How many renters live in Elk Park, North Carolina?
The City of Elk Park has 511 people living in 260 households.
There are 205 renters living in 122 renter households in this City. Renters make up 40.12 percent of the population living in Elk Park.
What is the rental market like in Elk Park, North Carolina?
There are an estimated 306 housing units in the Elk Park area. Of these, 133 units are rental homes, making up 43 percent of the housing market. For every renter household in Elk Park, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Elk Park?
The rental vacancy rate in Elk Park is 8 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Elk Park for each bedroom size?
Occupied Rental Units by Size in Elk Park
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 2 | 60 | 31 | 29 | 0 |
Occupied Rental Units by Size in Elk Park
A large number of apartments in Elk Park 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 Elk Park are overburdened by housing costs?
Among renter households in this market, 29 percent have housing cost burden. Further, 20 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 Elk Park
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 Elk Park, North Carolina
How many units are rented at Fair Market Rent (FMR) in Elk Park?
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 |
| Studio | 2 | 100 percent |
| One BR | 37 | 62 percent |
| Two BR | 23 | 74 percent |
Rental Units Below FMR in Elk Park, North Carolina
How many affordable rental units are in Elk Park?
Income Based Apartments in Elk Park, North Carolina
Elk Park features 0 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 Elk Park, North Carolina
There are 40 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Elk Park.
Housing Choice Vouchers in Elk Park, North Carolina
On average, Section 8 Housing Choice vouchers pay Elk Park landlords $500 per month towards rent. The average voucher holder contributes $200 towards rent in Elk Park.
The maximum amount a voucher would pay on behalf of a low-income tenant in Elk Park, North Carolina for a two-bedroom apartment is between $923 and $1,129.
Sourced from federal housing data and AffordableHousingOnline.com research.
