Yahoo Finance This North Carolina Town Is a Retirement Hotspot — Is It Affordable?
The village of Pinehurst, North Carolina, recently edged out Hilton Head Island, South Carolina, to become the top retirement town in the country, according to Zillow rankings. But is the small town really affordable?
See: 10 Ways for Retirees To Cut Back on Expenses in 2024
Find: 3 Things You Must Do When Your Savings Reach $50,000
“Affordability was the word on home shoppers’ minds this year, and it shows in the most popular cities that buyers on Zillow gravitated toward,” Zillow chief economist Skylar Olsen said in a press release. “Heading into next year, the winds appear to be shifting just a bit. Buying a home will still be expensive in much of the country, but more listings and much flatter home price growth will make life easier for home shoppers.”
Read: This Is the Minimum You Need Saved for Retirement in Every State
Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.
Picturesque Landscapes and Lovely Golf Courses Abound
According to Home and Money, Pinehurst Village — located in the state’s Sandhills, just an hour west of Fayetteville — is famous for its striking landscape and its many golf courses.
“If you’re looking for a spot to settle down where you’ll have easy access to all of life’s finest amenities, this is it. Pinehurst is a wonderful place to live, and we think you’ll agree after seeing it for yourself,” Home and Money added.
Yet, when it comes to living costs, 24/7 Wall Street reported that the total cost of housing, food, child care, transportation, health care, taxes and other necessities for a single adult in Pinehurst is $40,728 a year — greater than the annual cost of living for North Carolina of $38,661 and greater than the national figure of $38,433.
And when it comes to housing prices, the numbers are higher as well. According to Zillow data, an average Pinehurst home is $486,250, which is up 4.6% over the past year. This is a staggering 41.9% increase compared to the average United States home value, which is $342,685. The average U.S. home value has grown 2.6% over the past year, according to Zillow.
More From GOBankingRates
I'm a Bank Teller: Here Are 10 Mistakes You Are Making With Your Banking
Use This Checklist To See Whether Your Bank is Costing You a Lot of Money
This article originally appeared on GOBankingRates.com: This North Carolina Town Is a Retirement Hotspot — Is It Affordable?
