This article takes a look at the 18 best places to retire in North Carolina. If you wish to skip our detailed analysis of how North Carolina is a rising retirement hotspot, you may go to the 5 Best Places to Retire in North Carolina.
North Carolina: A Rising Retirement Hotspot
According to a report by U-Haul Holding Company (NYSE:UHAL), Texas, Florida, and the Carolinas are the top growth states of 2022. In the US, there are five national moving companies outlining migration trends, and uncovering the patterns of customer arrivals and departures in each state. These moving companies, namely Allied, Atlas, North American, and United Van Lines, along with U-Haul, have uncovered the migration patterns in the US for the year 2022. The report highlights that North Carolina has been in the fourth position in terms of growth, climbing up 15 points from its 19th rank in 2021. The U-Haul Growth Index determines customer moves based on the net gain (or loss) of one-way U-Haul trucks arriving in a province or city, versus departing from that province or city, in a calendar year.
“North Carolina is great for people who like to spend time outdoors. We have everything from beautiful coastal areas and the Outer Banks in the eastern part of the state, to the Great Smoky Mountains and the Blue Ridge Mountains in the west. Living here is affordable and offers access to just about anything families could want or need.”
- Brandy Christie, U-Haul Holding Company (NYSE:UHAL) of Raleigh president
The Growth Index by U-Haul Holding Company (NYSE:UHAL) is considered a reliable gauge of a state or city's ability to attract and retain residents, and the Tar Heel state appears to be performing well in this aspect. According to the US Census Bureau’s American Community Survey, the top states people are migrating to North Carolina from are Florida, New York, Virginia, South Carolina, and California. This is especially true for retirees coming in from the high-tax states in the Northeast, as quoted by the online tool Community Finder. Surprisingly, people aren't just moving in from other states, but also other countries. As of 2021, the top countries from where individuals have been coming from are Mexico, Honduras, India, South Korea, and China.
A study on retirement moves by Hire a Helper further reveals that 12% of American retirees who have moved have done so in search of cheaper housing. With Americans realizing that they need a whopping $1.3 million to retire, the search for cheaper accommodation and living costs has become even more paramount. In 2022, Florida, known as the Sunshine State, has attracted the highest number of moves, drawing in 16% of relocating retirees. The study also reveals that North Carolina ranks second, with 9.6% (one in ten) of retirees choosing the state for their retirement moves.
Why Retire to North Carolina?
Retiring to North Carolina can prove to be beneficial for retirees. One of the pros of retiring to North Carolina is its affordable cost of living. According to the MERIC Index 2023, the cost of living in the state is 3.8% lower than the national average. Moreover, all Social Security retirement benefits are exempt from income taxes in the state. Other forms of retirement income are taxed at a 4.99% rate. Property and sales taxes are moderate as well.
Other benefits that retirees enjoy in North Carolina include the picturesque surroundings, excellent healthcare, and a relaxed pace of life. However, there are some cons of retiring to this state too, such as limited public transportation, heavy traffic, and the state’s susceptibility to hurricanes. Nevertheless, according to CNBC, an individual retiree would need $63,156 annually to retire comfortably in the state of North Carolina.
18 Best Places to Retire in North Carolina
Methodology
To compile the list of best places to retire in North Carolina, we have used multiple sources such as Travel and Leisure, US News & World Report, and New Home Source, amongst others. We also used forums such as Reddit and Quora to identify which areas in North Carolina are most popular amongst retirees.
A consensus approach was used to rank the places, with one point awarded to a place each time it was recommended by a source. Points were added to get a unique Insider Monkey Source, and places were ranked in ascending order from the lowest to the highest scores. Cost of living mentioned is for a one-bedroom apartment in the city/town center.
Here are the best places to retire in North Carolina:
18. Wilmington
Insider Monkey Score: 2
Median Home Price: $440,000
Average Rent: $1,391
Perched along the banks of the scenic Cape Fear River, Wilmington is a vibrant port city with a coastal lifestyle. It is one of the best riverfront cities in America, boasting a beautiful river-walk downtown, a diverse array of dining options, and a rich cultural scene. Housing is relatively affordable in Wilmington as compared to other riverfront areas, and the cost of living is 4% lower than the national average.
17. Carolina Beach
Insider Monkey Score: 2
Median Home Price: $730,000
Average Rent: $1,450
Carolina Beach is a coastal town that maintains a low-key ambiance, ideal for the retiree wishing for a relaxed pace of life. Besides the beachfront lifestyle this town offers, Carolina Beach is also popular for its fishing pier, local seafood restaurants, and community-oriented atmosphere. The Carolina Beach Boardwalk is the highlight of this town, featuring restaurants, shops, and an amusement park. The cost of living in Carolina Beach is 1.9% lower than the US average.
16. Beaufort
Insider Monkey Score: 3
Median Home Price: $500,000
Average Rent: $1,838
As one of the best small towns to retire in North Carolina, Beaufort is a coastal landscape offering plenty to do for retirees. Residents can enjoy the scenic waterfront, go kayaking, participate in fishing competitions, and even explore the nearby islands. Healthcare facilities are on par, and the locals are very friendly and welcoming. The cost of living in Beaufort is 0.7% lower than the national average.
15. Elizabeth City
Insider Monkey Score: 3
Median Home Price: $335,000
Average Rent: $1,900
Another city that makes it to our list of best places to retire in North Carolina is Elizabeth City. Elizabeth City is a quaint coastal town situated on the Pasquotank River. Also known as the Harbor of Hospitality, the city boasts a welcoming and friendly community. This atmosphere, together with its historical charm and picturesque waterfront, makes the city an ideal retirement destination. Moreover, the cost of living in the city is 15.6% lower than the national average.
14. Lumberton
Insider Monkey Score: 3
Median Home Price: $213,000
Average Rent: $700
One of the most affordable places to retire in North Carolina is Lumberton. Lumberton provides retirees an unprecedented quality of life to the extent that the North Carolina Legislature has even designated it the title of "The First Certified Retirement Community in North Carolina". The cost of living in the city is 28% lower than the US average. There are over 90 hospitals, many parks and walking trails, and lots of options for shopping and dining.
13. Laurinburg
Insider Monkey Score: 4
Median Home Price: $155,000
Average Rent: $799
Laurinburg is one of the nicest cities to live in North Carolina. Housing options are affordable, and the cost of living is 29.7% lower than the US average. Laurinburg is another North Carolina Certified retirement community, meaning it has many local amenities that make it particularly attractive to retirees, such as historical and cultural attractions, outdoor activities, and access to healthcare.
12. Reidsville
Insider Monkey Score: 4
Median Home Price: $240,000
Average Rent: $1,091
From serene public lakes and picturesque parks to inviting walking trails, top-notch hospitals, charming shops, and diverse restaurants, Reidsville has everything that a retiree can want. Not only does the city offer abundant amenities, but also boasts affordable housing options for retirees. The cost of living is 22% lower than the US average, making it one of the best places to retire in North Carolina for retirees.
11. Cary
Insider Monkey Score: 5
Median Home Price: $568,000
Average Rent: $1,431
One of the fastest-growing regions in the South, Cary has a lot to offer to retirees. The city seamlessly blends a small-town ambiance with access to top-tier health services, world-class shopping, and entertainment options. There are vast golf courses, parks, and green spaces to relax. Amenities at Cary come at a price though, as the cost of living is 5.8% higher than the US average.
10. Hendersonville
Insider Monkey Score: 5
Median Home Price: $390,000
Average Rent: $1,195
Nestled amidst the majestic mountains of the Southern Appalachians, the mountain town of Hendersonville is one of the best places to retire in North Carolina. Besides its breathtaking mountain views and lush landscapes that appeal to retirees, Hendersonville also offers numerous outdoor activities, cultural events, and historical attractions. The cost of living in the city is 2.4% higher than the US average.
9. Greensboro
Insider Monkey Score: 5
Median Home Price: $290,000
Average Rent: $904
Retiring to Greensboro can be an enticing option for retirees given its affordable cost of living, reasonable housing prices, and many amenities. The cost of living in the city is 15.8% lower than the national average. There are well-regarded healthcare facilities available, many parks and recreational areas, and even a diverse culinary scene to enjoy.
8. Raleigh
Insider Monkey Score: 6
Median Home Price: $410,000
Average Rent: $1,305
Raleigh is a famous place to retire in North Carolina because of its friendly inhabitants, great healthcare, and warm and pleasant climate. The cost of living may be 5.8% higher than the US average, but retirees will find all sorts of amenities here. For those living close to the city center, many areas are walkable and bicycle-friendly.
7. Winston-Salem
Insider Monkey Score: 6
Median Home Price: $260,000
Average Rent: $895
Deemed as one of the safer cities in North Carolina, Winston-Salem is considered a cultural hotspot brimming with modern conveniences. Retirees can explore popular museums such as the Reynolda House Museum of American Art and the Timothy S.Y. Lam Museum of Anthropology, attend the RiverRun International Film Festival in April, access quality care at the best medical centers, and enjoy a relaxed pace of life. The cost of living is pretty reasonable, being 15.7% lower than the US average.
6. Pinehurst
Insider Monkey Score: 7
Median Home Price: $499,000
Average Rent: $1,565
Pinehurst, or "Home of American Golf" is the perfect place to retire for golf enthusiasts. Boasting more than 40 golf courses in its surroundings, retirees have many options when playing this sport. Healthcare in the village is top-notch as well, featuring state-of-the-art medical equipment and facilities. The cost of living in Pinehurst is 6.1% lower than the national average.
