Boone, NC

Average · 91

North Carolina · Population 19,534 · Updated March 2026

$1,080
Median Rent / Month
$28,633
Median Income
$373,600
Median Home Value
$1,106
Owner Costs / Month

Affordability

How far your income goes in Boone

45.3%
Rent-to-Income Ratio
Burdened
Rent takes more than 35% of median income — considered cost-burdened.

Tax Burden in North Carolina

State-level tax rates that affect your costs

4.5%
Income Tax (Top Rate)
4.75%
Sales Tax
0.8%
Property Tax Rate

Estimated Annual Costs

$12,960
Annual Rent
$1,288
State Income Tax
$2,989
Property Tax (est.)

Cost of Living Overview

Boone offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 91 (where 100 equals the national median), Boone residents can expect to pay median rent of $1,080/month while earning a median household income of $28,633/year.

The median home value in Boone, NC is $373,600, with typical monthly owner costs around $1,106 including mortgage, insurance, and taxes. The 45.3% rent-to-income ratio indicates significant housing cost burden. Residents spend well over a third of their income on rent alone.

North Carolina has a moderate income tax rate of 4.5%. Combined with a 4.75% sales tax rate and 0.8% effective property tax rate, the overall tax environment is a factor in the total cost of living in Boone.

Frequently Asked Questions

Common questions about living costs in Boone

What is the cost of living in Boone, NC?
The cost of living index in Boone, NC is 91 (US average = 100). Median monthly rent is $1,080, median household income is $28,633/year, and the median home value is $373,600.
Is Boone, NC affordable?
Yes, Boone is more affordable than the national average with a cost index of 91. The rent-to-income ratio is 45.3%—above the 30%% affordability threshold.
What is the average rent in Boone, NC?
The median gross rent in Boone, NC is $1,080 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,960.
What is the median household income in Boone?
The median household income in Boone, NC is $28,633 per year. This compares to the national median of approximately $80,000.
What are the taxes like in North Carolina?
North Carolina has a top income tax rate of 4.5%, a sales tax of 4.75%, and an effective property tax rate of 0.8%.