Low Population 4. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. That data found the median monthly mortgage cost was $1,314, and the median two-bedroom rent was $878. 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. However, its important to remember that the cost of living varies from state to state. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. Cost of Living Data Series. There are several prominent health care systems throughout the state that have been nationally ranked for different specialties, including cardiac surgery; rheumatology; ear, nose, and throat; and cancer. 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. It can be exciting to move somewhere new, start fresh, and . High Crime Rate 2. The state is home to some of the best hospitals in the country, including Duke University Hospital and Wake Forest Baptist Medical Center. Marion. Aging in America Rankings. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. 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. 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. IBM WatsonHealth named it a Top 50 cardiovascular . Consider these retirement communities in North Carolina: Asheville. It came in as the 20th most-taxed state. If you consider yourself a nature nut, you will love living in North Carolina. North Carolina is home to a thriving arts and culture scene. 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 . Considering the states population and big cities, North Carolina has an affordable cost of living for many retirees. 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. What this means for you: Anytime you hear mention of a possible hurricane, make a beeline for the grocery store and stock up on essentials. Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. Is Virginia a good place to retire for taxes? The good thing is that they are more than willing to welcome newcomers with open arms. The state averages homeowners pay 0.85% of property value. For instance, prescription drugs are exempted from taxes, and the local corporate tax rates are quite reduced. However, European countries had beforehand . First off, accommodation is the biggest expense that any states residents have to incur. Retiring in North Carolina Is North Carolina a good place to live? 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. Pros of Living in Asheville #1. The hurricane season hits North Carolina from June to November. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. Raleigh and Durham. According to the Kiplinger State-by-State Guide to Taxes on Retirees, Virginia ranks as a tax-friendly state for retirees. Know what that means? Sorry there was an error. Considering the average salary in the state clocks in at $54,250, the cost of living in North Carolina is deemed reasonable. Thinking about living in North Carolina? As you think about it, the state does have a lot to love for retirement. Today, we're going to highlight 7 of the best places to retire in North Carolina. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. Good news for retirees eyeing North Carolina as a landing pad for their golden years: State residents 65 and older can, on a space-available basis, audit classes tuition-free at the campuses of. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. Most pay between 6.75% to 7%, although there are a handful of counties where the rate is 7.5%. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. 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. If youre the self-sufficient sort youll have plenty to do. 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! 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. The state does tax public and private pension incomes, 401(k)s, IRA, and other retirement accounts at the current income tax rate. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. Are you considering buying a house in the mountains of North Carolina but arent sure where Read More, 8 Best NC School Districts for Buying a House 3. One of the most significant advantages of retiring in South Carolina is the low cost of living. 1.. Asheville is the #1 retirement town in the U.S. As a result the entire region has experienced rapid growth as tens of thousands of retirees have migrated to these mountains in western North Carolina. Overall Score. Reidsville. You'll need to buy an automobile to get the most out of living in North Carolina. For instance, with the highest average rent in the United States, a one-bedroom apartment in the. We offerindependent living servicesat Treeo Raleigh in North Carolina. By 63, you no longer pay taxes. Alissa has been working in marketing and the senior living industry for over ten years. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. 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, the sales tax differs from county to county. The beaches are stunning and bring many families back year after year a great way to start a new family tradition. With a B.S. Last modified February 20, 2023. https://www.retireguide.com/retirement-life-leisure/best-and-worst-states-to-retire/north-carolina/. A website run by locals in various cities, with the hopes of making big life decisions a little easier on you. Therefore it becomes challenging to get from one place to another without a vehicle. North Carolina is certainly an interesting state. (30) Living in North Carolina (99) Living in Ohio (11) . No matter which sport you love, North Carolina has it. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our. Its your time to build your future. The Friendly Community Feeling #6. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. You will need to invest in a car to get the most out of living in North Carolina. However, with your retirement nearing, you dont have to look past this wonderful state. The sales tax is around 6.98%, with municipalities having special leverage. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). We can be reached via email at contact@retirefearless.com. 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. Summers in North Carolina are the worst. Table of Contents. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. Whether or not you have access to healthcare programs, insurance, and good hospitals and doctors, is and should be a major factor to consider. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. North Carolina's rich history influences much of the cultural scene. 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. The average cost of living was $38,295. Healthcare is a massive concern for those looking to move to another state, especially retirees. North Carolina doesnt tax Social Security retirement benefits. One of the largest is Brunswick Forest, which is located outside of Wilmington. North Carolina may be most known for its scenic mountain ranges, but it also has plenty of beach options with 322 miles of coastline. According to an article from Tax Foundation, the spending power of $100 in North Carolina is equal to $109.53. 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. 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. According to a report from the Missouri Economic Research and Information Center, North Carolina ranks 22nd nationally in cost of living. Retrieved from, U.S. News & World Report. Drawing people from all over the country with its beauty, stunning coastline, and southern hospitality, theres a lot to love about retiring in North Carolina. Overview. Many folks are surprised to learn that North Carolina the 3rd most hurricane prone state in the country. No matter your preference, you're sure to find it in North Carolina. And the next 10 years are predicted to bring even more growth. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. Charlotte. Many of our outpatient clinics are located near Mission Hospital, right in the center of Asheville. 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. Partner the intense heat with the constant humidity and youll be begging for a shower before pulling out of the driveway. Winters were a bear and I was desperate to get out, as such, moving to a place with mild winters was non-negotiable. It's anywhere from 10 to 30 percent cheaper to buy a home here than the national average. Want to Retire in North Carolina? North Carolina doesnt tax Social Security retirement benefits. 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). Sadly, our state has one of the most poorly funded schools systems in the nation. Many of our communities include a wide range of amenities including. Top 10 places to retire in NC. If you fancy yourself a city-dweller, you wont be disappointed either. Retirees can enjoy beautiful falls and springs without the harsher weather found in more northern states while appreciating nature that ranges from towering mountains to sandy beaches. So what does that mean for you? Pros of retiring in North Carolina All four seasons. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. North Carolina is home to the Smoky Mountains and the Blue Ridge Mountains. Besides housing, the state also offers comparatively cheaper food options than other states like New York State or Washington State. . The Appalachian Mountains form most of North Carolinas territory, providing the state with. Enter North Carolina, sweet North Carolina. One of the most important aspects to consider when buying a house is the quality of schools your Read More, North Carolina vs. Virginia: Which is the Better State? Festivals and events take place throughout the year. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. However, it taxes public and private pension incomes, 401(k), IRA, and other retirement accounts at an income tax rate of 5.25%. 1. The answer really depends on what youre looking for in retirement since each state offers different benefits. In any case, having daily access to mouthwatering BBQ is one of my favorite things about living in North Carolina. 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. [ See: The Best Places to Retire in 2022. ] As one of the original 13 colonies, you'll find important historical sites in American history, from Revolutionary-era buildings to Civil War battle sites. Residents have over 200 state parks to explore, including Mount Rogers National Recreation Area and Great Smoky Mountains National Park. North Carolinas crime rate almost matches the national average. 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.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'retirefearless_com-large-mobile-banner-2','ezslot_9',145,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-large-mobile-banner-2-0'); One of the most popular trails in the state is the Appalachian Trail. 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. However, it does so at a reduced rate, with almost 2% on most food. Copyright © 2023 The Honest Local | This post may contain affiliate links - read our Standards, Corrections, & Privacy Policy. Now to answer the big question: Is North Carolina a good place to live? State Individual Income Tax Rates and Brackets for 2020. It offers a small-town vibe nestled within the North Carolina mountains. Of course, your location influences your total costs. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. True to form, locals focus on getting to know their neighbors and building a sense of community. In my experience, locals are very friendly, but theres a reserved nature about them. Our fact-checking process starts with vetting all sources to ensure they are authoritative and relevant. Well, if youre moving to North Carolina with kids in tow then you will want to budget private education into your cost of living in North Carolina. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. North Carolina offers a relatively temperate climate to enjoy. New Study Reveals Best Places to Retire in North Carolina Theyre All Small Towns. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. 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. North Carolinas total state and average local sales tax rate is 6.98%. 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. 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. This trail starts from Georgia and passes through North Carolina, making it all the way to Maine. However, certain types of crimes are more common in the state than others. COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] The fact is that not everything is rainbows and butterflies in the Old North State. One of the reasons people retire to North Carolina is the stunning scenery. Thats not to say that youll be greeted with open arms (Ive found locals to be friendly, yet reserved Ill cover this in detail shortly) but you will be welcomed and treated with respect. The similarities end with the choice of meat (both use pork), from there the methods differ. 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. But there are still notable drawbacks to retiring in North Carolina. Obviously your lifestyle with depend on your way of life in North Carolina. amongst states with the highest per capita tax. Pros of Retiring in West Virginia 1.