All this to say, both the outdoor recreation and road trip possibilities are endless while living in North Carolina. North Carolina is a retiree's paradise when it comes to outdoor recreation. North Carolinas total state and average local sales tax rate is 6.98%,placing it on the ranking of 26 in the nation. 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. With over 300 miles of beaches, you are sure to find one you love. Let's look at some pros and cons of retiring in North Carolina to see if it could be the right state for you. When it comes to retirement, there's a lot to consider. placing it on the ranking of 26 in the nation. Sorry there is a continuing error in our system. With lower than average rents, reasonably-priced food options, and free activities, retirees can save their dollars for other opportunities, such as traveling. Pros and Cons of a Georgia Retirement. Not to mention the plethora of problems that arise when humidity becomes a part of your daily life. Both the Carolinas rank pretty high on the list of potential retirement homes for seniors. The lack of proper public buses, trains, and other modes of transportation make it challenging to travel and explore different parts of the state. South Carolina, a state with plenty of history and marshland was actually not discovered until a while after North America had been founded. Find fishing, boating, hiking, golfing, and much more. The. The state also offers other generous exemptions on other types of retirement income. The state has a moderate climate while still offering four distinct seasons. For starters, Social Security income is not taxed and if youre over 65 years old, up to $35,000 of your retirement income is exempt from state taxes. Although the cost of senior living may seem daunting at first, a second glance may reveal something different. The Pros of Retiring in Georgia are: It is incredibly tax-friendly - As one of the most tax-friendly states, Georgia offers people over the age of 65 a $65,000 deduction per individual on retirement income outside of social security and up to $130,000 per couple. Winston-Salem. Mild Weather Year-Round #3. North Carolina offers many advantages for older adults. With its rugged inland mountains and wind-swept beaches, the state offers some grossly ravishing scenery that will take your breath away. With its picturesque beauty, stunning coastline, and southern hospitality, it isnt hard to see why North Carolina draws people from all over the country. 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. North Carolina is a generally affordable state where your money will go far, especially if you are used to a Northeast standard of living. North Carolinas total state and average local sales tax rate is 6.98%. 2. The cost of living in North Carolina is relatively low compared to other US states. According to WRAL, there are also several small mountain towns scattered throughout the state that can also appeal to retirees. Retrieved from, Missouri Economic Research and Information Center. RetireGuide.com. In her free time, Alissa loves to travel, read, cook, and spend time with her family. According to the Census Bureau, both states ranked in the top five for net migration of people aged 60 and older. If youre planning to retire in North Carolina, you have more than a few reasons up your sleeve to do so. However, certain types of crimes are more common in the state than others. . The Appalachian Mountains run through western North Carolina, providing ample hiking, camping, and fishing opportunities. You will also want to think through what is included at the community you are considering. Living in Pennsylvania . Expenses like groceries, housing, and transportation were under national expenditures. A few of the most popular include the Riverfest Music Festival, the NC State Fair, and the Charlotte Folk Festival. Cities such as Raleigh and Charlotte have a public transportation system, but they lack the convenience that other cities, such as Chicago or New York, offer. Speaking from personal experience, one of the best things about living in North Carolina is actually being able to enjoy life without feeling the pinch of irrational rent prices and overall high cost of living. While the people whove been living here for a long are prepared for these types of disasters, those who are unprepared can often be severely injured or embrace mortality due to touching downed wires or getting swept up in flood. However, although higher than the national average, the murder rate in North Carolina is much lower than in South Carolina. Pros & Cons of Living in Asheville North Carolina. Chicago There are many advantages to retiring in North Carolina. Unfortunately, North Carolina is located in an area susceptible to hurricanes. 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. NC isnt the worst state for retirees when it comes to income taxes, but it isnt the best either. By 2026, the individual income tax will drop to 3.99%. The cost of living in Charlotte is lower than in other cities along the East Coast. The Outer Banks (OBX) are barrier islands off the coast of North Carolina and include Hatteras Island, Ocracoke, Roanoke Island, and Bodie Island. For those who may be thinking about spending their retirement years in South Dakota, there are plenty of pros and cons to consider. 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. The state is best known as the birthplace of Aviation, irresistible barbecue and friendly locals theres so much to love about living in North Carolina. The Lively Music Scene #5. 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. One of the most significant drawbacks of retiring in North Carolina is the lack of a public transportation system. Save my name, email, and website in this browser for the next time I comment. Come and see how Leisure Care communities are helping seniors rediscover (and sometimes reinvent) themselves. North Carolina maintains seasons but doesnt suffer from the same regularly severe weather as northern states. Here are 10 pros and cons of living in North Carolina to consider before making this state your home. Pros And Cons Of South Carolina. The Rainbow Falls Trail in Gorges State Park and the Looking Glass Rock Trail are a few other beautiful trails worth exploring. Moreover, there are also smaller university hospitals in the state that are nationally ranked. All Rights Reserved. And the next 10 years are predicted to bring even more growth. Average daily temperatures hover around 40F-50F with nights dipping below freezing 28F-35F. 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. Overall Score. Theres essentially something for everyone. Abandoning the city has its advantages, especially when considering the scenery. Greensboro. Find a job before moving to North Carolina is vital (especially if you plan to live in the rural parts of the state). Most weekends can be spend hiking, biking, fishing, swimming or hunting. But there are still notable drawbacks to retiring in North Carolina. 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. Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. 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. cost 9.8% of ones yearly income. It offers a small-town vibe nestled within the North Carolina mountains. If you're over 65, you can exempt up to $35,000 of your retirement income from state taxes. So what does that mean for you? In addition to the stunning scenery, the state has many parks and trails for retirees to enjoy. 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. Please call us using the phone number listed on this page. (2021). This could include having an evacuation route and plan and supplies to ride out the storm. Update your browser for more security, speed and compatibility. As in North Carolina, South Carolina does not tax Social Security benefits. When it comes to weather, North Carolina has the best of both worlds. The fact is that every place you consider moving to will have its benefits and pitfalls; you will have to decide the factors that are important to you and the ones youre willing to look past. In fact, Virginia was colonized almost sixty years before South Carolina was. 5 Reasons to Consider Buying a House in Boone, NC Your web browser is no longer supported by Microsoft. The city mixes the old with the new in an innovative way, bringing history to life with Civil War landmarks, the Discovery Place, the NASCAR Hall of Fame, and even Carowinds, a sprawling theme park all within the Queen City. ; There are no social security taxes. Cons of Retiring in North Carolina Threat of hurricanes. The Friendly Community Feeling #6. The mountainous regions in the state experience humid days in the summer and pretty cold temperatures in the winter. With a GDP per capita of $64,582, the Virginian economy is ranked 15th out of the country's 50 states.. It truly offers the best of both worlds to prospective retirees. Know what that means? It also has a lot to offer retirees, from big cities to tightknit mountain communities. COST OF LIVING North Carolina United States Overall 90.6 100 Grocery 96.5 100 Health 107.5 100 Housing 81 100 Contents1 [] If you prefer the sea to mountaintops, the state has you covered in that department as well. Before moving to North Carolina I found myself living in Chicago, where I braced for winters with the enthusiasm reserved for water-downed cocktails and malfunctioning alarm clocks. During this time of the year, you must be very careful and mindful in case the state authorities issue any alerts. The state has coastlines, mountains, and distinct regions that offer a variety of activities for retirees.