The 828 is constantly growing and regularly undertaking new developments, so let’s discuss the cost of planting some roots in Asheville.
The median household income in Asheville is $63,810, according to the US Census Bureau’s last report in 2022. State-wise, NC is No. 40 in the country for median income at ~$61,972 per household.
The overall cost of living in Asheville is ~6% higher than the national average and ~16% higher than the rest of the state.
In Asheville, the cost of healthcare is higher than other parts of the state + the US. And groceries, housing, and other miscellaneous expenses in the city have higher average costs than in other cities in the Tar Heel State and in the country overall.
Breaking down the numbers
Hypothetically speaking, if you live in a household that brings in ~$63,800 annually, your max monthly budget for rent and utilities should be about $1,595 (30% of your monthly gross income). The average monthly rent for an apartment in Asheville is $1,719 — putting you over budget.
Meanwhile, if you’re wondering how much you can currently afford to spend on buying a home in Asheville, try using SmartAsset’s cost calculator. Factors like your marital status, annual pretax income, down payment, and monthly debt, will help determine that figure.
According to BestPlaces, the median home cost in Asheville is $428,500 — although additional reporting, like data showing the Asheville and Buncombe County real estate market analysis from Q1, shows a median home cost of $465,000.
While we’re crunching numbers, let’s also take a look at the chart below to see how Asheville’s cost of living compares to that of Charlotte’s.
Interested in seeing Asheville’s cost of living compared with cities in other states? We played around on NerdWallet’s cost of living calculator, where you can put in any city along with your current pretax household income to find out what other cities you could afford to live in.
We took a look at the cost of living in Asheville compared with Richmond, VA. After all, it’s also a riverfront city with rich arts and a delicious food scene. Here’s what we found:
- The cost of living is 3% lower in Richmond.
- To maintain our standard of living, we would need to bring in $61,656 to our Richmond household.
- The median monthly rent for a two-bedroom apartment is $1,363, which is $80 less than in Asheville — plus, a median home price (3BR, 2BA) is $88,865 less in Richmond.
Local housing + developments
Asheville has organizations such as the Mountain Housing Opportunities, Thrive Asheville + other government-funded programs that are working to help develop more affordable housing units.
There are also a number of entities working on apartments seemingly all the time — from turning county-owned property on Coxe Avenue into affordable housing to a 234-unit complex coming closer to fruition in the RAD.
