On the Rise

Over the years, Asheville has become iconic for its bustling metropolitan atmosphere nestled between rural mountain towns. As the city’s popularity has grown, so has its housing costs. In fact, the rental costs in Asheville are the highest in North Carolina, outdoing even major cities like Raleigh and Charlotte. Take an up-close look at recent data below.

1. Asheville’s rent has increased by 25% in the last year.
2. Depending on the county, minimum wage workers must work between 71 to 133 hours in order to afford to rent a two bedroom apartment. 
3. Over the next three years, the demand for affordable rental housing will only rise. A projected increase of an additional 6,300 rental occupied households are expected to be needed in WNC, a 5.1% increase from 2020. 
4. Compared to white households, minority households are less likely to be able to afford to purchase a home. In WNC, 49.1% of minority households earn less than $40,000 per year, while only 39.7% of white households earn less than that.
5. Of those 6,300 households, Buncombe County will bear the brunt with an estimated 3,380 rental occupied households—nearly 70% of the projected increase, with Madison, Jackson, Transylvania, Cherokee, Clay, and Haywood counties following behind.
6. In Western North Carolina, over 125,000 residents have an income level below the poverty line. 

For more information, check out recent studies done by Apartment List and the Dogwood Health Trust.