Buncombe will commit to creating or preserving between 2,800-3,150 affordable housing units by 2030, requiring new county investments of an estimated $54 million. Up to 1,850 of those units would be rental properties affordable to residents making 80% or less of the area median income.
Down from 460 homes in November 2014, only 63 houses listed at less than $200,000 were available for sale in Buncombe County as of July 2019. Median rental costs in the area have also increased at a 5.4% annual rate over the same period.
Surrounded by mountains and crammed into a 45-square-mile valley, the city of Asheville is bursting at the seams, suffering from a severe housing shortage, skyrocketing rents and home prices, overcrowded streets with no place to park, and an abundance of lower-paying, tourism-based jobs.
