16 Best Places to Live in North Carolina for Retirees
In this article, we will take a look at the 16 best places to live in North Carolina for retirees. If you want to see more places in this selection, go to the 5 Best Places to Live in North Carolina for Retirees.
In February, North Carolina began the process of building a state budget, with a $3.25 billion surplus resulting from higher-than-expected tax collections and interest earnings flowing into state coffers. The state's revenue forecast, compiled by economists from the legislature's fiscal research division and state budget office, was presented to legislators on February 21. The $3.25 billion surplus represents a 10.7% increase compared to the state's expectations. Additionally, the Rainy Day fund has a balance of $4.75 billion, exceeding the target amount of $3.29 billion. Legislators have approximately $8.3 billion available this year for increasing spending, setting aside reserves, or reducing taxes, due to the unappropriated funds remaining from the current year and higher-than-anticipated tax revenue.
The state's budget surplus and strong financial position may be of interest to retirees, as it could potentially lead to increased investment in public services and infrastructure. Additionally, if lawmakers decide to cut taxes, it could result in more disposable income for retirees who rely on fixed incomes. It is worth noting that North Carolina is home to several major corporations, including Bank of America Corp (NYSE:BAC), Lowe's Companies Inc (NYSE:LOW), and Honeywell International Inc (NASDAQ:HON). This can have a positive impact on the state's economy, potentially leading to job growth and increased opportunities for retirees seeking part-time work. A stable and growing economy can provide retirees with greater financial security and stability. It remains to be seen how the budget surplus will be allocated, but it presents an opportunity for the state to improve the lives of its retirees. It is crucial to ensure that retired government employees receive the dignity and quality of life they deserve, given their contribution to the economy. According to the North Carolina Retired Governmental Employees' Association (NCRGEA), public pensioners in North Carolina provide support for over 49,477 jobs across a wide range of industries, including hospitality, healthcare, and real estate in all 100 counties. This contribution is valued at $8.1 billion per year, not including the $1.2 billion they pay in taxes to both the state and federal governments.
North Carolina is becoming a popular destination for retirees, as evidenced by its ranking as the No. 4 destination for retirees in 2021, according to SmartAsset. One reason for this popularity is the state's relatively low cost of living, which is 4.3% lower than the national average, according to the Missouri Economic Research and Information Center (MERIC). In fact, North Carolina is the 25th most economical US state to live in and is the sixth most economical US state for transportation, with transportation costs being 9% lower than the national average. Additionally, North Carolina is the 19th most economical US state for groceries, which are 2.3% cheaper than the national average, and the 22nd most economical US state for utilities, which are 4.7% cheaper than the national average. These factors contribute to a lower cost of living in North Carolina, furthering retirement savings and allowing retirees to maintain a comfortable lifestyle without overspending.
Pixabay/Public Domain Our Methodology
We employed a consensus opinion-based methodology to identify the top 16 places to live in North Carolina for retirees, taking into account seven factors such as the cost of living, demographics, house prices, crime rates, transportation facilities, recreational activities, and overall quality of life. Each location received a score of up to 10 for each factor, with a maximum total score of 70 possible. To determine the scores for each factor, we referred to over 15 reputable sources, including Forbes, Retirable, US News, and Niche. We have ranked these places in ascending order of their total score.
Best Places to Live in North Carolina for Retirees
16. New Bern
Total Score: 12
Percentage of Population Above 65: 23.2%
New Bern is a city in Craven County, North Carolina. It is located on the Neuse River, near the Atlantic coast, and has a population of approximately 31,346. New Bern is situated on the banks of the Neuse River, which provides opportunities for boating, fishing, and other water activities. The town has several museums and art galleries, including the New Bern Firemen's Museum, the North Carolina History Center, and the Bank of the Arts. New Bern has a large population of retirees, which means that there are plenty of opportunities to socialize, participate in activities, and make new friends.
15. Roxboro
Total Score: 14
Percentage of Population Above 65: 19.7%
Roxboro is a city in Person County, North Carolina. It is located in the northern part of the state and has a population of 8,089. The town is home to the Person County Museum, which offers exhibits on the history and culture of Person County, including displays on Native American history, agriculture, and military history. Mayo Lake is also accessible from Roxboro. The lake is a popular destination for water activities with a marina boat ramp and fishing pier, as well as picnic areas and hiking trails.
14. Marion
Total Score: 15
Percentage of Population Above 65: 17.6%
Marion is located in the foothills of the Blue Ridge Mountains. The city has a mild climate with pleasant temperatures most of the year. The town is surrounded by beautiful natural scenery, including the Pisgah National Forest, the Blue Ridge Mountains, and Lake James. This makes it an ideal location for outdoor enthusiasts and retirees who want to enjoy nature. Marion has several museums, galleries, and historic sites, including the McDowell Arts Council Association, the Historic Carson House, and the Linville Caverns.
13. Wilmington
Total Score: 16
Percentage of Population Above 65: 17.5%
Wilmington is a port city located in southeastern North Carolina. The town is home to several beautiful beaches, including Wrightsville Beach, Carolina Beach, and Kure Beach. These beaches offer a variety of activities, such as swimming, sunbathing, fishing, and surfing. Wilmington's historic district is a picturesque area filled with 19th-century homes, churches, and commercial buildings. Wilmington's Riverwalk also has a scenic boardwalk that runs along the Cape Fear River, which could be favoured by retirees for strolling.
12. Brevard
Total Score: 17
Percentage of Population Above 65: 30.2%
Brevard is a small town located in western North Carolina, known for its natural beauty and outdoor recreation opportunities. The city is surrounded by the beautiful Blue Ridge Mountains and is home to several waterfalls, including the famous Looking Glass Falls. The town is also located near the Pisgah National Forest, which offers plenty of opportunities for outdoor activities. The summers and winters are generally mild in Brevard. Furthermore, Brevard has a strong healthcare system, with several nationally-ranked hospitals and medical centres.
11. Reidsville
Total Score: 18
Percentage of Population Above 65: 22.9%
Reidsville is a small city located in Rockingham County in the Piedmont region of North Carolina. The town has the lowest median home prices among all the locations on our list of the 16 best places to live in North Carolina for retirees. Reidsville is located near several outdoor recreation areas, including the Mayo River State Park, the Dan River, and the Lake Reidsville Recreation Area. The city's downtown area is home to several historic buildings, including the Rockingham County Courthouse and the Penn House. The downtown area also has several shops, restaurants, and cultural attractions.
10. Chapel Hill
Total Score: 19
Percentage of Population Above 65: 11.1%
Chapel Hill boasts a mild climate that is ideal for retirees who want to escape harsh winters or extreme summer heat. Chapel Hill is home to the University of North Carolina (UNC) Medical Center, which is consistently ranked as one of the top medical facilities in the country. This can be a crucial factor for retirees who need access to quality medical care. Chapel Hill is known for its vibrant cultural scene, with numerous art galleries, museums, theatres, and other cultural attractions.
9. Pinehurst
Total Score: 21
Median Home Value: $485,000
Percentage of Population Above 65: 39.5%
Pinehurst is known as the "Home of American Golf," with over 40 championship courses located in the area, making it a paradise for golf enthusiasts. Pinehurst Resort, a historic golf resort, is located in the town, and the US Open Championship has been hosted there several times. The city is also home to FirstHealth Moore Regional Hospital, which is consistently ranked as one of the top hospitals in North Carolina. Pinehurst is located in the Sandhills region of North Carolina, which is ideal for retirees as it offers beautiful natural surroundings, including rolling hills, forests, and lakes.
8. Winston-Salem
Total Score: 27
Percentage of Population Above 65: 14.3%
Winston-Salem has a rich history, dating back to the Moravian settlement in the 18th century. The city has preserved much of its historic architecture and offers tours of its historic districts. Furthermore, several colleges and universities, like Wake Forest University and Winston-Salem State University, are located in Winston-Salem, which provides retirees opportunities for lifelong learning and engaging with a diverse community. One of the top-ranked hospitals in the form of Wake Forest Baptist Medical Center, is also located in the city.
7. Greensboro
Total Score: 33
Percentage of Population Above 65: 13.4%
Greensboro is home to several top-ranked medical facilities, including Cone Health and the Moses Cone Hospital. The town has a vibrant arts and culture scene as it is home to the Greensboro Symphony Orchestra, which performs various classical and contemporary music. Greensboro has over 90 parks and gardens, offering residents easy access to hiking trails, lakes, and parks.
6. Hendersonville
Total Score: 34
Percentage of Population Above 65: 30.9%
Hendersonville is a small town located in the Blue Ridge Mountains, offering a charming and peaceful atmosphere. The town has a historic downtown area with many local shops, restaurants, and cafes. Hendersonville is surrounded by beautiful natural scenery, including the Pisgah National Forest, DuPont State Forest, and the Blue Ridge Parkway. This can be ideal for retirees who love the outdoors. The town has the highest percentage of population above 65 among all the places on our list of the 16 best places to live in North Carolina for retirees.
In addition to Hendersonville's appeal as a peaceful town surrounded by beautiful natural scenery, North Carolina as a state has a lot to offer to retirees. It is also home to major corporations such as Bank of America Corp (NYSE:BAC), Lowe's Companies Inc (NYSE:LOW), and Honeywell International Inc (NASDAQ:HON), which contribute to a stable and growing economy.
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Disclosure: None. 16 Best Places to Live in North Carolina for Retirees is originally published on Insider Monkey.