Elk Rapids Michigan Area Home Supply Charts

This page looks at a variety of Elk Rapids Michigan housing market data taken from the most recent 2022 American Community Survey census data. Housing units are structures such as a single family home, apartment community, mobile home park, public housing, etc. where a person or family live and live separately from other residents of the building. Figure 1 shows the total number of housing units for each city. Elk Rapids depicts it has a Housing Units of 1,213 which is the second most housing units of all the places in the greater Elk Rapids region.

Figure 2 illustrates the housing density in the Elk Rapids housing market as measured by housing units per square land mile (includes single family homes, apartments, etc.) Elk Rapids depicts it has a Housing Density of 735.3 which is the second most of all the places in the local area. The city with the highest housing density in the area is Traverse City which shows a density of 943.0 (28.2% larger). Comparing housing density to the United States average of 39.5, Elk Rapids is appreciably bigger. Also, versus the state of Michigan, housing density of 81.0, Elk Rapids is very much bigger.

In Figure 4, Elk Rapids area change in the number of housing units and is a forward gauge (along with population change) for any potential housing shortage. Elk Rapids shows it has a Housing Unit Change of 2.9% which is in the mid range of other places in the local area. The city with the highest change in the housing units in the area is Suttons Bay which shows a housing units of 21.9% ( very much bigger). Comparing change in the housing units to the United States average of 7.4%, Elk Rapids is approximately half the size. Also, in contrast to the state of Michigan, change in the housing units of 0.8%, Elk Rapids is approximately 3.8 times bigger.

Figure 5 shows the percentage of rental property based on that they are occupied by renters as a percent of the total number of households in the community (including homes, apartments, etc.) Elk Rapids depicts it has a Renter Percent of 26.9% which is the third most renter percent of all other places in the greater Elk Rapids region. Figure 6 illustrates the total number of housing units that are occupied by owners. it has a Owner Percent of 73.1% which is less than most other places in the greater region.

Elk Rapids Michigan Home Cost Charts

Looking at the housing data provided in Figure 7, the average Elk Rapids home price is illustrated for this community and a useful analysis of affordable housing. Elk Rapids shows it has a Median Home Value of $272,700 which is the third most median home prices of all other places in the greater Elk Rapids region. The city with the highest median home price in the area is Suttons Bay which shows a home price of $384,000 (40.8% larger). Figure 8 provides aggregate comparative data for the Elk Rapids Michigan metro area in terms of the median housing rental rate, apartment rent, etc. Elk Rapids depicts it has a Median Gross Rent of $1,019 which is is the uppermost of the places in the greater Elk Rapids region. Comparing rental rates to the United States average of $1,163, Elk Rapids is about 14.1% smaller. Also, in comparison with the state of Michigan, rental rates of $946, Elk Rapids is 7.7% larger.

Figure 9 provides the frequency distribution of home prices for the area and is useful for understanding affordable housing fund. Elk Rapids has the percentage of home price worth less than $50,000 in the mid range of other places in the metropolitan area at 8% of the total. Second, it has less than most other places in the greater region when ranked by home price worth between $50,000 to $100,000 at 20% of the total. Third, it has the largest proportion of home price worth between $750,000 to $1,000,000 at 4% of the total and is ranked #1. Also, it has the largest proportion of home price worth between $1,000,000 to $1,500,000 at 4% of the total and is ranked #1. In addition, it has the largest proportion of home price worth between $1,500,000 to $2,000,000 at 4% of the total and is ranked #1.

Median owner costs for the real estate market are shown in Figure 10 and include the costs associated with any mortgage, utility expenses, insurance, and other miscellaneous costs. Elk Rapids depicts it has a Median Owner Cost of $1,026 which is the third most median ownership cost of all other places in the greater Elk Rapids region. Figure 11 shows the median amount of cost as a percent of total household income for people who own homes in the Elk Rapids metro area. it has a Owner Cost as % of HH Income of 20% which is more than all other places in the greater Elk Rapids region. The next chart, Figure 12, provides a comparison chart of the median home cost as a percent of a median worker take home earnings and is thus a valuable measure of affordable housing. Elk Rapids shows it has a Median Home Value as Percent of Median Earnings of 540% which is the third most median home value as a percent of median worker earnings of all other places in the greater Elk Rapids region.

Figure 14 depicts the median cost of housing for owners with also have a mortgages (versus those who do not have a mortgage because mortgage cost is included.) Elk Rapids depicts it has a Median Owner Costs-With Mortgage of $1,240 which is the third most median housing cost of all other places in the greater Elk Rapids region. Figure 15 is a chart that shows the median housing costs for owners who do not have mortgages (and therefore the cost of home ownership does not include mortgage cost.) it has a Median Owner Costs-Without Mortgage of $660 which is the second most of all the places in the local area.

Figure 16 shows the distribution in total housing cost for owners of property (so not renters.) This cost includes mortgages, lines of credit interest, utilities, taxes, insurance, etc. Elk Rapids has the largest proportion of owner cost between $300 and $500 at 20% of the total and is ranked #1. Second, it has one of the largest proportions of owner cost between $500 and $700 at 18% of the total and is ranked #3. Only #2 Central Lake (19%), and #1 Bellaire (22%) are larger. Third, it has the largest proportion of owner cost between $3,000 and $3,500 at 2% of the total and is ranked #1. Also, it has one of the largest proportions of owner cost between $3,500 and $4,000 at 2% of the total and is ranked #3. Only #2 Suttons Bay (3%), and #1 Alden CDP (19%) are larger.

Next shown in Figure 17 is the housing cost as a percent of household income for people who own their homes and have a mortgages (thus the cost of financing the home is included.) Elk Rapids shows it has a % of Income Owner Costs-With Mortgage of 24% which is the third most cost as a percent of household income of all other places in the greater Elk Rapids region. The city with the highest cost as a percent of household income in the area is Suttons Bay which depicts a cost as a percent of household income of 27% (12.9% larger). Housing cost as a percent of household income for owners who do not have a mortgage is shown in Figure 18. This analysis can be useful for understanding the affordable housing for home ownership excluding any financing cost in the area shown. Elk Rapids shows it has a % of Income Owner Costs-No Mortgage of 17% which is more than all other places in the metropolitan area.

Figure 19 looks at the cost of rent for rental property using the percent of total household income which is a valuable measure of financial health for the area. (The higher the proportion of rent payments to total household income is a sign of greater financial stress. Also, rent can be covered by rent assistance and rent assistance programs in the form of rent assistance.) Elk Rapids has the largest proportion of rent as a percent of income is less than 10 pct at 42% of the total and is ranked #1. Second, it has one of the largest proportions of rent as a percent of income is between 10pct to 20pct at 22% of the total and is ranked #2. The only larger city being Central Lake with 46%. Third, it has less than most other places in the local area as measured by rent as a percent of income is between 40pct to 50pct at 10% of the total.

Figure 21 shows median amount of real estate taxes paid for home owners in the region. it has a Median Real Estate Taxes Paid of $3,376 which is the third most median real estate taxes paid of all other places in the greater Elk Rapids region. The city with the highest median real estate taxes paid in the area is Traverse City which depicts a taxes paid of $3,853 (14.1% larger). Comparing median real estate taxes paid to the United States average of $2,690, Elk Rapids is 25.5% larger. Also, compared to the state of Michigan, median real estate taxes paid of $2,551, Elk Rapids is 32.3% larger.

Figure 23 shows the rental rate distribution for this area. Elk Rapids Michigan has the percentage of rent between 300 and 500 dollars less than most other places in the local area at 19% of the total. Second, it has the largest proportion of rent between 750 and 1000 dollars at 50% of the total and is ranked #1.

Elk Rapids Michigan Home Characteristics Charts

Figure 28 shows the household size for families living in the area and it has a Family size of 2.5 which is the second smallest when ranked by family members per housing unit of all the other places in the greater region. The city with the highest family members per housing unit in the area is Central Lake which shows a family members per housing unit of 3.3 (31.4% larger). Comparing family members per housing unit to the United States average of 3.3, Elk Rapids is approximately three-fourths the size. Also, benchmarked against the state of Michigan, family members per housing unit of 3.2, Elk Rapids is approximately three-fourths the size.

Figure 29 show the median number of rooms in a typical home for each location in this area. it has a Median Number of Rooms of 5.3 which is the smallest when sorted by average number of rooms in a house of all the other places in the greater region. The city with the highest average number of rooms in a house in the area is Alden CDP which shows an average number of rooms in a house of 6.5 (22.6% larger). Figure 30 shows, for the average house in each location, the median year that a house was built. This can be useful for understanding the relative age of one neighborhood versus another for a real estate investor. it has a Median Year Built of 1968 which is the third most of all other places in the local area. The city with the highest year built in the area is Suttons Bay which depicts a year built of 1987 ( about the same size).

Figure 31 looks at the distribution of housing units by the median age that the homes were built. has the percentage of homes built in 2020 or later less than most other places in the greater region at 1% of the total. Second, it has in the center range of other places in the metro area when ranked by homes built between 2010 to 2019 at 8% of the total. Third, it has one of the largest proportions of homes built between 1940 to 1949 at 31% of the total and is ranked #3. Only #2 Traverse City (35%), and #1 Alden CDP (39%) are larger.

Figure 32 shows the difference in the number of housing units based on whether they are occupied by owners versus occupied by renters. it has one of the largest proportions of owner housing units at 196 of the total and is ranked #2. The only larger city being Traverse City with 2,688.

Figure 34 shows the median value of homes broken down by the median year that the homes were built. it has one of the largest proportions of value of homes built 2010 to 2013 at $305,900 of the total and is ranked #3. Only #2 Traverse City ($333,000), and #1 Suttons Bay ($548,800) are larger. Second, it has one of the largest proportions of value of homes built 2000 to 2009 at $258,300 of the total and is ranked #2. The only larger city being Suttons Bay with $331,300. Third, it has the largest proportion of value of homes built 1990 to 1999 at $325,000 of the total and is ranked #1. Also, it has one of the largest proportions of value of homes built 1980 to 1989 at $225,000 of the total and is ranked #2. The only larger city being Traverse City with $242,500. In addition, it has the largest proportion of value of homes built 1970 to 1979 at $356,300 of the total and is ranked #1. Furthermore, it has one of the largest proportions of value of homes built 1960 to 1969 at $437,500 of the total and is ranked #2. The only larger city being Rapid City CDP with $532,900. Next it has one of the largest proportions of value of homes built 1950 to 1959 at $132,100 of the total and is ranked #3. Only #2 Bellaire ($139,600), and #1 Traverse City ($258,000) are larger. Additionally, it has one of the largest proportions of value of homes built 1940 to 1949 at $252,300 of the total and is ranked #2. The only larger city being Traverse City with $344,900.

Figure 35 compares the total number of occupied housing units to vacant housing units. This analysis can be used to understand any housing shortage in the community. it has one of the largest proportions of occupied housing units at 40% of the total and is ranked #3. Only #2 Suttons Bay (43%), and #1 Alden CDP (63%) are larger.

The next two charts show both the average household size of homeowners versus the average household size of renters. Starting with Figure 36 we see the household size of homeowners for Elk Rapids residents. it has a Owner-Household Size of 2.0 which is the second smallest when sorted by homeowner household size of all the other places in the local area. The city with the highest homeowner household size in the area is Central Lake which shows a homeowner household size of 2.5 (27.6% larger).

Figure 37 shows the household size for renters. Elk Rapids depicts it has a Renter-Household Size of 2.0 which is the third most renter household sizes of all other places in the greater Elk Rapids region. The city with the highest renter household size in the area is Central Lake which shows a renter household sizes of 3.8 (about twice as large). Figure 38 shows the year that people who own homes moved into this region. it has one of the largest proportions of owners moved in 2019 or later at 25% of the total and is ranked #2. The only larger city being Central Lake with 25%. Second, it has the largest proportion of owners moved in 2000 to 2009 at 22% of the total and is ranked #1. Third, it has the smallest proportion of owners moved in 1990 to 1999 at 9% of the total. Figure 39 shows the year that people who rent moved into the area. Elk Rapids has the percentage of renters moved in 2019 or later the second smallest in terms of renters moved in 2019 or later of all the other places in the local area at 39% of the total. Second, it has the largest proportion of renters moved in 2015 to 2018 at 52% of the total and is ranked #1.

Figure 40 compares the median year that home owners moved into their home. it has a Owner Median Year Moved In of 2010 which is the third most median year that a home owner moved in of all other places in the greater Elk Rapids region. Figure 41 compares the median year that renters moved into their home. Elk Rapids shows it has a Renter Median Year Moved In of 2014 which is less than most other places in the local area.

The next two charts show the number of people living in group quarters and includes temporary as well permanent housing which may be run by the Elk Rapids housing department, Michigan department, or other housing authority or public housing agency. beginning with Figure 43 which shows the total number of people. Elk Rapids depicts it has a Total In Group Quarters of 2 which is less than most other places in the local area.

Figure 44 shows the percentage of people who are living in group quarters to the total population for Elk Rapids residents (these may include colleges and jails but also community centers for homelessness or that require a housing choice voucher which are run by certain nonprofits or an affordable housing department.) Elk Rapids has the largest proportion of number of people under 18 years of age and in group quarters at 100% of the total and is ranked #1.