US cities with ‘impossibly unaffordable’ housing markets, per report
Researchers found the least affordable housing markets by comparing average incomes with average home prices.
Among 739 census-designated places in North Carolina, some stand out from the rest when it comes to resident income, home value and more.
Using data from the 2022 U.S. Census Bureau’s American Community Survey five-year estimates, Forbes compiled a list of the richest cities in N.C. based on median household income, average household income, median home value and median property taxes paid.
Here’s what they found.
More: Answer Man: How many residents qualify for affordable housing in Asheville?
Biltmore Forest richest city in NC
Based on the statistics Forbes used, Biltmore Forest located in the Asheville metro area was the richest location in the state, with a median household income of $173,750.
The town also has the highest median home value in N.C., a reported $1,074,500. Average household income is the second highest in the state at $317,802 across 580 households.
Median is the midpoint in a series numbers arranged in order of largest to smallest. For instance, the median of 1, 3, 8, 15, 22 is 8. Average is the sum of all numbers in a set divided by the number of numbers in the set. The average of 1, 3, 8, 15, 22 is 9.8.
Previous reporting from the Asheville Citizen Times showed that Biltmore Forest’s budget allocation for affordable housing is $0 as of 2024. Taxes have not increased in the town since at least 2021.
More: Asheville spends millions on affordable housing; its neighbor, NC’s richest town, $0
What are the richest cities in NC?
Forbes added a few notes on its list of 50 cities. First, writers mentioned that the Grandfather, while second highest on the list, is a tiny village of only 36 total households in a fully gated community within the Grandfather Golf and Country Club. Also mentioned was the largest city on the list – Cary, with 64,512 households, in 23rd place in the state.
For the full list of 50, visit the Forbes webpage. Here are the top 10 richest locations in N.C.:
- Biltmore Forest – 580 households, $173,750 median household income, $317,802 average household income, $1,074,500 median home value, $7,287 median property taxes paid.
- Grandfather Village – 36 households, $173,750 median household income, $329,828 average household income, $916,700 median home value, $3,000 median property taxes paid.
- Governors Club – 858 households, $195,682 median household income, $274,104 average household income, $802,600 median home value, $6,018 median property taxes paid.
- Marvin – 1,815 households, $221,350 median household income, $255,494 average household income, $686,600 median home value, $5,072 median property taxes paid.
- Bald Head Island – 89 households, $121,458 median household income, $205,078 average household income, $888,400 median home value, $8,625 median property taxes paid.
- Lake Norman of Iredell – 4,248 households, $162,143 median household income, $224,096 average household income, $695,000 median home value, $3,702 median property taxes paid.
- Wrightsville Beach – 1,242 households, $111,346 median household income, $158,222 average household income, $855,700 median home value, $4,716 median property taxes paid.
- Weddington – 4,179 households, $152,377 median household income, $194,027 average household income, $549,200 median home value, $3,556 median property taxes paid.
- Walnut Creek – 503 households, $150,938 median household income, $221,383 average household income, $394,800 median home value, $3,706 median property taxes paid.
- Davidson – 5,292 households, $141,845 median household income, $183,102 average household income, $478,000 median home value, $4,187 median property taxes paid.
More: Tax-free weekend in NC was repealed in 2014: Here’s how to get deals in SC
Iris Seaton is the trending news reporter for the Asheville Citizen Times, part of the USA TODAY Network. Reach her at iseaton@citizentimes.com.
