FMR is below market; voucher rent may lag private rents.
0.36
1 BR
1 BR- 28604
0.52ratio
FMR$940
Market$1,800
vs market-$860
FMR is below market; voucher rent may lag private rents.
0.52
2 BR
2 BR- 28604
0.57ratio
FMR$1,170
Market$2,070
vs market-$900
FMR is below market; voucher rent may lag private rents.
0.57
3 BR
3 BR- 28604
0.52ratio
FMR$1,550
Market$3,000
vs market-$1,450
FMR is below market; voucher rent may lag private rents.
0.52
4 BR
4 BR- 28604
0.47ratio
FMR$1,850
Market$3,900
vs market-$2,050
FMR is below market; voucher rent may lag private rents.
0.47
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Banner Elk, NC fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Banner Elk, NC is $1,170 a month. That is up 1.7% from $1,150 in FY 2026. Banner Elk is in the Avery County, NC non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,012. The median county two-bedroom FMR in North Carolina is $1,145, so Banner Elk is 2% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Banner Elk, NC
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$800
$850
+6.3%
$765–$935
1BR
$910
$940
+3.3%
$846–$1,034
2BR
$1,150
$1,170
+1.7%
$1,053–$1,287
3BR
$1,400
$1,550
+10.7%
$1,395–$1,705
4BR
$1,930
$1,850
−4.1%
$1,665–$2,035
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Banner Elk, NC
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$850
$940
$1,170
$1,550
$1,850
FY 2026
$800
$910
$1,150
$1,400
$1,930
FY 2025
$850
$910
$1,180
$1,430
$1,880
FY 2024area FMR
$776
$781
$1,026
$1,241
$1,366
FY 2023area FMR
$706
$711
$936
$1,139
$1,257
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Banner Elk, NC rents
How much will Section 8 pay for a two-bedroom in Banner Elk, NC?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,012, which applies unless the housing authority uses Small Area FMRs, that basic range is $911 to $1,113 a month; under the ZIP-level Small Area FMR of $1,170 it would be $1,053 to $1,287. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Banner Elk, NC in?
Banner Elk, NC is in the Avery County, NC non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,012.
How much did fair market rent change in Banner Elk, NC for FY 2027?
The two-bedroom FMR rose 1.7%, from $1,150 in FY 2026 to $1,170 in FY 2027. Since FY 2025 it has fallen 0.8%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set