The typical owner-occupied home in Rapid River is worth about $122,500, 47% below the Michigan median of $231,600 and 63% below the national median of $332,700. Owners pay a median $1,741 a year in property taxes, about 1.42% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $51,500 a year, so the median home costs 2.4 times the median income (3.2 times for Michigan). 89% of occupied homes here are lived in by their owners, and 48% of those owners still have a mortgage.
Rapid River at a glance
| Rapid River | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $122,500 | $231,600 | $332,700 |
| Median property tax paid per year | $1,741 | $2,904 | $3,119 |
| Property tax as a share of value | 1.42% | 1.25% | 0.94% |
| Median household income | $51,500 | $72,875 | $80,734 |
| Homes lived in by their owners | 89% | 73% | 65% |
| Owner homes with a mortgage | 48% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,147 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 21.8% | 19.3% | 21.0% |
| Median rent | $99 | $1,129 | $1,413 |
| Median year homes were built | 1960 | 1972 | 1980 |
| Vacant homes | 6.8% | 11.8% | 10.1% |
| Population | 223 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Rapid River
At this week's average 30-year rate of 7.11%, buying the median Rapid River home of $122,500 with 20% down costs about $855 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,059, 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 $36,654 for the 20%-down payment. That payment is 20% of the median Rapid River household income of $51,500; at that income and 20% down, the 28% guideline points to a home of about $172,000.
The median rent here is $99 a month, so owning the median home costs about $756 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $24,500 |
|---|---|
| Loan amount | $98,000 |
| Principal and interest | $659 |
| Property taxes (1.42% a year) | $145 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $855 |
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| Down payment | $4,288 |
|---|---|
| Loan amount | $120,281 |
| Principal and interest | $809 |
| Property taxes (1.42% a year) | $145 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $54 |
| Total per month | $1,059 |
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Questions about home buying in Rapid River
What is the median home value in Rapid River?
About $122,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Rapid River?
Homeowners pay a median $1,741 a year, which is about 1.42% 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 Rapid River?
For the median home with 20% down at 7.11%, the payment is about $855 a month. Keeping that under 28% of gross income takes about $36,654 a year.
More about Rapid River
- Mortgage Refinance in Rapid River
- Debt Relief in Rapid River
- Home Equity Loans in Rapid River
- 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