Elon, NC

Above Avg · 113

North Carolina · Population 11,325 · Updated March 2026

$1,584
Median Rent / Month
$82,717
Median Income
$355,800
Median Home Value
$1,621
Owner Costs / Month

Affordability

How far your income goes in Elon

23.0%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

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

$19,008
Annual Rent
$3,722
State Income Tax
$2,846
Property Tax (est.)

Cost of Living Overview

Elon is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 113 (where 100 equals the national median), Elon residents can expect to pay median rent of $1,584/month while earning a median household income of $82,717/year.

The median home value in Elon, NC is $355,800, with typical monthly owner costs around $1,621 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.0% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

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 Elon.

Frequently Asked Questions

Common questions about living costs in Elon

What is the cost of living in Elon, NC?
The cost of living index in Elon, NC is 113 (US average = 100). Median monthly rent is $1,584, median household income is $82,717/year, and the median home value is $355,800.
Is Elon, NC affordable?
No, Elon is more expensive than the national average with a cost index of 113. The rent-to-income ratio is 23.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Elon, NC?
The median gross rent in Elon, NC is $1,584 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $19,008.
What is the median household income in Elon?
The median household income in Elon, NC is $82,717 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%.