Should You Rent or Buy in Asheville?

People are flocking to Asheville and it’s no surprise! The gorgeous mountains offering plenty of outdoor excursions of all types, eclectic lifestyle, and a slew of fabulous restaurants and breweries make it easy to want to be here. When you factor in the low cost of housing, and overall lower cost of living, Asheville becomes even more attractive. Before you jump into a moving van, let’s consider whether you should buy or rent.

 

Rent Is a Fantastic Intro

Renting a place is simply a wonderful way to settle into the area and immerse yourself into Asheville culture. Each part of the town has its own sense of self. Downtown is typically where the tourists hit for a fun time and is chock full of boutiques and restaurants. Over on the westside, you will find lots of events and plenty of locally run businesses. The southside has become the place for young and upcoming people who want to experience a bit of Asheville luxury. The North and East sides have traditionally appealed to families. Renting allows you to choose an area and get to know it before committing to a home purchase. A two-bedroom apartment will easily run you $1200 per month in Asheville so be sure you are not eating into any money you are saving for a home purchase. Availability is impressive considering that apartment complexes are opening at breakneck speed.

If you aren’t in the position to purchase a home at the moment, renting is also a great way to make the move and save up for your own home in the future. Be sure that your income will allow for you to grow into the position of purchasing a home in the future. While Asheville has an abundance of employment, most of those jobs are in the tourism sector and do not pay well enough for a single person to save for a home. However, Asheville is a great place to start your own business. People here love to support the small and local businesses! Due to the high cost of renting, it’s wise to make renting a temporary endeavor when you move to the area.

 

Home is Where Your Heart Is

The ultimate recommendation is to purchase your home now before prices rise. Currently the median cost of a home in Asheville is approximately $250,000- $350,000 for a 2-bedroom home, depending on the area you are looking to move into. Those prices are rising making buying now more attractive than waiting it out. However, Asheville is also growing with plenty of new homes being built by developers to answer to demand. With a growing housing market, it gives you a little more buying power in negotiations over property.

It’s also important to consider property taxes into your housing budget. All Asheville City residents pay the city property tax and property taxes to Buncombe County. It is one of the issues some lifelong residents have had with the taxation, however, it’s considerably less expensive than other parts of the country.  Our homeowner’s insurance is typically lower as well. We don’t experience hurricanes, tropical storms, or tornadoes in the area which lend to a lower premium. Some areas near rivers and creek may be prone to be flooding and could raise your rates but even that is lower in cost in comparison to some of the bigger storms and weather epidemics seen in various portions of the country.

Given that current rental fees are comparable to mortgages in the Asheville area, it would just make sense to purchase and pay the same for a mortgage rather than lose the equity by renting. According to the Asheville Chamber of Commerce, the cost of living in Asheville is below the national average. Their cost of living calculator is especially helpful for you to use to consider how a move to Asheville can affect your finances.

Call now to an experienced Asheville real estate expert at Hi Alta Real estate today.

 

 

 

Baby Boomers Find What They Want in Asheville

In 2013, the average age of citizen in Asheville was 38 years old. In the last four years, Asheville has seen significant population growth. While we attract all walks of life and ages, baby boomers have found their home here easier than any other age group. We have curated a top five list on why that is!

 

  1. Freedom to Work – Our typical vision of retirement is one in which we don’t work at all and we spend our days doing the things that we desire. Perhaps that is learning the woodworking or growing a garden, those things that we put off during our working years because it was so time consuming. However, baby boomer have been changing how we live retirement and one thing many baby boomers want is the freedom to work if they choose to. This does not translate into a 40-hour a week, 9 to 5 position either. Baby boomers want work that fills their souls and one in which they can control. Given Asheville’s love for local business, many baby boomers are able to work out of their home crafting an art or doing a side job of some kind that gives them a sense of purpose and allows them to meet new folks during retirement. Many are able to make extra funds to pay for extra curriculars and save their retirement funds for the bills to sustain their life.
  2. Diverse Dating Scene – If Asheville is known for anything, it’s the diverse and eclectic lifestyle we so readily accept here. This also extends into the dating scene and with divorce rates over 50% these days, this means plenty of dating opportunities for the single baby boomer. Not only are their dating opportunities, there are a plethora of exciting and interesting things to do with your date! So even if you are a partnered baby boomer, there is still some great things to do in the area for you and your loved one.
  3. We are Health Conscious – Many baby boomers are starting to feel the effects of aging and this is the perfect area to find what you need for taking care of your body. We have gyms in each sector of the city and the environment lends its own natural ways to work your body. Hiking, biking, and walking groups are plentiful here. Additionally, if you are looking for mindful grocery stores that carry healthier food options, we service your needs through Co-Ops and local grocers who go out of their way to bring the best in organic and lower processed foods. Lastly, Mission Hospitals offers some of the best medical care in the area. Many of our Western medicine doctors will also work in conjunction with holistic health options to give you the best in medical care.
  4. Volunteering Opportunities Everywhere – A large portion of baby boomers are looking to volunteer more and give back to community, something they largely could not do during their working years. Combined with the fact that they have seen more political strife and rebellion than any other generation, baby boomers are simply more likely to vocalize their concerns for community and join forces to make big change in the world. Asheville is a hotbed for causes of all kinds. Whether you are working to help the homeless, domestic violence and rape survivors, or advocate for political change, there is always someone here in need of a volunteer to care for the community.
  5. School Isn’t For the Young – While the baby boomer was working, and possibly raising a family, there just wasn’t much time to learn a new language or a skill that they would’ve liked. Asheville fulfills that need through several businesses and the local community college. Whether it’s learning a musical instrument, or writing your memoirs, it’s easy to fill your time with some classes to keep the mind learning.

Baby boomers are living longer than their parents did and have more energy to live the retirement they want. We simply cater to their needs and empower our baby boomers to live a life they want!