Elk Rapids, MI
Population 1,558 · Michigan
About Elk Rapids, MI
Elk Rapids is a small town located in Michigan with a population of 1,558 residents according to the latest US Census Bureau American Community Survey data. The median household income is $78,472 per year, which is 4% above the national median of $75,149. The median age of 57.5 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Elk Rapids features a median home value of $348,400, which is 42% above the national median of $244,900. This positions Elk Rapids in a moderately priced market relative to the rest of the country. Median monthly rent is $1,032, 11% below the national average of $1,163/month. Of the 1,238 total housing units, 78% are owner-occupied (652 units) and 22% are renter-occupied (179 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Elk Rapids shows an unemployment rate of 0.9%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Elk Rapids have an average one-way commute time of 18.1 minutes, one of the shorter commutes in the region.
Education & Demographics
46.8% of Elk Rapids residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.9% White, 0.2% Hispanic or Latino, 0.2% Black or African American, and 2.6% Asian residents, with 3.0% of the population being foreign-born.
How Elk Rapids Ranks in Michigan
Cost of Living in Elk Rapids, MI
Compared to national averages, Elk Rapids has a median household income of $78,472 (4% above the national median of $75,149). Home values average $348,400, which is 42% above the national median. Monthly rent at $1,032 is 11% below the US average of $1,163. Within Michigan, Elk Rapids's income is 19% above the state average of $66,017, and home values are 90% above the state median of $183,391.
Why Live in Elk Rapids, MI?
Elk Rapids offers a strong local economy with a median household income of $78,472, well above the national average, and rent that’s lower than the national average at $1,032/month, and a strong job market with an unemployment rate of just 0.9%. Additionally, the city features a well-educated community where 46.8% of residents hold a bachelor’s degree or higher, and a low poverty rate of 4.3%, better than the national average, and short commute times averaging just 18.1 minutes.
Elk Rapids has a population of 1,558 with a median age of 57.5 years. Compare Elk Rapids with other cities to see how it stacks up, or explore all cities in Michigan.
Similar Cities Near Elk Rapids
Cities in Michigan with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Harbor Beach | 1,576 | $39,844 | $104,200 | Compare |
| Dimondale | 1,582 | $112,333 | $220,500 | Compare |
| Homer | 1,584 | $49,271 | $119,600 | Compare |
| Centreville | 1,591 | $65,952 | $145,200 | Compare |
| Lake LeAnn | 1,522 | $85,417 | $258,400 | Compare |
| Mio | 1,504 | $47,578 | $96,600 | Compare |
| Standish | 1,616 | $35,114 | $86,000 | Compare |
| Mancelona | 1,496 | $50,430 | $123,900 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Michigan
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Elk Rapids With Other Cities
Frequently Asked Questions about Elk Rapids
What is the population of Elk Rapids, MI?
The population of Elk Rapids, MI is 1,558 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Michigan.
What is the median household income in Elk Rapids?
The median household income in Elk Rapids, MI is $78,472 per year, which is 4% above the national median of $75,149.
What is the median home value in Elk Rapids?
The median home value in Elk Rapids, MI is $348,400, which is 42% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Elk Rapids?
The median monthly rent in Elk Rapids, MI is $1,032, which is 11% below the national average of $1,163/month.
What is the unemployment rate in Elk Rapids?
The unemployment rate in Elk Rapids, MI is 0.9%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Elk Rapids, MI a good place to live?
Elk Rapids offers above-average incomes, a competitive housing market, and a strong job market. With a population of 1,558 and a median age of 57.5, the city appeals to established professionals and retirees.
How educated is Elk Rapids, MI?
46.8% of residents in Elk Rapids aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Elk Rapids?
Key cost-of-living indicators for Elk Rapids, MI: median home value is $348,400 (42% above national), median rent is $1,032/month, and median household income is $78,472. The home-value-to-income ratio is 4.4x, a moderate figure by national standards.
What is the poverty rate in Elk Rapids?
The poverty rate in Elk Rapids, MI is 4.3%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Elk Rapids, MI?
Elk Rapids's population is 0.9% White, 0.2% Hispanic or Latino, 0.2% Black or African American, 2.6% Asian, and 0.0% two or more races. 3.0% of residents are foreign-born.