The typical owner-occupied home in Elk Rapids is worth about $393,400, 70% above the Michigan median of $231,600 and 18% above the national median of $332,700. Owners pay a median $3,540 a year in property taxes, about 0.90% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $70,938 a year, so the median home costs 5.5 times the median income (3.2 times for Michigan). 75% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Elk Rapids at a glance
| Elk Rapids | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $393,400 | $231,600 | $332,700 |
| Median property tax paid per year | $3,540 | $2,904 | $3,119 |
| Property tax as a share of value | 0.90% | 1.25% | 0.94% |
| Median household income | $70,938 | $72,875 | $80,734 |
| Homes lived in by their owners | 75% | 73% | 65% |
| Owner homes with a mortgage | 58% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,517 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 22.3% | 19.3% | 21.0% |
| Median rent | $1,056 | $1,129 | $1,413 |
| Rent as a share of renters' income | 20.5% | 30.2% | 30.6% |
| Median year homes were built | 1971 | 1972 | 1980 |
| Vacant homes | 30.8% | 11.8% | 10.1% |
| Population | 1,624 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Elk Rapids
At this week's average 30-year rate of 7.11%, buying the median Elk Rapids home of $393,400 with 20% down costs about $2,576 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,231, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $110,405 for the 20%-down payment. That payment is 44% of the median Elk Rapids household income of $70,938; at that income and 20% down, the 28% guideline points to a home of about $253,000.
The median rent here is $1,056 a month, so owning the median home costs about $1,520 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $78,680 |
|---|---|
| Loan amount | $314,720 |
| Principal and interest | $2,117 |
| Property taxes (0.90% a year) | $295 |
| Homeowners insurance (our estimate, 0.5% a year) | $164 |
| PMI | $0 |
| Total per month | $2,576 |
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| Down payment | $13,769 |
|---|---|
| Loan amount | $386,275 |
| Principal and interest | $2,598 |
| Property taxes (0.90% a year) | $295 |
| Homeowners insurance (our estimate, 0.5% a year) | $164 |
| FHA mortgage insurance | $174 |
| Total per month | $3,231 |
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Questions about home buying in Elk Rapids
What is the median home value in Elk Rapids?
About $393,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elk Rapids?
Homeowners pay a median $3,540 a year, which is about 0.90% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Elk Rapids?
For the median home with 20% down at 7.11%, the payment is about $2,576 a month. Keeping that under 28% of gross income takes about $110,405 a year.
More about Elk Rapids
- Mortgage Refinance in Elk Rapids
- Debt Relief in Elk Rapids
- Home Equity Loans in Elk Rapids
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data