828.348.1907 Zachery@GoPrime.com
Asheville 7th in the Nation for Renter Wage Gap

Written by Zachery Adam

August 23, 2021

Asheville Ranked 7th in the Nation for Renter Wage Gap

Asheville Ranked 7th in the Nation for Renter Wage Gap: Alternatives to Renting in the Area

A recent study reported by local news channel WLOS, ranked Asheville in the top ten cities in the US with the most significant renter wage gap. While the disparity has been exacerbated by the end of the CDC’s moratorium on evictions during the pandemic, experts suggest this is merely an acceleration of economic situations in these areas of the country as rents increased faster than incomes.

The average rent in Asheville is currently around $1300 per month for approximately 1000 square feet of living space. And with a lot of our economy based in the service and hospitality industry where pay is often tip-based, the ability to rent affordably in the city is challenging at best.

In the study, Asheville ranked 7th for the renter wage gap among midsized metro areas, with several California cities ranking higher. The only non-California cities high on the list were the Naples area in Florida and Honolulu, Hawaii.

But what does this mean for Asheville? If you’re wondering what’s on the horizon, now is a great time to look into alternatives to renting, including buying a home.

Talk with a Mortgage Lender

If you are a renter who thinks buying a home will better use your finances, now is the perfect time to talk to an independent mortgage lender. We always recommend this as the first step to help you see your budget and how you might qualify for the various loan programs currently available. For many renters in Asheville, the FHA loans can provide an avenue to homeownership.

FHA Loan Requirements

FHA loans have less strict requirements than conventional loans, so it may be helpful to see if you qualify. The requirements include:

  •       A credit score of 580 or more
  •       3.5% of the sale of the home as the down payment
  •       15 or 30-year term mortgage
  •       Mortgage insurance premium required

It’s also helpful to have a debt to income ratio of less than 57% and a housing ratio of 31% or less. To find out more about these requirements if you are a renter, contact a member of the GoPrime Mortgage team today.

Advantages of Having an FHA Loan

If you are a renter and still thinking about whether this is the best solution for you, it may be helpful to consider these advantages. For example, the credit requirements are lower, but FHA loans also have a shorter timeframe since an adverse credit event. That means you don’t have to wait as long to apply after a bankruptcy or foreclosure as you would for a conventional mortgage. You can also get a lower down payment, and the process is more lenient for those who are getting funds as a gift from family.

To learn more about buying a home with an FHA loan, talk to the team at GoPrime Mortgage in West Asheville today.

Do you want to understand the mortgage process better and get preapproved for your next home purchase? Call the team at GoPrime Mortgage today. GoPrime Mortgage in West Asheville is here to help. Call us today at 828-348-1907 – GoPrime Mortgage in West Asheville.

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As a first-time homebuyer, you may believe that you have to get your loan through a bank or credit union. But that’s not the case. An independent mortgage lender often provides more options than a bank can. Shop around. See who gives you the best deal on a mortgage loan that’s right for your circumstances. You may be surprised.

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GoPrime Mortgage, Inc. offers a wide range of mortgage loan types. To understand the differences, read this page and then talk to Zachery Adam and his Team.

Zachery Adam

Zachery Adam

Branch Manager, Loan Officer

"What we do is so far more important than lending and buying houses. We are in the business of facilitating dreams and honoring the start of a new home.” 

Daniel Priest

Daniel Priest

Loan Officer

"I enjoy working with clients new to the homebuying process. Remembering what it was like for my family, I will take my knowledge of the mortgage process and make it easier.” 

Teona Rodriguez

Teona Rodriguez

Marketing

"“I wake up every morning with incredible appreciation. I love what I do.” ” 

Jordynn Webb

Jordynn Webb

Loan Officer Assistant

"My eventual goal is to become a loan officer. I love working within the community and being a part of the GoPrime Mortgage team.” 

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