tar Heel State is rural. North Carolina offers many advantages for older adults. This climate diversity means that there's something for everyone regarding retiree weather. As a mid-sized city of around 275,000 residents, Durham has all the excitement . Summers in North Carolina are the worst. But North Carolina also displayed a high prevalence of food insecurity and people commonly avoiding seeking health care due to the cost. 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). South Carolina Low Cost of Living. . Low Population 4. 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. Property taxes vary from county and municipality. However, it does so at a reduced rate, with almost 2% on most food. 10 Pros and Cons of Living in North Carolina - Redfin By 63, you no longer pay taxes. If you havent yet, you must ask yourself if retiring in North Carolina is a good option for you. North Carolina has become one of the best retirement states in recent years. Please call us using the phone number listed on this page. Local venues often have bluegrass and country music bands creating a folk atmosphere. Likewise, rain is not uncommon during the summer months. Retiring in South Carolina Pros and Cons South Carolina has no shortage of things to do to stay outdoors and active. Published in Forbes, Senior Finance Advisor, Alzheimers.net and on other leading senior care blogs, she leverages her working knowledge of the senior care industry with leading research and best practices to create engaging content benefitting seniors and their caregivers. North Carolina is making headlines as an up and coming place to retire, even earning some retirees moving there the nickname, halfbacks as retirees from Florida move halfway back home to the mid-Atlantic and mid-South states. Besides the beautiful scenery, North Carolina offers a mild climate and plenty of amenities that make it attractive to retirees. 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. In some places, such as Durham County, you may even have to pay sales tax at the rate of 7.50%. 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. In fact. Thank you! For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. 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 is a generally affordable state where your money will go far, especially if you are used to a Northeast standard of living. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. Brevard. 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. How is North Carolina for retirement? - meetbeagle.com Theyre non-negotiable in my book because they prevent things from molding overnight. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Today, we're going to highlight 7 of the best places to retire in North Carolina. 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. Sauna-quality humidity (yay!). The answer really depends on what youre looking for in retirement since each state offers different benefits. The famous Blue Ridge Parkway runs for 469 miles through the Appalachian Mountains. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-leader-2','ezslot_11',135,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-leader-2-0');North Carolina has relatively low property taxes. 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. And its true, kindness comes easily, but friendships are earned (and typically last longer, in my experience). Although the good news is that Maine . I lived in the Old North State for 12 years and have definitely learned a few things about daily life in North Carolina. Consider these retirement communities in North Carolina: Asheville. (n.d.). 10 Reasons to Retire in North Carolina - Leisure Care Benefits of Retiring In West Virginia (Pros & Cons) - Retire Fearless You can thank me later. Retiring in NC: Best Places to Retire & Cost of Living - RetireGuide Usually, there are two options to steer clear of hurricane damage. 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. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural 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 . 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. On average, individualstate and municipal taxescost 9.8% of ones yearly income. Retrieved from. One of the most significant advantages of retiring in South Carolina is the low cost of living. Small City . Pros & Cons of Retiring in South Carolina - RetireGuide For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. 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. The south is known for hospitality, and North Carolina is no exception. 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.