During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. Pros of Retiring in Virginia: Robust Economy: Even though the COVID-19 pandemic considerably affected the state's economic growth, Virginia still remains one of the US's strongest economies. Although North Carolina's crime rate is lower than the national average, some areas of the state still have higher crime rates. 771 Words 4 Pages. Cons of Retiring in North Carolina Threat of hurricanes. The affordable housing prices couples with reasonable property taxes and youll understand why buying a home in North Carolina is a desirable endeavor. It wont come easy (Ill touch on this shortly as well). The Appalachian Mountains form most of North Carolinas territory, providing the state with. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. Christian is a former winner of a Florida Society of News Editors journalism contest and has written professionally since 2016. As the younger population flocks to the more happening and exciting states, they often miss out on the beauty that is NC. Update your browser for more security, speed and compatibility. Contents1 Which county in NC has the lowest property taxes?2 Do you have to pay property taxes after 65 in NC?3 [] 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 state is also far from just mountain ranges and includes some vibrant, fast-growing metropolises. No matter which sport you love, North Carolina has it. All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. 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 Enter North Carolina, sweet North Carolina. In fact. Low Cost of Living 2. 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. Pros and Cons of a Georgia Retirement. North Carolina may traditionally be thought of by some as a rugged state filled with mountainous communities. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. 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. North Carolina is one of the original thirteen colonies, allowing it to gather a rich history spanning centuries. The High Cost of Housing #2. From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. The coastal region is where you'll find the Outer Banks plus the miles of the Atlantic coastline. 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. Summers in North Carolina are the worst. There are plenty of opportunities for retirees to pursue academic study at the many universities located around the State. 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. These include Chapel Hill, Raleigh, and Asheville. 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. Then we verify the facts with original reports published by those sources, or we confirm the facts with qualified experts. If youre moving to North Carolina with the hopes of escaping the grind and bustle of daily living, youll find reprieve. Cmon now, my grubby little hands will never squeal! The hurricane season hits North Carolina from June to November. 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. More so, to celebrate their states rich and abundant history, North Carolina actively funds and looks after the many museums and historical sites in the state. Please call us using the phone number listed on this page. Weigh the pros and cons to see if retiring in North Carolina is right for you. 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. Consider these retirement communities in North Carolina: Asheville. Your money will go far there, helping you to have a full retirement. Access to Nature #2. Charlotte. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. 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! Our calculator will help you determine the life insurance policy size that best fits your circumstance. The Appalachian Mountains form most of North Carolinas territory, providing the state withmiles of hiking trails. Aging in America Rankings. 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. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Raleigh and Durham. 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.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'retirefearless_com-banner-1','ezslot_8',112,'0','0'])};__ez_fad_position('div-gpt-ad-retirefearless_com-banner-1-0'); If youve spent most of your life living and working in a metropolitan city, the best thing about retirement is the opportunity to pack up your life and move to a quiet place with majestic views. 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. 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. However, it does so at a reduced rate, with almost 2% on most food. For instance, this city is anticipated to have a 40 percent growth in the job market over the next decade. How much money do you need to retire in North Carolina? There are many advantages to retiring in North Carolina. 1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. 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. Pros of living in North Carolina 1. So, if you plan on starting a business during your retirement years, youll be paying around only 2.5% corporate tax. North Carolina offers a relatively low cost of living to its residents. Summers on the beaches, winters in the mountains, breathtaking views in the fall, and beautiful blooms in the spring North Carolina has it all. We can be reached via email at contact@retirefearless.com. 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. Retrieved from, Missouri Economic Research and Information Center. He covers Medicare and important retirement topics. The truth is that North Carolina is one of the most beautiful and fairly reasonable states in the United States. 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. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. RetireGuide.com. 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 rolling landscape is dotted with lakes and reservoirs. Is Virginia a good place to retire for taxes? According to the communitys website, it is 10 minutes from a city in Wilmington, 30 minutes from the beach and includes many nature attractions and activities. 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. Of course, your location influences your total costs. The cost of living in Charlotte is lower than in other cities along the East Coast. On the other hand, some people find the cost of living in North Carolina to be . Youre probably not surprised to learn that affordable housing plays the largest role in the low cost of living in North Carolina. Explore the local galleries for hand-crafted pottery and other creations. Even popular tourist spots like Myrtle Beach can offer affordable living. If youre a history enthusiast, you can explore the many museums at Beaufort or Cape Fear and get lost in the centuries of history. Happiness in retirement is the main goal, and having the right information allows us (and you) to achieve that. The average monthly rent for, a 2-bedroom apartment in North Carolina is $825, , which is much lower than in many other states. . 2023 RetireGuide LLC. Speaking of, heres a locals tip: Purchase these bad boys before moving to North Carolina. The Lively Music Scene #5. All Rights Reserved. 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. 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. The state's income tax rate is 4.99% in 2022, but the state updated its income tax schedule for the next seven years. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. South Carolina Low Cost of Living. The Blue Ridge Parkway starts in Cherokee, North Carolina through Asheville, and Blowing Rock into Virginia.
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