Asheville Citizen-Times: Asheville cost of living: Gap between prices and income could grow, despite rising wages

A for sale sign in front of the home in West Asheville March 31, 2021.

Asheville Downtown Commission member and long-time affordability advocate Andrew Fletcher said he thinks housing might cool from current levels, but it will not be a repeat of Great Recession’s burst housing bubble when easy loans brought many into the market.

Andrew Fletcher

“If you look at what is driving demand, it is a transference of high wealth to here. And I don’t see that abating, especially with work from home not reducing and the boomers still retiring.” 

A result, Fletcher said, is many who have lived in Asheville for years being forced outside the city. That means, “more traffic, more gentrification and higher cost of living, because that’s gasoline you are paying for.”