In the past five years, Fair Market Rent for Asheville has skyrocketed. The estimated rent for a one-bedroom apartment has increased by 78% and has made the mountainous metropolitan area’s cost of housing as the highest in North Carolina.
Yet, Asheville is not the only North Carolina city facing steep rent increases, as well as the rapidly rising cost of homeownership. The Raleigh and Charlotte metros both saw increases of 54% in Fair Market Rent for a one-bedroom apartment, according to estimates from the U.S. Department of Housing and Urban Development.
Here’s a breakdown of where some of the most and least expensive areas to rent in North Carolina are.
Most expensive areas to live in? Metros and tourist towns.
Perhaps a no-brainer, North Carolina metros and tourist towns are the most expensive to live in. Asheville’s Metropolitan Statistical Area tops that list in every metric — meaning the area is estimated to be the most expensive from those looking for efficiency apartments to those looking to rent a four-bedroom house.
Yet, there are other areas which are just as expensive in certain metrics. Here are the most expensive metros North Carolina if you are looking for a two-bedroom apartment:
- Asheville (Asheville, Henderson, Madison counties): $1,680 a month.
- Raleigh (Franklin, Johnston, Wake counties): $1,646 a month.
- Durham-Chapel Hill (Chatham, Durham, Orange counties): $1,631 a month.
- Charlotte (Cabarrus, Gaston, Mecklenburg, Union counties): $1,554 a month.
- Wilmington (New Hanover County): $1,515
Least expensive counties for families?
As for those looking for a place that is more affordable, you may have to look outside of population centers — in some cases, a fair distance away from one. Of North Carolina’s 100 counties, 26 of them have the lowest estimate of $856 a month for a two bedroom.
For North Carolina families, a few counties halve the cost of Asheville’s FMR for three-bedroom units. Here are the 10 least expensive counties for those looking to rent three-bedrooms in North Carolina:
- Columbus County: $1,035
- Washington County: $1,035
- Alleghany County: $1,041
- Surry County: $1,053
- Mitchell County: $1,053
- McDowell County: $1,059
- Halifax County: $1,070
- Sampson County: $1,074
- Robeson County: $1,081
- Warren County: $1,089
Families moving to a new city? What do zip codes say?
Especially if you are moving for a new job or looking to relocate to work at one of the several major UNC System universities, you are likely to wind up searching for housing in a metro area.
During that search, there is a high chance you may stumble across certain areas of major cities that are more expensive than others — you might even be able to tell a difference based on where you look.
A few of these areas include a major tourist beach town and an area just outside of Asheville that has some of Western North Carolina’s most expensive mountaintop mansions. According to HUD, the homes and apartments in the following areas are the most expensive to rent out in North Carolina:
- 28480, near Wrightsville Beach: $3,000
- 28075, near Harrisburg and just outside of Charlotte: $2,900
- 28203, or in Charlotte’s South End Neighborhood: $2,900
- 28803, or Biltmore Forest: $2,760
- 28202, or Downtown Charlotte: $2,730
What is ‘Fair Market Rent?’
All of this data was sourced from the U.S. Housing and Urban Development website estimates for FMR for 2024.
Fair Market Rent, or FMR, estimates are produced by the U.S. Department of Housing and Urban Development and local public housing authorities. The number indicates how much it costs to rent a moderately-priced dwelling unit and determine payment standards for the Housing Choice Voucher program.
The number is calculated by taking the 40th percentile of gross rents for typical, non-substandard rental units occupied by recent movers, according to HUD. That means an area’s Fair Market Rent reflects that 40% of rental units cost as much or less than the estimated Fair Market Rent.
You can learn more about how Fair Market Rent is calculated at: https://www.huduser.gov/portal/datasets/fmr.html.
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Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network. Got a tip? Email him at WHofmann@citizentimes.com.
