Asheville, NC
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
4.89×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs North Carolina
- 3.36×
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
moderate
Rent to income
27.2%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs North Carolina
- 25.2%
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.61%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs North Carolina
- 4.41%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.32%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs North Carolina
- 0.20%+0.12
- vs U.S.
- 0.03%+0.30
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
7.43
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs North Carolina
- 7.51
- vs U.S.
- 3.52+3.90
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.2%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs North Carolina
- 3.5%-0.3
- vs U.S.
- 3.9%-0.7
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+56.9%
homeValues.yearOverYear
-0.9%
Median home value
$338,400
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,429 | $17,148 | 24.8% |
| 2 BR | $1,567 | $18,804 | 27.2% |
| 3 BR | $1,905 | $22,860 | 33.0% |
Labor market direction
Unemployment
3.2%
Median household income
$69,236
What's being built
Total TTM
3,486
Single-family
2,123
2–4 unit
24
5+ unit
1,339
All 4 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Buncombe County | 269,449 | $360,000 | $70,578 | 1,806 | |
| Henderson County | 116,469 | $317,800 | $67,623 | 1,118 | +16.1% |
| Haywood County | 62,152 | $254,900 | $61,001 | 425 | -2.5% |
| Madison County | 21,414 | $263,500 | $58,628 | 137 |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Asheville | 469,484 | $69,236 | 4.89× | 3.61% | +56.9% | 7.43 | 3.2% |
| Visalia, CA | 473,446 | $69,489 | — | — | +51.3% | — | 10.2% |
| Killeen-Temple, TX | 477,577 | $67,203 | — | — | +51.7% | — | 4.4% |
| Port St. Lucie, FL | 494,081 | $72,506 | — | — | +62.2% | — | 5.0% |
| Myrtle Beach-Conway-North Myrtle Beach, SC-NC | 496,299 | $64,623 | — | — | +65.0% | — | 5.9% |
| Lexington-Fayette, KY | 515,954 | $70,717 | — | — | +59.0% | — | 2.9% |
Where people are moving in from
Net migration
+1,522
+0.32% of population
| Origin county | Tax returns |
|---|---|
| Buncombe County, NC | 1,868 |
| Henderson County, NC | 851 |
| Mecklenburg County, NC | 382 |
| Haywood County, NC | 363 |
| Wake County, NC | 322 |
| Transylvania County, NC | 240 |
Who lives in Asheville
- Median age
- 44
- Bachelor's+
- 41.2%
- Owner-occupancy
- 68.2%
- Vacancy rate
- 19.5%
- Rent burdened (30%+)
- 46.8%
- Median household income
- $69,236
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.