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 The low property taxes in the state are one of the reasons for the below-average housing costs. Should You Retire in Georgia or Florida? Let's Compare! Here are 10 pros and cons of living in North Carolina to consider before making this state your home. They also have higher than average property tax rates. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. 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. The summers are good for the beach, while winters are good for skiing in the mountains. The largest employers in the state are: Walmart, Duke University, Food Lion, Wells Fargo, Lowes and Bank of America. Still, its worth pointing out, especially for those looking to grow their careers after moving to North Carolina. In North Carolina, there is no tax on Social Security Income, income taxes have been lowered a flat rate (and that rate has been decreasing), there is no State Estate Tax, and a low corporate income tax. Greensboro. 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. North Carolina VS South Carolina - Which One is Better - Movingist Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. Explore the local galleries for hand-crafted pottery and other creations. 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. 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. Exactly how much your monthly rate is will depend on the care being received, amenities being used, and apartment style chosen. If youre new to North Carolina, allow me to fill you in. If you're considering retiring to North Carolina, it's important to research the health care options in the area you plan to live. Its your time to build your future. 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. Abandoning the city has its advantages, especially when considering the scenery. North Carolina offers a relatively low cost of living to its residents. The south is known for hospitality, and North Carolina is no exception. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. Table of Contents. 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). 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. North Carolina's property tax rates are relatively low in comparison to those of other 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. Get instant access to our latest in-depth guides covering important retirement topics. Historically, Virginia has had a reputation for wealth creation. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. List of the Pros of Living in Charlotte, NC 1. According to an article from Tax Foundation, the spending power of $100 in North Carolina is equal to $109.53. Around 14% percent of residents live in poverty, typically leading to increased criminal activity. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. North Carolina offers a relatively temperate climate to enjoy. You can learn more about our writers, here. Summers in North Carolina are the worst. Get money-saving tips, hard-to-find info and tactics for a successful retirement in our free weekly newsletter. North Carolina doesnt tax Social Security retirement benefits. History buffs will be drawn to the states colonial heritage and its strong heritage that comes to life with interactive and time-honored memorials. 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? In fact, according to a 2019 report,1.4 million of the states residents live in poverty, making NC the state with the 15th highest poverty rate. 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. Pros And Cons Of South Carolina. However, certain types of crimes are more common in the state than others. When it comes to weather, North Carolina has the best of both worlds. Youve come to the right place. The job market in Raleigh is thriving right now. 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. Our communities are located across the United States and offer a range of senior living services including independent living, assisted living, and memory care. The Appalachian Mountains form most of North Carolinas territory, providing the state with. Its a major area and feels like it as its the most populous city in the state. Here, retirees can enjoy a more peaceful and relaxed pace of life. North Carolinas crime rate almost matches the national average. Theyre non-negotiable in my book because they prevent things from molding overnight. Something went wrong while submitting the form. In cities like Charlotte and Raleigh, the winter lows rarely dip under 35F. No matter your preference, you're sure to find it in North Carolina. 771 Words 4 Pages. The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees. Is North Carolina a good place to retire? North Carolina compensates for its affordable cost of living by putting a significant tax burden on its citizens. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. Brevard. 11 Pros and Cons of Retiring in Maine (2020) - Aging Greatly in the state is 5.8 per 100,000, 10% higher than the national average. Plenty of Outdoor Activities 3. With a B.S. The state experiences all four seasons, with hot summers and cold winters in the mountains. "North Carolina Retirement." However, the state will tax other types of retirement income, including 401(k) and pension distributions. 10 Pros and Cons of Living in North Carolina Right Now 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. Therefore it becomes challenging to get from one place to another without a vehicle. A State Estate Tax does not exist, and the corporate income tax is low. 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. 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 state's picturesque landscape, with both its rugged inland mountains and windswept beaches, is sure to take your breath away. 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 One of the largest is Brunswick Forest, which is located outside of Wilmington. 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. What is the property tax in North Carolina? - 2023 2. However, the sales tax differs from county to county. This can take out a big chunk of your retirement savings. Home to a population of nearly 10.5 million, North Carolina is the 9th most populous state in the country. 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. For instance, Duke University Hospital is among the best in the country. . North Carolina has become one of the best retirement states in recent years. 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. As far as the major cities, Asheville may offer the most affordable lifestyle. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. He covers Medicare and important retirement topics. I knew that living in North Carolina would require becoming acquainted with a humid sub-tropical climate, but even after 12 years I still cant get used to it. Consider how much of your income is spent monthly on food, utilities, healthcare, house maintenance, and homeownership costs. In sum, heres a quick roundup of the pros and cons of moving to North Carolina. After all, this state has a lot to offer. , both states ranked in the top five for net migration of people aged 60 and older. 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. 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. In her free time, Alissa loves to travel, read, cook, and spend time with her family. Central North Carolina's Piedmont region is home to the state's capital, Raleigh. 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. North Carolina has become a popular retirement destination as the state has grown, providing an alternative to extreme-heat states like Florida and Arizona. And the state has the added benefit of generally affordable housing and a low cost of living, even within the cities. retiring in North Carolina pros and cons - Vision Retirement 1.. Where do most retirees live in North Carolina? Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. The Appalachian Mountains stretch across most of North Carolina and provide many hiking trails. However, as with every other state, North Carolina also has quite a few pitfalls that if you can look past, youll love living here. JG Wentworth is well known across the country for its structured settlements, and was first founded in 1991. Unlike Eastern style BBQ, the meat is part of the party, but not the whole show. 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. Williamston. Another pro of retiring in North Carolina is excellent health care. 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. An amount below 100 means North Carolina is cheaper than the US average. Indeed, its hard to find yourself bored after moving to North Carolina, as most of your free time can be spent outdoors. encounter a violent crime, and 24% encounter a property crime, with the overall crime rate being 28.72. Ready to Retire in North Carolina? Check out these Pros and Cons. 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. From traveling the world to exploring your own backyard, Leisure Care living is fun and easy. The median home cost in the city is $260,000, but you can save some by relocating to Durham if you prefer. 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. We appreciate your feedback. If you need help pricing and building your medicare plan, call us at 844-572-0696. Over the years we've found the best ways to live, how to travel, take on new hobbies and give back. Rapidly Increasing Economy. However, the sales tax differs from county to county. Sauna-quality humidity (yay!). Even though Charlotte and Raleigh have public transportation systems, they lack the flexibility that other cities, such as Chicago or New York, provide. Hickory. Its not uncommon to walk into a supermarket, cafe or restaurant and be greeted by name if youve lived in the town long enough. Were you able to find the information you were looking for on RetireGuide.com?