Housing market report looks at challenges in Asheville and surrounding counties

Housing market photo illustration

 

The City of Asheville is releasing the Regional Housing Needs Assessment. The purpose of this report is to conduct a Housing Needs Assessment of the four-county region that includes and surrounds the city of Asheville. The four counties evaluated in this report include Buncombe, Henderson, Madison, and Transylvania. This evaluation takes into account the demographics, economics and housing supply of the region, along with the input of area stakeholders, and estimates the housing gaps and needs of the study area between 2019 and 2024.

 

The report provides a comprehensive update to the regional study completed in 2014-2015.  The report supports what City staff already know: Access to affordable and safe housing remains a challenge for those living and working in Asheville and the surrounding counties. Summarized below  is a snap-shot of the report’s findings and examples of the work the City is currently undertaking to meet our residents’ housing needs. 

 

Report highlights

The market has an insufficient rental housing supply, particularly among affordable rental alternatives.

  • The City continues its work to add to the housing supply. In Asheville, 45% of renters are cost burdened (20.7% of homeowners are cost burdened). In 2019,the City approved funding to support the construction and rehab of more than 300 affordable units in Asheville. 

Despite the number of new units added to the housing stock in recent years, many of the region’s households are living in cost-burdened and substandard housing situations.

  • The City has HOME Investment Partnership and Community Development Block Grant funding to support emergency repairs on substandard housing (income restrictions apply). Individuals can reach out to the Community and Economic Development Department for more information on how to apply. HOME funding is for all four counties. 

The inventory of available for-sale housing that is affordable to moderate-Income households has diminished drastically.

  • The City recognizes the challenge in supporting the construction and rehabilitation of for sale homes. In 2014, there were nearly 2,000 for sale homes in our region under $300,000. Today, only about 760 exist at any given time. The City continues to look for opportunities, partnerships, and funding to create affordable housing for sale. 

 

Where to learn more

The full report is available online at this link.

 

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