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Inviting, Progressive and Liberal, Chapel Hill, North Carolina Draws Retirees Seeking Southern Charm, an Educated Populace, Leafy Neighborhoods and Great Food
Cost of Living: Above the U.S. National Average
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Lush and leafy, Chapel Hill (population 55,000) is located in north central North Carolina and is a slightly rural college town that grew up around the University of North Carolina (population 25,000), the oldest state-supported university in the U.S. It is part of the Raleigh/Durham/Chapel Hill "Triangle," with North Carolina State University, Duke University and one of the largest and most reputable high-tech research parks in the nation, the Research Triangle Park, just down the road. Professors, university staff and RTP employees live in Chapel Hill, and as a result, its residents are generally liberal, affluent and well-educated (73% of adults have at least a baccalaureate degree and 45% have an advanced degree). Twenty-three percent of them are age 45 or better.
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Cosmopolitan but with a small town charm, Chapel Hill is known for its engaging music scene, stimulating foodie culture and genteel hospitality. Well-kept neighborhoods, a healthy downtown, agreeable weather and good medical facilities are a few reasons why retirees come here. It is a very livable place and exudes the easygoing confidence of a slightly funky, generally prosperous city. And while the University definitely gives parts of Chapel Hill a very youthful atmosphere, there are sections of the city that have a very suburban, family feeling. The overall cost of living is about 18% above the national average. The crime rate meets the national average, and the unemployment rate is 25% below the national rate.
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Chapel Hill's median home price is $310,000, well above the national median, and house values have remained fairly steady for the last year. The city dates from 1752 and its long history is reflected in much of its architecture. Many beautiful, older residences and country homes with lots of Southern character give lush, tree-canopied neighborhoods a regal flavor. Prices in the $400,000s, $500,000s, $600,000s in such neighborhoods are common. There are newer homes, too, many built in the years building up to the Recession. Some of the more affordable home developments, although not age-restricted, include Briar Chapel-Newland (single family homes from the low-$200,000s) and Rosewalk at University Lake (town homes from the mid-$200,000s).
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Every four years properties in Chapel Hill are reassessed and values adjusted. Currently, the property tax rate is roughly 58 cents per $100 of taxable value, and taxable value is 100% of appraised value. Owners receive a homestead exemption of either $25,000 or 50% of the appraised value of real property, whichever is greater, if the owner is 65 years of age or better or is disabled and if the disposable income of the owner does not exceed $25,600. There is also a circuit breaker program for people age 65 or better. Social Security is exempt from state taxation. At least $4,000 in federal, state and local pensions is exempt as well, as is up to $2,000 for qualified private pensions, including IRAs.
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Chapel Hill has plenty of activities to keep any retiree happy and involved. For peole who appreciate a college atmosphere and all that goes with it, downtown is the place to be. More than 300 shops, music venues, pubs, bookstores (The Bookshop has one of the largest collections of used and collectable books in the South), cafes, coffee shops, boutiques and other various specialty stores attract tourists and locals alike. This is the place to people watch as the area usually hums with activity.
Musical acts as diverse as James Taylor and the Squirrel Nut Zippers have gotten their start in Chapel Hill, and today new acts continue to hone their skills in dozens of clubs and taverns. Jazz and bluegrass festivals, concerts and fairs bring neighbors of all ages together for good food, great music and in the process bolster a strong community spirit.
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Several of the city's markets and restaurants, in particular Foster's Market and Caffe Driade, have achieved a certain level of fame by being featured on such shows as Martha Stewart Living and $40 a Day with Rachael Ray. There are specialty markets (Fresh Market and Weaver Street Market, one of the largest organic markets in the U.S.), outdoor markets and gourmet markets. One gourmet market in particular, the award-winning A Southern Season, spreads out across 60,000 sq. ft., brings in world-renowned chefs to teach cooking classes and has been described by the New York Times as "a wall to wall and floor to ceiling visual and gustatory delight." Eateries range from posh, white table cloth establishments to more down home spots such as Breadman's, the original 24-hour restaurant. In fact, Chapel Hill has such a robust foodie culture that Bon Appetit magazine has called it "America's foodiest small town."
And, of course, the UNC Tar Heels give residents plenty of exciting sporting events to attend during all seasons. For people who would rather participate in sports than watch them, golf courses are plentiful throughout the city, and the city's parks and recreation department has programs and events for people age 55 or better. In the surrounding region lakes abound for boating, swimming and fishing, and two hundred hiking and bicycling trails are within a 60 miles radius.
Museums, historic plantation homes, the Coker Arboretum, the Forest Theatre, the Morehead Planetarium, Montrose Gardens and more contribute to Chapel Hill's cultural ambiance. Parks, wooded areas and even the beautiful UNC campus give residents ample green spaces for walking, bicycling or rollerblading! Chapel Hill Transit, the local bus system, is completely free and is thorough enough that a car is almost unnecessary.
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Health care facilities in Chapel Hill are very good. North Carolina Memorial Hospital is owned by the state of North Carolina and is part of a non-profit integrated health care system that stretches throughout seven North Carolina counties. NCMH has 675 beds, is a Level I Trauma Center, a teaching hosptial and winner of the 2011 Outstanding Patient Experience Award from healthgrades.com. It accepts both Medicare and Medicaid patients. The UNC School of Medicine is a top research and training facility, and just down the road in Durham, Duke University Hospital is another nationally-ranked medical center.
There are two senior centers, the Chapel Hill Senior Center and the Northside Senior Center, both managed by the city. SeniorNet Chapel Hill is a group that offers computer, tax preparation and financial management classes to anyone age 50 or above.
The climate is moderate, with mild winters (temperatures in the 30s and 40s) and warm, sometimes hot, summers with temperatures in the 80s and 90s. Snow is rare, but the city receives 4 to 5 inches of precipitation per month year round. Humidity is usually in the 80% vicinity in the mornings and drops to around 50% during the afternoons. On the comfort index, a combination of humidity and temperature, the city comes in below the national average. The sun shines 215 days of the year. Both the air quality and the water quality are above national averages.
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A Chapel Hill retirement has some drawbacks. Although it is large enough not to be completely overwhelmed by the University, it is a college town and sometimes wrestles with related issues (rowdy football crowds, etc.). The city has grown 10% in the last decade, increasing traffic and housing sprawl. It is not a really walkable city, and some of the newer neighborhoods have an unfinished feeling. Not all residents share in the city's prosperity - the poverty rate is above the national average.
Despite these downsides, Chapel Hill remains a very appealing place. Retirees looking for a liberal, progressive Southern city with an academic atmosphere and a rich quality of life will want to add Chapel Hill to their list of great retirement spots.
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North Carolina Real Estate Active Adult
Developments in Chapel Hill NC Retirement Communities
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