Expensive
Affordable
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These days, finding an affordable place to live in the Banner Elk area can be challenging. Home prices in Banner Elk are now at a median cost of $361,124, higher than the North Carolina average of $323,314.
The average cost of rent is $916/mo in Banner Elk, primarily driven by the current value of real estate in the Banner Elk area. In Banner Elk, 19.48% of households rent, and 37.96% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Banner Elk is $6,201 per month. Households that rent pay about 14.77% of their income on rent here. Banner Elk’s most expensive areas are in the central regions, while the cheapest areas are in the southwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Norwood Hollow, NC: higher priced homes
- Seven Devils, NC: equally priced homes
- Grassy Creek, NC: less expensive homes
- Sugar Mountain, NC: equally priced homes
- Beech Mountain, NC: equally priced homes
- Grandfather, NC: less expensive homes
- Valle Crucis, NC: equally priced homes
- Shulls Mill, NC: higher priced homes
- Linville, NC: less expensive homes
- Sugar Grove, NC: less expensive homes
Cities with Similar Populations
- Millinocket, ME: less expensive homes
- Hometown, IL: less expensive homes
- New London, OH: less expensive homes
- Utica, OH: less expensive homes
- Albany, OH: less expensive homes
- Tama, IA: less expensive homes
- Hawley, MN: less expensive homes
- Philpot, KY: less expensive homes
- Pearson, GA: less expensive homes
- Kitty Hawk, NC: higher priced homes
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