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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.

 

 

 

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