Cost of Living in Asheville, NC

An Overview of Cost of Living in Asheville, NC

Are you thinking about relocating, but curious about the potential cost of living in Asheville? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Asheville stands at 113, making it 13% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs are a major factor in the Asheville cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 44.9% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Asheville?

Nobody knows their city better than the people who actually live there. So, we asked 46 local residents how they would rate the cost of living in Asheville and this is how they responded. 20% of people said that the cost of living was affordable, with prices decreasing, while 80% of people said that the cost of living was very expensive and prices continue to rise.

Is Asheville Affordable?

Is Asheville an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Asheville is 58% higher than the national average, while the average monthly rent prices are 14.2% higher than average. The affordability of any location can also be influenced by median income levels. Asheville has a median household income of $53,621, which is 3.1% lower than the national average.

What Factors can Influence the Cost of Living in Asheville?

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Asheville, the groceries index is 2.5% lower than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Asheville starts at 4.75% and the income tax rates start at 4.99%.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Asheville, healthcare costs are 9.7% higher than the national average.

Where is the Data From?

The Asheville cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.