Tags: Retirement | retirement | North Carolina | drawbacks

Drawbacks of Retiring in North Carolina

By    |   Thursday, 11 Jun 2015 02:01 AM

As TopRetirements.com notes in its "Dueling Carolinas" article, both North and South Carolina are "red-hot retirement destinations." North Carolina in particular has been a retiree magnet as of late, even drawing elders disgruntled with Florida who move halfway back to their Northeastern origins and often refer to themselves as "half-backs." In fact, not just retirees are moving to the Carolinas: the 2014 Untied Van Line's Annual Mover's Study shows the Carolinas tied for second place, just behind Oregon, as targets for state-to-state migrants.

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Modest real-estate prices, mild but varied climate, southern charm, and pleasing architecture, along with a resilient, diversified economy, and a wealth of cultural attractions, combine to make North Carolina an attractive target for those about to escape the workaday world. But of course, there are drawbacks to every state, and even a place as delightful as the Tar Heel State has its drawbacks.
  1. Real Estate Values - Low housing prices are wonderful when you buy, but less so when you sell. Don't expect your property to grow that much in equity if trends continue as they are. Should you foresee a need to cash out to pay for a move to assisted living or a nursing home, you may want to choose someplace with rising house prices. Keep this in mind, if you have children to whom you intend to leave property, since they might be more inclined to sell.
  2. Weather - The weather is generally mild in North Carolina, but parts of the state can get chilly, such as up in the famous hill country. It’s not Boston or Chicago cold, but if you are moving from Florida, or you've lived all your life on the West Coast, the weather is something to consider. Also, summers, especially along the coast, can be deeply humid. It is the south, after all, and there are occasional hurricanes.
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  4. Taxes - North Carolina's recent income tax reform lowered its rate to a flat 5.57 percent, but there are several states that don't tax resident income at all. Property tax rates are moderately high in North Carolina, but there is a senior discount that is quite significant. There is no estate tax.
  5. Low Diversity - If you're not Black or White, you might feel kind of lonely. North Carolina is about 73 percent White, and 22 percent Black, leaving not too many of anyone else. One survey quoted by the Asheville Citizen-Times placed North Carolina as fifth of the “Top 10 Most Racist States in America,” as it is home to nine KKK groups. If you don't look (or sound) like the cast of "Leave It to Beaver," you might consider someplace with more cultural variety for your golden years, and leave the battle for justice to the younger folk.
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As TopRetirements.com notes in its Dueling Carolinas article, both North and South Carolina are red-hot retirement destinations.
retirement, North Carolina, drawbacks
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2015-01-11
Thursday, 11 Jun 2015 02:01 AM
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