This was 18 percent higher than the state average of 41.9 percent. In 2020 the total municipality population reached 1,473.
98.3 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Banner Elk for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 9 | 1.7 |
| Regular high school diploma | 42 | 8.1 |
| GED or alternative credential | 27 | 5.2 |
| Some college, less than 1 year | 19 | 3.7 |
| Some college, 1 or more years, no degree | 110 | 21.3 |
| Associate's degree | 33 | 6.4 |
| Bachelor's degree | 139 | 26.9 |
| Master's degree | 105 | 20.3 |
| Professional school degree | 12 | 2.3 |
| Doctorate degree | 20 | 3.9 |
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