Low Income Apartments and Affordable Housing For Rent in Banner Elk, NC

Discover affordable housing in Banner Elk where there are 1+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Rockmoor Apartments

197 Beech Haven Rd, Banner Elk, North Carolina 28604

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Banner Elk, North Carolina
$19.43/hour
$12.18 (+168%) more than North Carolina minimum wage and $12.18 (+168%) more than the Federal minimum wage.
Learn More About Banner Elk, North Carolina Affordable Housing ↓

How many renters live in Banner Elk, North Carolina?

The City of Banner Elk has 1,234 people living in 343 households.

There are 184 renters living in 116 renter households in this City. Renters make up 14.91 percent of the population living in Banner Elk.

What is the rental market like in Banner Elk, North Carolina?

There are an estimated 831 housing units in the Banner Elk area. Of these, 124 units are rental homes, making up 15 percent of the housing market. For every renter household in Banner Elk, North Carolina, there are 1 rental units.

What is the vacancy rate for rentals in Banner Elk?

The rental vacancy rate in Banner Elk is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Banner Elk for each bedroom size?

Occupied Rental Units by Size in Banner Elk
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 25 50 39 2
Occupied Rental Units by Size in Banner Elk

A large number of apartments in Banner Elk have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Banner Elk are overburdened by housing costs?

Among renter households in this market, 62 percent have housing cost burden. Further, 27 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Banner Elk

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $776 to $1,366. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $776
One BR $781
Two BR $1,026
Three BR $1,241
Four BR $1,366
2024 Fair Market Rents in Banner Elk, North Carolina

How many units are rented at Fair Market Rent (FMR) in Banner Elk?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
One BR 8 32 percent
Two BR 37 74 percent
Rental Units Below FMR in Banner Elk, North Carolina

How many affordable rental units are in Banner Elk?

There are a variety of federal affordable housing programs serving households in Banner Elk, North Carolina including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 12
USDA Section 515 Rural Rental Housing 12
Tracked Units by Federal Program in Banner Elk, North Carolina

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Banner Elk, North Carolina

Banner Elk features 12 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Banner Elk, North Carolina

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Banner Elk.

Housing Choice Vouchers in Banner Elk, North Carolina

On average, Section 8 Housing Choice vouchers pay Banner Elk landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Banner Elk.

The maximum amount a voucher would pay on behalf of a low-income tenant in Banner Elk, North Carolina for a two-bedroom apartment is between $923 and $1,129.

Sourced from federal housing data and AffordableHousingOnline.com research.