Elk Rapids, MI
Population 1,558 · Michigan
About Elk Rapids, MI
Elk Rapids is a small community in Michigan with a population of 1,558 residents. The median household income is $78,472 per year, which is above the national average. The median age in Elk Rapids is 57.5 years.
Housing in Elk Rapids has a median home value of $348,400 and median monthly rent of $1,032. Of the 1,238 total housing units, the majority are owner-occupied, with 652 owner-occupied and 179 renter-occupied units.
The unemployment rate in Elk Rapids is 0.9% and the poverty rate is 4.3%. 46.8% of residents hold a bachelor's degree or higher. The average commute time is 18.1 minutes.
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.
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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 Census data.
What is the median household income in Elk Rapids?
The median household income in Elk Rapids, MI is $78,472 per year.
What is the median home value in Elk Rapids?
The median home value in Elk Rapids, MI is $348,400.
What is the average rent in Elk Rapids?
The median monthly rent in Elk Rapids, MI is $1,032.
What is the unemployment rate in Elk Rapids?
The unemployment rate in Elk Rapids, MI is 0.9%.