How much does it really cost to retire in Wilmington?

Wilmington has plenty of qualities retirees look for, from a coastal setting to year-round things to do. But before making a move, there’s one big question to answer: How much does it actually cost to live here?

There isn’t one number that will fit every retiree. Housing, insurance, taxes and everyday spending can make a big difference, especially depending on whether you plan to buy, rent or already own a home.

Here’s a look at some of the costs to consider when planning a retirement in Wilmington.

Key takeaways

• The bigger picture: A 2026 Investopedia analysis estimates a comfortable retirement in North Carolina costs about $53,382 a year for one person and $75,268 for a typical retired couple.
• The details: Wilmington home prices are in the mid-$400,000s, while coastal insurance can add a significant expense for homeowners.
• Why it matters: Your housing situation and insurance needs can make your Wilmington retirement budget look very different from statewide averages.
• The more you know: North Carolina does not tax Social Security benefits, which may help retirees keep more of their income.

How much might you need each month?

A recent Investopedia analysis offers a useful starting point. It estimates that living comfortably in North Carolina costs about $53,382 per year for a single retiree and $75,268 for a typical retired couple.

That comes out to roughly:

• Single retiree: $4,449 per month
• Retired couple: $6,272 per month

The estimates include housing and most everyday living expenses, but Investopedia notes that they do not account for some costs that vary widely, including state income taxes and potential long-term care expenses.

Your actual Wilmington budget could be higher or lower depending on where and how you choose to live.

Housing will be one of the biggest expenses

Buying a home in Wilmington can take up a significant portion of a retirement budget.

According to Redfin, Wilmington’s median sale price was about $479,760 for the three months ending in July 2026. Other housing trackers put the figure somewhat lower, making the mid-$400,000s a reasonable range to expect when looking at the market.

Renting can eliminate some of the expenses that come with homeownership, but monthly rent still needs to be factored into your retirement income.

Before settling on a home, consider more than the purchase price:

• Mortgage or monthly rent
• Property taxes
• HOA fees, if applicable
• Homeowners or renters insurance
• Maintenance and repairs

Living near the coast can mean higher insurance costs

Homeowners insurance is another expense worth researching before buying in Wilmington.

Rates can vary considerably depending on a home’s location, value, coverage limits and deductibles. Insurify estimates an average annual premium of about $12,087 in Wilmington for a policy with $300,000 in dwelling coverage and a $1,000 deductible.

That doesn’t mean every Wilmington homeowner will pay that much. Estimates vary widely, and properties closer to the water or with different coverage needs can have very different premiums.

Flooding is another consideration. Standard homeowners insurance generally does not cover flood damage, meaning some homeowners may need or choose to purchase separate flood insurance.

Before buying: Get insurance quotes for the specific property you’re considering rather than estimating the cost based on the home's purchase price alone.

What about everyday expenses?

Even if your home is paid off, there are still plenty of monthly expenses to account for.

Current cost-of-living estimates put basic expenses for one person in Wilmington at roughly $1,000 or more per month before housing, although the actual amount will depend on lifestyle.

Your monthly budget may include:

• Groceries
• Electricity, water and internet
• Transportation
• Health care and prescriptions
• Dining and entertainment
• Home maintenance
• Travel and hobbies

These expenses may seem small individually, but together they can make up a considerable part of a retirement budget.

Taxes may offer retirees some advantages

North Carolina has a few tax rules worth knowing before retirement.

According to the N.C. Department of Revenue, Social Security benefits are not subject to North Carolina income tax. The state’s individual income tax rate is 3.99% for 2026, which can apply to other taxable retirement income.

Property taxes will depend on where you live.

For the 2026-27 fiscal year, the combined City of Wilmington and New Hanover County property tax rate is 63.75 cents per $100 of assessed value for homes within Wilmington city limits.

For example:

• $300,000 assessed value: about $1,913 per year
• $400,000 assessed value: about $2,550 per year
• $500,000 assessed value: about $3,188 per year

Those examples are based only on the combined city and county rate and do not account for other applicable taxes or exemptions.

So, is Wilmington affordable for retirement?

It depends largely on the retirement you have planned.

Someone who owns a home outright may be able to live comfortably on considerably less than someone taking on a mortgage in Wilmington’s current housing market. Insurance, health care, travel and how often you dine out or participate in paid activities will also affect the total.

As a starting point, Investopedia estimates a comfortable North Carolina retirement at about:

• $53,400 per year for one person
• $75,300 per year for a couple

From there, look closely at your expected housing, insurance, taxes and everyday spending to determine what Wilmington would cost for you.

The most important number isn’t necessarily the average. It’s what your own monthly expenses would look like once you get here.

FAQs

Does North Carolina tax Social Security benefits?

No. According to the N.C. Department of Revenue, Social Security benefits are not subject to North Carolina income tax.

How much are property taxes in Wilmington?

For fiscal year 2026-27, the combined City of Wilmington and New Hanover County property tax rate is 63.75 cents per $100 of assessed property value for homes within Wilmington city limits.

How much does homeowners insurance cost in Wilmington?

There isn’t one standard price. Costs depend on factors such as the property, location, coverage and deductible. Insurify estimates an average of $12,087 annually for $300,000 in dwelling coverage with a $1,000 deductible, but individual quotes can vary significantly.

How much does a retired couple need to live in North Carolina?

Investopedia estimates that a typical retired couple would need about $75,268 per year to live comfortably in North Carolina. A single retiree would need about $53,382 annually, although actual expenses vary by household.