Cost of Living in Banner Elk, NC
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
117.0
100 = national avg
+17.0 vs national average
Living Wage (1 Adult)
$51,490
per year
Living Wage (Family of 4)
$121,704
per year
Cost Index by Category
Housing141.4
Food101.9
Transportation103.8
Healthcare101.5
Utilities109.4
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$766
per month
2 Bedroom
$1,005
per month
The overall cost of living index in Banner Elk is 117.0, which is 17.0% above the national average. Housing costs are above the national average at an index of 141.4. A single adult needs to earn approximately $51,490 per year to cover basic expenses.