Elk Rapids Michigan Income Charts

This section shows the Elk Rapids Michigan economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Elk Rapids shows it has a Median earnings of $38,158 which is less than most other places in the local area. The city with the highest median earnings per worker in the area is Alden CDP which depicts a median earnings of $50,833 (33.2% larger). Comparing median earnings per worker to the United States average of $49,041, Elk Rapids is approximately three-fourths the size. Also, benchmarked against the state of Michigan, median earnings per worker of $48,618, Elk Rapids is approximately three-fourths the size.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $60,536 which is the second most of all the places in the metro area. The city with the highest median household income in the area is Suttons Bay which shows a median income of $76,875 (27.0% larger). Comparing median household income to the United States average of $62,843, Elk Rapids is only about 3.8% smaller. Also, compared to the state of Michigan, median household income of $57,144, Elk Rapids is only about 5.9% larger.

The next section examines a variety of different income statistics for the Elk Rapids metropolitan area. In Figure 3 we see that it it has one of the largest proportions of earnings less than $10,000 at 11.6% of the total and is ranked #2. The only larger city being Central Lake with 11.6%. Second, it has one of the largest proportions of earnings between $10,000 and $14,999 at 9.8% of the total and is ranked #3. Only #2 Rapid City CDP (10.4%), and #1 Bellaire (14.8%) are larger. Third, it has the smallest proportion of earnings between $20,000 and $49,999 at 10.5% of the total. Also, it has the largest proportion of earnings between $75,000 and $99,999 at 8.8% of the total and is ranked #1.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 38.5 which is the second most average hours of all the places in the greater Elk Rapids region. The city with the highest average hours in the area is Alden CDP which indicates an average hours of 39.8 (only about 3.4% larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $19.06 which is less than most other places in the local area. The city with the highest average hourly earnings in the area is Suttons Bay which depicts an average hourly earnings of $25.39 (33.2% larger). Comparing average hourly earnings to the United States average of $24.31, Elk Rapids is approximately three-fourths the size. Also, compared to the state of Michigan, average hourly earnings of $24.48, Elk Rapids is approximately three-fourths the size.

Figure 7 examines the number of self employed people in the Elk Rapids metro area based on the number of people who reported any self employment income. Elk Rapids depicts it has a Self Employed of 10.3% which is less than most other places in the local area. The city with the highest percentage of people self employed in the area is Alden CDP which depicts a percentage self employed of 19.0% (about twice as large).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $64,000 of the total and is ranked #3. Only #2 Bellaire ($69,821), and #1 Suttons Bay ($83,750) are larger. Second, it has one of the largest proportions of median income-25 to 44 years at $75,677 of the total and is ranked #2. The only larger city being Suttons Bay with $86,667. Third, it has less than most other places in the local area in order of median income-45 to 64 years at $45,313 of the total.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 39.5% which is the third most households with retirement income of all other places in the greater Elk Rapids region. The city with the highest households with retirement income in the area is Suttons Bay which depicts a households with retirement income of 46.4% (17.5% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $70,238 of the total and is ranked #3. Only #2 Traverse City ($86,076), and #1 Suttons Bay ($100,972) are larger.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Elk Rapids shows it has the hightest cost of 118.6 for the cost of utilities classification.

Elk Rapids Michigan Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It shows that from February 2010 to before the disasterous Coronavirus Pandemic the monthly unemployment rate went from 16.8% to 6.0% in February 2020. This represents a decrease in the monthly unemployment rate of 64.3%. Since that time, the monthly unemployment rate has gone to 7.4% This represents an increase in the monthly unemployment rate of 23.3%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It depicts that from February 2010 to before the disasterous COVID-19 Pandemic the monthly labor force participation went from 17,816 to 15,469 in February 2020. This represents a decrease in the monthly labor force participation of 13.2%. Since that time, the monthly labor force participation has gone to 14,167 This represents a decrease in the monthly labor force participation of 8.4%.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Elk Rapids depicts it has a Unemployment Rate of 0.3% which is the second smallest in order of unemployment rate of all the other places in the metro area. The city with the highest unemployment rate in the area is Central Lake which depicts a rate of 3.7% ( very much bigger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Elk Rapids depicts it has a Labor Force Participation of 56.8% which is the third most participation rates of all other places in the greater Elk Rapids region.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Elk Rapids depicts full time employees approximately 2.4 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Elk Rapids area. Elk Rapids shows it has a Single Earner Families of 24.4% which is in the intermediate range of other places in the metro area. The city with the highest families with a single earner in the area is Alden CDP which shows a single earners rate of 82.9% (approximately 3.4 times bigger). The percentage of families with no one working is depicted in Figure 22. Elk Rapids shows it has a Families with No One Working of 34.3% which is the second most of all the places in the surrounding region. The city with the highest families with no one working in the area is Suttons Bay which shows a families with no worker of 45.6% (32.9% larger).

Elk Rapids Michigan Poverty Charts

The next section details economy analysis about poverty for residents of the Elk Rapids community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Elk Rapids depicts it has a Total In Poverty of 155 which is the third most of all other places in the local area. The city with the highest total people earning less than the poverty level in the area is Traverse City which shows a total people earning less than the poverty level of 1,747 ( very much bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Elk Rapids indicates it has a Percent of Population In Poverty of 10.4% which is less than most other places in the metro area. The city with the highest percent of people earning less than the poverty level in the area is Rapid City CDP which shows a percent of people in poverty of 23.0% (approximately 2.2 times bigger).

In Figure 25 people who are in poverty are broken out by age group. Elk Rapids has one of the largest proportions of person in poverty 35 to 54 years at 16% of the total and is ranked #2. The only larger city being Central Lake with 21%. Second, it has one of the largest proportions of person in poverty 55 to 64 years at 50% of the total and is ranked #2. The only larger city being Suttons Bay with 84%.

Figure 27 shows key poverty statistics for groups based on marriage status. Elk Rapids has the percentage of married with children and in poverty less than most other places in the greater region at 12% of the total. Second, it has less than most other places in the metropolitan area when sorted by unmarried with children and in poverty at 11% of the total. Third, it has in the mid range of other places in the metro area in terms of unmarried female with children and in poverty at 16% of the total.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Elk Rapids has one of the largest proportions of highschool graduate and in poverty at 16% of the total and is ranked #2. The only larger city being Rapid City CDP with 18%. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Elk Rapids has the percentage of people who are in poverty and unemployed less than most other places in the greater region at 4.5% of the total. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Elk Rapids shows it has a Public Assistance Percent of 8.0% which is less than most other places in the local area. The city with the highest households with public assistance in the area is Bellaire which depicts a households with public assistance of 24.0% (approximately 3.0 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Elk Rapids shows it has a Gini Index of 44.6% which is in the mid range of other places in the local area.

Elk Rapids Michigan Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Elk Rapids or elsewhere.) Elk Rapids has the percentage of people who drove alone the second smallest in terms of people who drove alone of all the other places in the local area at 66% of the total. Second, it has the largest proportion of people who carpooled at 14% of the total and is ranked #1. Third, it has the largest proportion of people who took a taxicab, motorcycle or other at 2% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Elk Rapids has the largest proportion of people who leave for work between 630 am to 7am at 15% of the total and is ranked #1. Second, it has the largest proportion of people who leave for work between 10am to 11am at 5% of the total and is ranked #1. Third, it has the largest proportion of people who leave for work between 11am to 12noon at 17% of the total and is ranked #1.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Elk Rapids has the percentage of people with commute time between 5 to 9 minutes in the center range of other places in the local area at 13% of the total. Second, it has the smallest proportion of people with commute time between 10 to 14 minutes at 9% of the total. Third, it has the largest proportion of people with commute time between 25 to 29 minutes at 21% of the total and is ranked #1.

The average commute time is shown in Figure 37. Elk Rapids shows it has a Avg Commute Time of 19 which is in the mid point range of other places in the local area. Figure 38 shows the difference between male versus female commuting time. Elk Rapids shows average commute time in minutes for men 20.1% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Elk Rapids has the percentage of no vehicle available less than most other places in the area at 19% of the total. Second, it has the largest proportion of 1 vehicle available at 61% of the total and is ranked #1. Third, it has the smallest proportion of 2 vehicles available at 13% of the total. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Elk Rapids depicts it has a Work in city or place where live of 38% which is in the center range of other places in the local area. The city with the highest people who both work and live in the same city in the area is Traverse City which indicates a people who both work and live in the same city of 57% (49.9% larger). Comparing people who both work and live in the same city to the United States average of 42%, Elk Rapids is about 9.1% smaller. Also, measured against the state of Michigan, people who both work and live in the same city of 30%, Elk Rapids is 28.4% larger.

Elk Rapids Michigan Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. Elk Rapids depicts it has the hightest median earnings of $53,438 for the management, business, and financial occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and Elk Rapids depicts it has the hightest median earnings of $61,250 for the earnings-education, legal, community service, arts, media occupations category. The table in Figure 48, shows Elk Rapids employment data in terms of job categories and salary data.

Elk Rapids Michigan Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. Elk Rapids shows it has the hightest entrepreneurs of 50% for the self employed management, business, science, and arts businesses category.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. Elk Rapids indicates it has the hightest entrepreneurs of 28% for the self employed in finance, insurance, real estate, rental and leasing category.

In Figure 51 the average annual self employment/entrepreneur income is shown. Elk Rapids shows it has a Self Employment Income of $34,031 which is the second most average annual self employment income of all the places in the greater Elk Rapids region. The city with the highest average annual self employment income in the area is Traverse City which depicts an average annual self employment income of $61,027 (79.3% larger). Comparing average annual self employment income to the United States average of $39,154, Elk Rapids is about 15.1% smaller. Also, compared to the state of Michigan, average annual self employment income of $32,754, Elk Rapids is only about 3.9% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Elk Rapids depicts total number of self-employed men about twice as large as the total number of self-employed women.