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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
Housing Overview
Median Home Value
$348,400
24% above
US avg: $281,900
Median Rent
$1,032/mo
11% below
US avg: $1,163/mo
Homeownership Rate
78.5%
20% above US avg (65.4%)
Total Housing Units
1,211
Median year built: 1966
Home Value by Source
Census Median
$348,400
Zillow (ZHVI)
$485,646
Census ACS, Zillow ZHVI, Redfin median sale price
Ownership vs. Renting
78.5%
Owner-Occupied
21.5%
Renter-Occupied
US avg: 65.4% owner-occupied
Fair Market Rents (HUD FY2026)
Studio
$807/mo
1 Bedroom
$891/mo
2 Bedroom
$1,113/mo
3 Bedroom
$1,419/mo
4 Bedroom
$1,588/mo
Census median rent:
$1,032/mo
Affordability & Housing Stock
Rent Burden
19.2%
of renters spending 30%+ of income on housing
38% below US avg (31.0%)
Median Year Built
1966
Average age of housing stock: 60 years
Homeownership Rate
78.5%
Complete Housing Data
Home Values
| Census Median Value | $348,400 |
| Zillow Home Value (ZHVI) | $485,646 |
Rent
| Census Median Rent | $1,032 |
| FMR Studio | $807 |
| FMR 1-Bedroom | $891 |
| FMR 2-Bedroom | $1,113 |
| FMR 3-Bedroom | $1,419 |
| FMR 4-Bedroom | $1,588 |
Market
Ownership & Stock
| Owner-Occupied | 78.5% |
| Renter-Occupied | 21.5% |
| Homeownership Rate | 78.5% |
| Total Housing Units | 1,211 |
| Median Year Built | 1966 |
| Rent Burden | 19.2% |