Asheville's Housing Market Continues to Thrive
Encouraging forecasts for the Asheville housing market revolve around an impending population boom. Census data put Asheville’s population at 87,236 last year, while Buncombe County, which includes Asheville, was home to just under 248,000 people in 2013, a number projected to rise to 254,601 this year — and 300,000 by 2030. The forecast, alone, is enough to peak the interest of Asheville real estate investors.
“We have one thing about us that’s unique — we grow every year, and we’ve been doing that every year for the past 40 years,” said Tom Tveidt, an economist and founder of Syneva Economics, an Asheville economic research firm.
With population on the rise, it is impressive that Asheville maintains an unemployment rate of 3.9 percent. At sub-four rates, Asheville’s unemployment is better than the local county (4.2%), all of North Carolina (5.2%), and the national average (5.4%). On top of this, the cost of living in Asheville is 10.2 percent lower than North Carolina’s average. The average homeowner in the Asheville real estate market needs to make just $45,900 to accommodate a “comfortable” lifestyle.