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These days, finding an affordable place to live in the Elk Rapids area can be challenging. Home prices in Elk Rapids are now at a median cost of $407,247, higher than the Michigan average of $250,415.
The average cost of rent is $1,030/mo in Elk Rapids, primarily driven by the current value of real estate in the Elk Rapids area. In Elk Rapids, 20.34% of households rent, and 42.29% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Elk Rapids is $6,286 per month. Households that rent pay about 16.39% of their income on rent here. Elk Rapids’s most expensive areas are in the central regions, while the cheapest areas are in the northern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Clam River, MI: higher priced homes
- Yuba, MI: higher priced homes
- Old Mission, MI: higher priced homes
- Torch River, MI: equally priced homes
- Kewadin, MI: higher priced homes
- Rapid City, MI: less expensive homes
- Williamsburg, MI: less expensive homes
- Alden, MI: less expensive homes
- Bates, MI: less expensive homes
- North Arms, MI: less expensive homes
Cities with Similar Populations
- Bayou Gauche, LA: less expensive homes
- Bellport, NY: higher priced homes
- Bermuda Run, NC: equally priced homes
- Bloomington, TX: less expensive homes
- Bovina, TX: less expensive homes
- Bowersville, GA: less expensive homes
- Brewster, OH: less expensive homes
- Sun Valley, ID: higher priced homes
- Calhoun City, MS: less expensive homes
- Stuart, IA: less expensive homes
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