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North Carolina: A Retirement Haven on a Social Security Budget
Retirement should be a time of relaxation, not financial stress. For those living on Social Security, North Carolina offers a surprisingly affordable lifestyle.
With low property taxes and no state tax on Social Security benefits, the state’s cost of living is comfortably below the national average. A retired couple receiving the average Social Security benefit of around $4,000 per month in 2025 can live well in North Carolina without sacrificing comfort or convenience.
Here are 13 North Carolina towns perfect for stretching your retirement dollars:
For Mountain Lovers:
- Brevard: Nestled in the Blue Ridge Mountains, Brevard boasts a vibrant arts scene and access to Pisgah National Forest. Average rent: $766; average home price: $469,432.
- Franklin: This peaceful mountain town offers easy access to the Appalachian Trail and Nantahala National Forest. Average rent: $690; average home price: $301,309.
- Marion: A small town with stunning scenery and a revitalized downtown. Average rent: $525; average home price: $246,008.
- Elkin: Known for its wineries and Yadkin Valley beauty. Average rent: $443; average home price: $219,859.
- Mount Airy: The inspiration for “Mayberry R.F.D.,” offering a nostalgic small-town atmosphere. Average rent: $1,025; average home price: $202,678.
For City Slickers Seeking Small-Town Charm:
- Sanford: Located just outside Raleigh, Sanford offers affordable new homes and a growing community. Average rent: $1,071; average home price: $287,106.
- Fayetteville: Known for its strong community, excellent healthcare, and cultural attractions. Average rent: $1,085; average home price: $220,552.
- Shelby: A historic town in the foothills of the Blue Ridge Mountains. Average rent: $1,084; average home price: $215,814.
- Reidsville: Consistently ranked as a top retirement destination, offering recreation and natural beauty. Average rent: $1,050; average home price: $200,859.
- Rocky Mount: A historic town with a relaxed pace of life and a strong community spirit. Average rent: $991; average home price: $189,426.
For Coastal Enthusiasts:
- New Bern: A historic riverfront town less than an hour from the beach. Average rent: $1,304; average home price: $277,545.
For Budget-Conscious Retirees:
- Broadway: A tranquil, family-friendly town with exceptionally affordable rent. Average rent: $600; average home price: $257,371.
- Lumberton: Featuring one of the most affordable housing markets in the state. Average rent: $618; average home price: $145,389.
Making the Most of Your Retirement
No matter where you choose to retire, smart financial planning is key. Consider these tips:
- Tackle Debt: Paying off debt frees up more of your income for enjoying retirement.
- Supplement Your Income: Explore part-time opportunities or other ways to boost your budget.
- Reduce Expenses: Look for savings on major expenses like insurance and travel.
With careful planning and the right location, North Carolina offers the opportunity to enjoy a comfortable and fulfilling retirement on a Social Security budget.