Banner Elk, NC
Population 1,338 · North Carolina
About Banner Elk, NC
Banner Elk is a small town located in North Carolina with a population of 1,338 residents according to the latest US Census Bureau American Community Survey data. The median household income is $67,917 per year, which is 10% below the national median of $75,149. The median age of 20.7 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Banner Elk features a median home value of $422,900, which is 73% above the national median of $244,900. This places Banner Elk in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $879, 24% below the national average of $1,163/month. Of the 788 total housing units, 63% are owner-occupied (223 units) and 37% are renter-occupied (132 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Banner Elk shows an unemployment rate of 5.6%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 16.0%, above the national average of 12.4%. Workers in Banner Elk have an average one-way commute time of 11.8 minutes, one of the shorter commutes in the region.
Education & Demographics
44.8% of Banner Elk residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 1.0% White, 0.2% Hispanic or Latino, 0.0% Black or African American, and 4.4% Asian residents, with 6.7% of the population being foreign-born.
Cost of Living in Banner Elk, NC
Compared to national averages, Banner Elk has a median household income of $67,917 (10% below the national median of $75,149). Home values average $422,900, which is 73% above the national median. Monthly rent at $879 is 24% below the US average of $1,163. Within North Carolina, Banner Elk's income is 5% above the state average of $64,468, and home values are 85% above the state median of $228,922.
Why Live in Banner Elk, NC?
Banner Elk offers rent that’s lower than the national average at $879/month, and a well-educated community where 44.8% of residents hold a bachelor’s degree or higher, and short commute times averaging just 11.8 minutes.
Potential considerations include median household income ($67,917) that falls below the national average, and a competitive housing market where the typical home costs $422,900. However, Banner Elk’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Banner Elk has a population of 1,338 with a median age of 20.7 years. Compare Banner Elk with other cities to see how it stacks up, or explore all cities in North Carolina.
Similar Cities Near Banner Elk
Cities in North Carolina with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Spring Hope | 1,334 | $35,577 | $142,400 | Compare |
| Cordova | 1,343 | $65,801 | $155,200 | Compare |
| Chadbourn | 1,347 | $19,853 | $100,300 | Compare |
| Rutherford College | 1,327 | $63,000 | $196,600 | Compare |
| Pinetops | 1,323 | $54,196 | $132,600 | Compare |
| Hays | 1,355 | $54,063 | $158,900 | Compare |
| Murphy | 1,356 | $36,989 | $221,100 | Compare |
| Robersonville | 1,319 | $43,359 | $85,900 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in North Carolina
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Banner Elk With Other Cities
Frequently Asked Questions about Banner Elk
What is the population of Banner Elk, NC?
The population of Banner Elk, NC is 1,338 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in North Carolina.
What is the median household income in Banner Elk?
The median household income in Banner Elk, NC is $67,917 per year, which is 10% below the national median of $75,149.
What is the median home value in Banner Elk?
The median home value in Banner Elk, NC is $422,900, which is 73% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Banner Elk?
The median monthly rent in Banner Elk, NC is $879, which is 24% below the national average of $1,163/month.
What is the unemployment rate in Banner Elk?
The unemployment rate in Banner Elk, NC is 5.6%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Banner Elk, NC a good place to live?
Banner Elk offers a moderate cost of living, a competitive housing market, and growing employment opportunities. With a population of 1,338 and a median age of 20.7, the city appeals to young professionals and families.
How educated is Banner Elk, NC?
44.8% of residents in Banner Elk aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Banner Elk?
Key cost-of-living indicators for Banner Elk, NC: median home value is $422,900 (73% above national), median rent is $879/month, and median household income is $67,917. The home-value-to-income ratio is 6.2x, which suggests housing may be stretched relative to local earnings.
What is the poverty rate in Banner Elk?
The poverty rate in Banner Elk, NC is 16.0%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Banner Elk, NC?
Banner Elk's population is 1.0% White, 0.2% Hispanic or Latino, 0.0% Black or African American, 4.4% Asian, and 7.7% two or more races. 6.7% of residents are foreign-born.