Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am much younger than you, but I have moved around a lot. One thing I know with 100% certainty at this point of my life, you should NEVER EVER move for cost of living alone. By the time you pack, pay someone to move you, storage costs, temp housing cost, buying & selling costs, car registration in a new state, possible hunt for a new job, loss of income while getting a new job, loss of contributions towards retirement & savings, etc. - you might as well stay where you are and make smart choices to make your COL make sense. COL should come into play if the move improves your quality of life. QOL should be the main concern, if you move somewhere and your COL decreases but your QOL decreases as well, it is not worth it. If you move to NC and your COL remains the same but your QOL improves that may be a win... or not.
Additionally, I would like to add that you should carefully look at some state policies that are important to you now or may become important down the road. I am not going to get into much detail but just wanted to bring up someone I know: this person is slightly younger that me (mid-30s) and due to illness she consistently needs access to CBD/THC and eventually would like to have an opportunity for a physician assisted death before things get completely out of hand. She doesn't live here in NC, but in another red state where even medical weed isn't legal, and I am not even going to mention end of life laws (non-existent and leave it at that). She can't pick up and move to another state, she would lose her insurance, etc.
Anyway, this is not a red state vs blue state argument, and I do not want this turn into that. I just want to mention that sometime it might be worth looking into certain laws especially those that may have impact on your life.
We lived in NJ for 46 yrs and in NC for the last 17. Even with all the figuring with %'s of cost of homes, taxes, etc, the quality of life in NC is much better here, than in NJ.
I'm going to jump on this and offer a very hearty "ditto". In reading through the many responses it's easy to become confused by the numbers alone. Overall you're going to have more money living here than in NJ, and easily so (unless you screw the pooch and purchase brand new construction in one of the hot spots, but that's usually a bad decision anywhere, anytime). But there's less congestion everywhere (yeah, yeah, yeah, we're experiencing rapid growth, worsening traffic.... blah, blah, blah - it pales in comparison to anything in the NY/NJ area). People are nicer, they just are. It's sinfully easier to get to places and with an increasingly expanding array of entertainment options. Culturally you're going to see a drop-off, but we literally never went to see shows on Broadway, almost never dined in NYC and barely ever visited museums; so what we have here easily meets our needs. And if there's a concert here (post-pandemic obviously), you can easily get tickets and have a super stress-free experience getting into/out of the venue. Although maybe a little bit further away, we have way nicer beaches which are much easier to access. Plus you can be to the mountains in a few hours with a super manageable drive.
People will split hairs and crunch numbers all day long within these threads, but the bottom line is we've enjoyed a way better, more affordable life these past 14 years than anything we had, or would have had on Long Island.
I am much younger than you, but I have moved around a lot. One thing I know with 100% certainty at this point of my life, you should NEVER EVER move for cost of living alone.
Agree. That said, retirement can change things. If one has a large amount of equity that can materially change their QOL or long term financial comfort, if liquidated and invested elsewhere, it's worth noting. IE, if they can sell a $700K house for a $350K house it may be worth while.
To the OP, I wouldn't move here for lower COL; rather, consider lower COL as an added benefit. It won't be lower to the point that it should be a huge motivator of the decision. If you're looking to retire here, do so because you're looking for something that the area has to offer (weather, family, lifestyle, etc...)
We lived in NJ for 46 yrs and in NC for the last 17. Even with all the figuring with %'s of cost of homes, taxes, etc, the quality of life in NC is much better here, than in NJ.
That's what we're hoping for. A better QOL and hopefully the ability to reduce our expenses somewhat. We've visited twice and like what we see so far!
Agree. That said, retirement can change things. If one has a large amount of equity that can materially change their QOL or long term financial comfort, if liquidated and invested elsewhere, it's worth noting. IE, if they can sell a $700K house for a $350K house it may be worth while.
To the OP, I wouldn't move here for lower COL; rather, consider lower COL as an added benefit. It won't be lower to the point that it should be a huge motivator of the decision. If you're looking to retire here, do so because you're looking for something that the area has to offer (weather, family, lifestyle, etc...)
Very true. It is not a major motivator, but it is part of the equation for us. We want to move to a climate with shorter and milder winters. That is a major motivator. We also really want to get out of our house and our 1 acre of suburban property. It's expensive to keep it up and time consuming, even though these days we hire people to do most of the work. We have an older ranch and I want something newer with a much better layout. We own the house and if we tried buying another house to our liking in NJ, we'd have to pay significantly more than what our current house is worth. In NC it would be an easy swap. Where we currently live is nice, but we have never loved it here. And we're kind of into the idea of a new adventure at this point in our lives.
Some people may not realize that for many of us, saving money means a better QOL. If I'm paying a little less for my house and 7K - 10K less on property taxes, that can mean more travel, more visits with family, more whatever. We have decent savings but we are not wealthy, so, while cost savings is definitely not a the only factor, it is a factor. As are a number of other things.
All things being equal the only things that will cost less in NC are your home property taxes and car insurance. I lived in Manalapan NJ and if I were to try to buy a similar home there now it would cost at least 50% more and the property taxes would be 3 times what I pay here.
That's where I live, Manalapan! Yeah, housing here is nuts. We need to get out of the house we're in because our property is huge (too much work, too expensive) and I'm sick of the house (older ranch, small closets, floor plan from the 1970's.). If I were to buy a house to my liking in NJ it would be way more than we want to spend. It's much more doable in NC. My brother lives in Durham and loves it. When did you leave Manalapan?
2014. I lived on the Manalapan/Marlboro border not too far from 9. I miss the area but for personal reasons felt it best long term if I left for NC. I like NC fine but it is not the Tri State area.
Of course the other plus is not having to shovel in the winter, but we have 3-4 months of brutal summer in NC!
The good thing is you are retired, so you can go to the exurb areas like Wake Forest or Fuquay where you will pay less than in a Raleigh, Morrisville, Apex or Cary.
2014. I lived on the Manalapan/Marlboro border not too far from 9. I miss the area but for personal reasons felt it best long term if I left for NC. I like NC fine but it is not the Tri State area.
I live west of 9, just south of Union Hill Rd. What do you think of summers in NC? How much worse is it than a typical summer in Manalapan??
My parents moved from Boston to Florida (And hated it), then half-backed to NC. They aren't crazy about NC, they like Raleigh Durham Area (Not Cary or Apex).. but I really just dont think they are Southerner/Suburban people lol. Taxes and COL outside of Real Estate are pretty much a wash between MA and NC imo. But a house that is 300k in NC would easily be 1.0ml+ where Im from.
I think NC has a lot more potential than NJ, and a much brighter future. Better weather. Les grime/grit. More construction.
Id say NC over NJ for mos people.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
