Living in Banner Elk, North Carolina
Cost of living, income, home prices, rent and demographics of Banner Elk · Census data 2020–2024
Banner Elk has 1,473 residents with a median age of 20.7. The median household income is $86,382 (19% higher than the North Carolina median), the median home value is $458,100, the median rent is $849/month.
Banner Elk is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Banner Elk at a glance
- Population
- 1,473
- Median age
- 20.7State: 39.1
- Median household income
- $86,382State: $72,388
- Median home value
- $458,100State: $288,900
- Median rent
- $849/moState: $1,228
- Homeowners
- 68.9%
- Bachelor's degree or higher
- 52.5%
- Average commute
- 12 min
Is Banner Elk a good place to live?
Pros: Median household income 19% higher than the North Carolina median; an average commute of 12 minutes; unemployment of 2.4%; a poverty rate of 13%.
Cons: Home values 59% higher than the state median.
The weather is best in June to September.
Cost of living in Banner Elk
Housing is the biggest part of the cost of living. In Banner Elk the median home value is $458,100, 38% higher than the U.S. median. Renters pay a median of $849 per month, which is 34.6% of household income. Homeowners with a mortgage pay $2,464 a month in housing costs.
Banner Elk median household income
The median household income in Banner Elk is $86,382 and the income per person is $36,427. 13% of residents live below the poverty line (North Carolina: 13%).
Housing in Banner Elk: homes for sale and rent
- Housing units
- 867
- Owner-occupied
- 68.9%
- Renter-occupied
- 31.1%
- Vacant
- 53.3%Includes seasonal homes
- Median year built
- 1997
- Average household size
- 1.74
53.3% of homes are vacant most of the year, a sign that Banner Elk has many vacation and second homes.
Banner Elk demographics
- Population
- 1,473
- Median age
- 20.7
- Under 18
- 6.9%
- 65 and older
- 13.3%
- Households
- 405
- Foreign-born
- 8.8%
- Veterans
- 3.5%Adults 18+
Hispanic or Latino can be of any race. Population history of Banner Elk ›
Education in Banner Elk
52.5% of adults 25 and older in Banner Elk have a bachelor's degree or higher (North Carolina: 35.7%), and 20.5% have a graduate or professional degree.
Jobs and commute in Banner Elk
- Unemployment rate
- 2.4%State: 4.7%
- Average commute
- 12 minState: 25 min
- Work from home
- 31.5%
- Drive alone
- 55.5%
- Public transit
- 0%
- Walk to work
- 8.3%
- Homes with broadband
- 96.5%
Banner Elk vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Banner Elk | 1,473 | $86,382 | $458,100 | $849 |
| Sugar Mountain | 539 | $96,094 | $343,800 | $1,500 |
| Seven Devils | 425 | $111,667 | $426,900 | $1,583 |
| Beech Mountain | 987 | $90,855 | $443,500 | $1,137 |
| Foscoe | 1,226 | $49,243 | $325,800 | $928 |
| Newland | 866 | $46,006 | $241,700 | $792 |
| Elk Park | 560 | $41,583 | $160,400 | $241 |
| Linville | 291 | $75,833 | — | — |
| Cove Creek | 1,629 | $52,847 | $295,700 | $1,601 |
More for people moving to Banner Elk
Banner Elk ZIP code ›Weather and climate ›Living in Banner Elk: FAQ
What is the median household income in Banner Elk, NC?
The median household income in Banner Elk is $86,382, 19% higher than the North Carolina median of $72,388 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Banner Elk?
The median home value in Banner Elk is $458,100, compared with $288,900 in North Carolina.
How much is rent in Banner Elk?
The median gross rent in Banner Elk is $849 per month, about 34.6% of household income.
Is Banner Elk, NC a good place to live?
Pluses: median household income 19% higher than the North Carolina median; an average commute of 12 minutes; unemployment of 2.4%; a poverty rate of 13%. Minuses: home values 59% higher than the state median.
What is the median age in Banner Elk?
The median age in Banner Elk is 20.7 years (North Carolina: 39.1).
How long is the commute in Banner Elk?
The average commute to work in Banner Elk is 12 minutes; 31.5% of workers work from home.
What is the unemployment rate in Banner Elk?
The unemployment rate in Banner Elk is 2.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Banner Elk?
52.5% of adults in Banner Elk have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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