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City Report · NC

Boone

Pop. 20,032·14th most expensive in North Carolina·Rental market data updated monthly for Boone, NC
Median rent (all units)
$2,026/mo
Year-over-Year
Stable
Month-over-Month
+1.4%
vs US Median
+$64
Rising (Monthly)
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Most AffordableMost Expensive
Boone · $2,026
More expensive than 60% of US cities · National median $1,962/mo
Affordability
81% of income
EXPENSIVE
0%30% benchmark60%+

At $2,026/mo, rent takes about 81% of the local median household income, well above the 30% benchmark.

Income to afford
$81,000/yr
Local median income
$30,065/yr
Based on the 30%-of-income rule using Boone's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$880
1 BR
$1,020
2 BR
$1,290
3 BR
$1,570
4 BR+
$2,170
Fair Market Rent (HUD)
$1,290/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,026 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$24,312/yr
At $2,026/mo median
Rent Market Meter
Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.
Based on rent-price momentum (+0.0% YoY, +1.4% MoM), not inventory.
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Demographics

Who lives here

Boone, NC is majority renter-occupied, skews toward younger working-age adults, has a median income below the national average, 56.8% of residents hold a bachelor's degree or higher.

Population
20,032
Median income
$30,065
Median age
21.3
Renters
73.8%
Age distribution
74.2%
Under 185%
18–3474.2%
35–548.6%
55–645.1%
65+7%
Gender
48.2%
51.8%
Male48.2%
Female51.8%
Race & ethnicity
85.8%
White85.8%
Black4.6%
Hispanic7.7%
Asian1.8%
Education (25+)
19.5%
18%
56.8%
No HS diploma5.7%
HS diploma19.5%
Some college18%
Bachelor's+56.8%
Housing tenure
26.2%
73.8%
Owner26.2%
Renter73.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Boone, NC has changed in 5 years

Income
$24,756 → $30,065
up 21.4%
Population
18,055 → 20,032
up 10.9%
Renter share
76.6% → 73.8%
-2.8 pts
Bachelor's+
47.3% → 56.8%
+9.5 pts

Median household income climbed from $24,756 to $30,065 between 2021 and 2024, a 21.4% shift. Census counts show Boone, NC adding about 1,977 residents over the five-year window, up 10.9% on net. The renter share has eased from 76.6% to 73.8%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 47.3% to 56.8% across the same window.

Community

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View Boone rent history (2015–2026) →
Salary vs rent

Can you afford rent in Boone on your salary?

At $2,026/mo, how Boone rent compares to typical pay (30% rule).

By apartment size

Boone rent by bedroom count

Median rent for each apartment size in Boone. Click any size for full breakdown.

Local insights

Tips for renters in Boone

About renting in Boone, NC

Last updated: August 17, 2026

The median rent in Boone is $2,026/mo as of August 2026. A studio apartment averages $880/mo while a 2-bedroom runs $1,290/mo. One-bedroom apartments average $1,020/mo and 3-bedroom units go for $1,570/mo.

At 81% of local median household income ($30,065/yr), Boone ranks as expensive compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Boone an affordable city for renters?

Boone is considered expensive for renters. At $2,026/mo, rent takes approximately 81% of the local median household income ($30,065/yr). The standard benchmark is 30%. Boone significantly exceeds that threshold, making it challenging for many renters.

How much income do you need to rent in Boone?

To keep rent at or below 30% of gross income, you would need to earn at least $81,000/year (~$39/hour full-time) to afford the median rent of $2,026/mo in Boone. The local median household income is $30,065/yr, meaning the typical Boone household falls short of that threshold.

Is rent going up or down in Boone?

Rent in Boone has been relatively stable over the past year, with a 0.0% change year over year as of August 2026.

How does Boone rent compare to other cities in North Carolina?

Boone is one of the pricier cities in North Carolina for rent, ranking #14 out of 128 tracked cities at $2,026/mo.

Which nearby cities are cheaper to rent in than Boone?

Several nearby cities have lower median rents than Boone ($2,026/mo): Elizabethton ($1,067/mo), Lenoir ($1,245/mo), Bristol ($1,393/mo).

What percentage of Boone residents rent vs. own?

According to Census data, approximately 73.8% of Boone households are renters, while 26.2% are owner-occupied. With a majority renter population, Boone has a strong rental market.

How does Boone rent compare to the national average?

Boone's median rent of $2,026/mo is $64 (3%) above the US national median of $1,962/mo. Within North Carolina, it ranks #14 out of 128 tracked cities.
Income Affordability
81%
EXPENSIVE

At $2,026/mo, rent takes ~81% of Boone's median household income ($30,065/yr). The standard benchmark is 30%.

Boone 81%Benchmark 30%
State income tax4.5%
Run the Boone affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Boone, NC

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