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Elk Rapids, MI
Full City Profile · Michigan · Grand Traverse County County
4.5
/5.0
A+
Excellent
1,558
Population
944/sq mi density
$78,472
Median Income
$47,905 per capita
$348,400
Home Value
$485,646 Zillow
$1,032
Median Rent
19.2% income on rent
43°F
Avg Temperature
270 sunny days/yr
A+
Overall
4.5 / 5.0
Strong
A+
Economy
4.6 / 5.0
$78,472 median income, 0.5% unemployment
A
Affordability
4.2 / 5.0
$348,400 home value, $1,032/mo rent
A+
Education
4.7 / 5.0
46.8% bachelor's degree or higher
Income Overview
Median Household Income
$78,472
4% above
US avg: $75,149
Per Capita Income
$47,905
23% above
US avg: $39,052
Unemployment Rate
0.5%
86% below
US avg: 3.6%
Poverty Rate
2.4%
81% below
US avg: 12.4%
Income Comparison: Elk Rapids vs. U.S. Average
Each bar shows Elk Rapids’s value as a percentage of the national average (100% line = U.S. avg)
Median Household
US: $75,149
$78,472
104%
Per Capita
US: $39,052
$47,905
123%
IRS Avg AGI
US: $72,000
$91,357
127%
Avg Weekly Wage
US: $1,432
$1,140
80%
Thin line = U.S. average (100%)
Employment & Commute
Avg Weekly Wage
$1,140
20% below US avg ($1,432)
Mean Commute Time
18 min
34% below US avg (28 min)
Work From Home
10.5%
31% below US avg (15.2%)
Drive Alone
70.5%
4% below US avg (73.2%)
Public Transit
0.0%
100% below US avg (5.0%)
County GDP
$7,470M
County-level GDP (BEA 2024)
How Residents Get to Work
Drive Alone
70.5%
Public Transit
0%
Work From Home
10.5%
Other
19%
Average commute time
18 minutes
US avg: 28 min
Business Landscape
Total Establishments
3,762
Restaurants
290
Healthcare
395
Retail
551
Manufacturing
180
Tax & Financial
IRS Avg Adjusted Gross Income
$91,357
27% above US avg ($72,000)
Avg Property Tax
$8,269
136% above US avg ($3,500)
Cost of Living Index
96.2
Below national average (100 = US avg)
Complete Economy Data
Income & Wages
| Median Household Income | $78,472 |
| Per Capita Income | $47,905 |
| IRS Avg Adjusted Gross Income | $91,357 |
| Avg Weekly Wage | $1,140 |
| County GDP | $7,470M |
Hardship Indicators
| Unemployment Rate | 0.5% |
| Poverty Rate | 2.4% |
| Gini Coefficient | 0.437 |
| Cost of Living Index | 96.2 |
Commute
| Mean Commute | 18 minutes |
| Drive Alone | 70.5% |
| Public Transit | 0.0% |
| Work From Home | 10.5% |
Businesses
| Total Establishments | 3,762 |
| Restaurants | 290 |
| Healthcare | 395 |
| Retail | 551 |
| Manufacturing | 180 |
Tax
| IRS Avg AGI | $91,357 |
| Avg Property Tax | $8,269 |