Living in Elk Rapids, Michigan
Cost of living, income, home prices, rent and demographics of Elk Rapids · Census data 2020–2024
Elk Rapids has 1,624 residents with a median age of 57.7. The median household income is $70,938 (about the same as the Michigan median), the median home value is $393,400, the median rent is $1,056/month.
Elk Rapids at a glance
- Population
- 1,624
- Median age
- 57.7State: 40.2
- Median household income
- $70,938State: $72,875
- Median home value
- $393,400State: $231,600
- Median rent
- $1,056/moState: $1,129
- Homeowners
- 75.2%
- Bachelor's degree or higher
- 45.4%
- Average commute
- 18 min
Is Elk Rapids a good place to live?
Pros: An average commute of 18 minutes; unemployment of 1.3%; a poverty rate of 3.7%.
Cons: Median household income about the same as the Michigan median; home values 70% higher than the state median.
The weather is best in June to September.
Cost of living in Elk Rapids
Housing is the biggest part of the cost of living. In Elk Rapids the median home value is $393,400, 18% higher than the U.S. median. Renters pay a median of $1,056 per month, which is 20.5% of household income. Homeowners with a mortgage pay $1,517 a month in housing costs.
Elk Rapids median household income
The median household income in Elk Rapids is $70,938 and the income per person is $51,144. 3.7% of residents live below the poverty line (Michigan: 13.2%).
Housing in Elk Rapids: homes for sale and rent
- Housing units
- 1,297
- Owner-occupied
- 75.2%
- Renter-occupied
- 24.8%
- Vacant
- 30.8%Includes seasonal homes
- Median year built
- 1971
- Average household size
- 1.81
30.8% of homes are vacant most of the year, a sign that Elk Rapids has many vacation and second homes.
Elk Rapids demographics
- Population
- 1,624
- Median age
- 57.7
- Under 18
- 12.4%
- 65 and older
- 35.1%
- Households
- 898
- Foreign-born
- 2.3%
- Veterans
- 11.3%Adults 18+
Hispanic or Latino can be of any race. Population history of Elk Rapids ›
Education in Elk Rapids
45.4% of adults 25 and older in Elk Rapids have a bachelor's degree or higher (Michigan: 32.4%), and 15% have a graduate or professional degree.
Jobs and commute in Elk Rapids
- Unemployment rate
- 1.3%State: 5.7%
- Average commute
- 18 minState: 24 min
- Work from home
- 11.5%
- Drive alone
- 75.1%
- Public transit
- 0%
- Walk to work
- 10.3%
- Homes with broadband
- 93.2%
Elk Rapids vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Elk Rapids | 1,624 | $70,938 | $393,400 | $1,056 |
| Alden | 133 | $56,250 | $311,400 | — |
| Rapid City | 1,328 | $73,021 | $214,700 | $969 |
| Bellaire | 1,008 | $55,789 | $230,100 | $799 |
| Suttons Bay | 555 | $125,357 | $523,200 | $1,193 |
| Central Lake | 1,051 | $63,269 | $167,100 | $1,008 |
| Traverse City | 15,593 | $74,087 | $415,400 | $995 |
| Greilickville | 1,519 | $93,750 | $418,500 | $1,859 |
| Omena | 305 | $123,553 | $621,400 | — |
More for people moving to Elk Rapids
Elk Rapids ZIP code ›Weather and climate ›Living in Elk Rapids: FAQ
What is the median household income in Elk Rapids, MI?
The median household income in Elk Rapids is $70,938, about the same as the Michigan median of $72,875 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Elk Rapids?
The median home value in Elk Rapids is $393,400, compared with $231,600 in Michigan.
How much is rent in Elk Rapids?
The median gross rent in Elk Rapids is $1,056 per month, about 20.5% of household income.
Is Elk Rapids, MI a good place to live?
Pluses: an average commute of 18 minutes; unemployment of 1.3%; a poverty rate of 3.7%. Minuses: median household income about the same as the Michigan median; home values 70% higher than the state median.
What is the median age in Elk Rapids?
The median age in Elk Rapids is 57.7 years (Michigan: 40.2).
How long is the commute in Elk Rapids?
The average commute to work in Elk Rapids is 18 minutes; 11.5% of workers work from home.
What is the unemployment rate in Elk Rapids?
The unemployment rate in Elk Rapids is 1.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Elk Rapids?
45.4% of adults in Elk Rapids have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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