BiggerPockets Daily Months After a Generational Storm, Here's How Asheville is Recovering
Jan 23, 2025
Asheville is on the road to recovery after Hurricane Helene, with its real estate market facing significant challenges. The storm left behind widespread damage, impacting home sales and rental prices. Local residents are grappling with rising costs and taking on multiple jobs to make ends meet. Tourism, a vital part of Asheville's economy, is slowly rebounding, yet still feels the effects of past disasters. Grassroots efforts and expert insights shed light on the community's resilience and future prospects as they rebuild.
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Asheville's Devastation and Recovery
- Asheville, NC, experienced devastation from Hurricane Helene, impacting areas like Biltmore Village.
- The city is slowly recovering, with restaurants and hotels reopening.
Asheville's Housing Bubble
- Asheville's popularity as a tourist destination inflated housing costs beyond the local economy's capacity.
- Residents often needed multiple jobs to afford living there, highlighting the cost disparity.
Tourism's Impact and Helene's Blow
- Tourism fuels Asheville's economy, generating billions annually through destinations like the Biltmore Estate.
- Hurricane Helene disrupted this vital sector, compounding earlier economic setbacks from COVID.