Banner Elk renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Banner Elk is about $918 per month. This puts it in the 72nd percentile compared to the state average cost of rent, which is $1,066. Households in Banner Elk have a median income of $4,928 per month so the average renter in Banner Elk is spending roughly 19% of their earnings on housing.
Nationally, and in Banner Elk, home values are the data point most closely correlated with the cost of rent. The median price of a home in Banner Elk is $271,926 right now, which is higher than nearby cities, meaning that rents in Banner Elk also tend to be higher versus these nearby cities.
Higher rent prices are common in the eastern parts of Banner Elk while lower rent rates are often available in western areas.
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