Retire in Raleigh

Affordability

Find out how much it costs to live in Raleigh.

Cost of Living

North Carolina is appropriately rated as "Mixed" by Kiplinger's for tax attractiveness for retirees. While it features no social security or estate taxes, it does have a moderate income tax and tax pensions. Raleigh fortunately makes the situation more attractive-it features a low cost of living.

Kiplinger Rating:

Mixed

State Income Tax:

5.75%

Social Security Tax?

None

County + State Sales Tax

6.8%

Property Tax Rate *

0.8%

Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *

1496

* 2008-2010

Cost of Living Index (100=average):

92.8

Housing + transportation costs as % of income:

48%

Tax Details

State Sales Tax Breaks for Seniors:

None

Pensions Taxed?

Yes

Tax burden: % income going to state and local taxes:

9.8%

Inheritance and estate taxes (per Kiplinger):

None

Taxing of other retirement income (per Kiplinger):

Yes

Property Tax Break for Seniors (per Kiplinger):

To qualify for the Elderly or Disabled Exclusion, a homeowner must be at least 65 years old or totally and permanently disabled, with income of no more than $28,600 for 2014. The program excludes the first $25,000 or 50% of the home’s appraised value plus the value of up to 1.0 acre of land, whichever is greater, from taxation. The state’s Circuit Breaker Tax Deferment Program limits property taxes to 4% of an owner’s income for those 65 years and older who make less than $28,600 a year for 2014. For those making between $28,600 and $42,900 for 2014, property taxes are limited to 5% of their income.

 

For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/

Real Estate

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Work Potential

With an employment growth rate roughly double the national average and a ~17% income growth rate the last 3 years, it's no surprise Raleigh's population has been growing. Most jobs are appearing in the science and technology sector, with the renown Research Triangle Park boasting large employers such as IBM.

  • Area
  • National Average

5 Largest Companies

  • State of North Carolina
  • Wake County Public School System
  • IBM Corporation
  • WakeMed Health & Hospitals
  • North Carolina State University

GDP Growth Last 3 Years

12.6%

Income Growth Last 3 Years

17.1%

Employment Growth Last 3 Years

10.5%

Top Industries Hiring

  • Professional, scientific, and technical services
  • Administrative and waste management services
  • Accommodation and food services
  • Retail trade
  • Healthcare and social assistance

Breakdown Fulltime vs Part Time over 65 (%)

  • Part Time over 65
  • Full Time Over 65

Occupation Breakdown (%)

  • Management, Business, Science & Arts (MBSA)
  • Natural Resources, Contruction & Maintenance (NRCM)
  • Production, Transportation, Materials & Moving (PTMM)
  • Sales & Office (S&O)
  • Service

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