How many renters live in Banner Elk, North Carolina?
The City of Banner Elk has people living in households.
There are renters living in 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 housing units in the Banner Elk area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Banner Elk, North Carolina, there are 1.07 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 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 | |
| USDA Section 515 Rural Rental Housing |
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.