This article takes a look at the 15 best places in North Carolina for a couple to live on only social security. If you wish to skip our detailed analysis of how North Carolina is a rising real estate...
This article takes a look at the 15 best places in North Carolina for a couple to live on only social security. If you wish to skip our detailed analysis of how North Carolina is a rising real estate and retirement star, you may go to 5 Best Places in North Carolina for a Couple to Live on Only Social Security.
North Carolina: A Rising Real Estate and Retirement Star
According to a relocation company called moveBuddha, North Carolina is one of the top states to move to in 2023. The report highlights that South Carolina, North Carolina, and Montana consistently emerge as the top states attracting individuals year after year. Interestingly, the data reveals a sustained surge in interest to relocate to these states, surpassing the rate of outbound moves from 2020 to 2023. Redfin Corporation (NASDAQ:RDFN), a real-estate technology company, notes that homes in North Carolina have increased 4% year-over-year as of November 2023. Moreover, the number of homes sold declined by 9.95%, while homes for sale fell by 3%.
Despite the increase in home prices, North Carolina remains an affordable market to buy a home. Redfin Corporation (NASDAQ:RDFN) highlights that the median price of a home in North Carolina is $363,200 as of November 2023, well below the national median of $412,000. According to the real estate company, the top metros within the state where home prices are growing the fastest are Waynesville, Surf City, Lenoir, and Canton. Prices in these areas have increased by 48.5%, 34.2%, 34%, and 25.9% respectively.
North Carolina has been witnessing some of the highest moves because of its affordability and mild weather. The US Census Bureau reports an estimated 340,000 moves to this state in 2022 alone. Due to the state’s desirability, however, the affordability and home ownership situation is likely become a complex affair. Increased demand leads to a supply problem, and with increasing interest rates and inflation, housing only becomes more unattainable for new home buyers.
Since 2023 hasn’t been an easy year for home buyers at all, a notable trend has been surfacing amid the intricacies of the real estate market. Talking about this trend, Zillow Group, Inc. (NASDAQ:Z) notes that home buyers are increasingly becoming inclined towards smaller cities and towns. Individuals moving to such areas are often doing so to benefit from the lower cost of living. For instance, according to the Zillow Group, Inc. (NASDAQ:Z) most popular market report of 2023, the Carolina’s are the most popular retirement town for seniors, surpassing the traditionally favored Sunshine State of Florida.
In particular, the most popular retirement town amongst Zillow Group, Inc. (NASDAQ:Z) surfers is a New-England style village famous for its golf courses, discussed at number 15 in our list. Not only is this village a popular place for seniors, but it is also one of the most affordable places to retire in North Carolina. Similar cities and towns that we have discussed below are cheap enough for seniors to live on social security alone.
After all, North Carolina is a moderately tax-friendly and affordable state for retirees. According to the Missouri Economic Research & Information Center, the cost of living in this state is 3.8% lower than the national average. Moreover, all social security income is exempt from taxation in this state. Other forms of retirement income, however, are taxed at the income tax rate of 4.99%. According to Redfin Corporation (NASDAQ:RDFN), the top reasons for moving here include its affordable cost of living, its abundant history and culture, its wide array of outdoor activities, and mild climate. No wonder this state is a good place for seniors to live in.
Since a large majority of seniors today are dependent solely on their social security income, it is important to highlight areas that are affordable enough for them to get by on their limited income. As such, North Carolina is one of the best states for seniors to live on social security. Highlighting the right areas and towns can help them make the most of their retirement income. On that note, let’s check out some of the best places in North Carolina for a couple to live on only social security.
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Methodology
To compile the list of best places in North Carolina for a couple to live on only social security, we have used several sources such as MSN, US News Money, The Motley Fool, and Travel and Leisure. We also explored several forums such as Reddit and Quora to assess which places in North Carolina are the best for older couples to live on social security. Next, we selected the places that have a cost of living index that is 95 or below (5% or lower than the national average). We scored them on their cost of living index, median home price, and the average monthly rent of a 2-bedroom apartment. Scores were summed and places were ranked in ascending order from the lowest to the highest scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places in North Carolina for a Couple to Live on Only Social Security:
15. Pinehurst
Insider Monkey Score: 4
Cost of Living Index: 93.9
Median Home Price: $437,000
Average Monthly Rent: $1,952
This charming New-England style village is a favorite retirement destination revered for its Southern charm, rich quality of life, and great healthcare. The village is especially renowned for its world-class golf courses, making it a golfers’ paradise. Seniors are also drawn to Pinehurst for its historic architecture, charming village center, and lush forests. They get to embrace an active lifestyle here, enjoying activities such as hiking and boating. The community is committed to healthcare, boasts several cultural events, and fosters a welcoming atmosphere for all.
14. Concord
Insider Monkey Score: 7
Cost of Living Index: 95
Median Home Price: $391,000
Average Monthly Rent: $1,460
Concord, the second-largest city in the Charlotte Metropolitan Area, is one of the best places in North Carolina for a couple to live on only social security. The city is appreciated for its affordable cost of living, urban amenities, and close-knit community atmosphere. The city is in proximity to Charlotte, offering access to additional amenities and senior activities. Carolina Healthcare System NorthEast is the main healthcare provider here, and there are numerous trails and outdoor areas to relish an active lifestyle.
13. Clemmons
Insider Monkey Score: 8
Cost of Living Index: 84.3
Median Home Price: $393,000
Average Monthly Rent: $1,549
Situated in the Piedmont region of Forsyth County, Clemmons offers retirees a scenic backdrop to relax in and call home. Rolling hills and lush greenery make it worth retiring to, and there are numerous parks, walking trails, and outdoor spaces that allow seniors to live an active lifestyle. The cost of living is 15.7% lower than the national average, allowing a couple in North Carolina to live on social security easily.
12. Benson
Insider Monkey Score: 19
Cost of Living Index: 92.7
Median Home Price: $370,500
Average Monthly Rent: $1,120
The charming town of Benson in North Carolina is appreciated by retirees for the tranquil environment it offers, affordability, and community spirit. Downtown is one of the most happening places here, offering seniors numerous parks, shopping, and dining options. Retirees also love it for its small-town charm, local events, and friendly atmosphere that make it one of the best places in North Carolina for a couple to live on only social security.
11. Greensboro
Insider Monkey Score: 22
Cost of Living Index: 84.2
Median Home Price: $300,000
Average Monthly Rent: $1,216
Situated in the heart of the state, Greensboro is a nice city to retire to. Seniors can enjoy diverse landscapes here, being located hours away from the Blue Ridge Mountains and the Atlantic beaches. The city is also home to several parks, lakes, museums, and gardens to take a stroll in, exercise, and simply lead an active lifestyle. Retirees are further attracted to its plentiful recreational venues and its charming downtown district. The cost of living is well below the national average, making it easy for a couple to live on only social security.
10. Sanford
Insider Monkey Score: 23
Cost of Living Index: 81
Median Home Price: $349,900
Average Monthly Rent: $1,235
From its family-friendly atmosphere to its affordable cost of living and plentiful amenities, Sanford is another option worth exploring when moving to North Carolina. Seniors love to shop, dine, and enjoy recreational activities at its fine establishments and picturesque landscapes. There are myriad activities to do here, such as fishing at the lakes, biking or hiking on the many trails, and also camping. Museums and historical landmarks also grant the city an added allure.
9. Marion
Insider Monkey Score: 23
Cost of Living Index: 80.8
Median Home Price: $306,000
Average Monthly Rent: $1,450
Marion can be one of the best places for low-income seniors to live, boasting a cost of living that is 19.2% lower than the national average. Several sources also claim this city to be one of the best places to retire in North Carolina, owing to its scenic beauty, small-town charm, and rich arts and culture scene. Its lively downtown, recreational activities, and many restaurants, festivals, and art galleries make it a happening and lively place to retire to in the state.
8. Winston-Salem
Insider Monkey Score: 23
Cost of Living Index: 84.3
Median Home Price: $279,900
Average Monthly Rent: $1,189
Offering a nice blend of affordability, historic charm, and high-quality healthcare, Winston-Salem is another city making it to our list of best places in North Carolina for a couple to live on only social security. The city has a vibrant arts scene, great healthcare facilities, moderate weather, and good senior care facilities. Institutions such as Wake Forest University foster a dynamic atmosphere and allow seniors to engage in lifelong learning. The city is also located in proximity to outdoor recreational areas, making it a well-rounded retirement destination.
7. New Bern
Insider Monkey Score: 23
Cost of Living Index: 83.6
Median Home Price: $356,000
Average Monthly Rent: $1,184
The riverfront city of New Bern is a scenic city nestled along the tranquil shores of the Neuse and Trent Rivers. Besides its beauty, New Bern appeals to retirees due to its historic charm and well-preserved architecture, outdoor activities, and welcoming community. Seniors also love it for its rich cultural scene, museums, and small-town charm. Overall, the city offers a nice blend of history, natural beauty, and community warmth, creating an ideal haven for seniors to call home.
6. Asheboro
Insider Monkey Score: 29
Cost of Living Index: 80.5
Median Home Price: $280,000
Average Monthly Rent: $1,231
Another one of the best places for senior citizens to live on social security alone is Asheboro. Located in the heart of North Carolina, this city is home to a moderate climate, rich cultural resources, and a touristy vibe. Its location amidst the Uwharrie Mountains provides a scenic backdrop for retirees who appreciate natural beauty. The city’s moderate climate further ensures comfortable living, and there are distinct seasons to enjoy as well. There is a community Sunset Theater, five golf courses, and even a farmer’s market. However, the main highlight is the 2,600-acre North Carolina Zoo, one of the largest walk-through facilities here.
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