Elk Rapids, MI

This township of 2,656 residents needs 77 more housing units over the next five years.

Housing snapshot

Population
2,656 (2026)
Households
1,397
Median household income
$92,859 (2026)
Typical home value
$513,422
Owner-occupied
50%
Five-year housing need
77 units

Comparison to other Michigan municipalities

Elk Rapids: $92,859 Median income (2026 estimate)
<$26K >$142K
Elk Rapids: 0.74 jobs to household ratio
<0.02 >1.82
Elk Rapids: No permit data
<0% >6.7%
On this page

How affordable is this community?

The typical home in Elk Rapids, MI is valued at $513,422, well above the Michigan average of $232,321. At a median household income of $92,859 in Elk Rapids, MI, affordability is stretched, with households needing roughly $31,481 more to comfortably afford the typical home.

This chart tracks whether housing prices are keeping pace with local incomes. The gap between what homes cost and what households can afford reveals affordability trends over time.

How is the population changing?

Elk Rapids, MI has a population of roughly 2,602 that has been largely stable in recent years.

Population growth patterns reveal how communities are evolving. This chart shows historical population changes by age group and projects future trends based on demographic patterns.

How has employment changed over time?

Jobs by industry sector since 2012. Switch between local jobs — counted where the jobs are located — and resident jobs, counted where the workers live. On the local view the most recent year is a nowcast: it grows the latest local LODES job mix forward using recent county employment growth from QCEW and the BLS local employment series, so the newest point tracks today's economy instead of data that is roughly two years old.

How are households changing by income?

Elk Rapids, MI has roughly 1,397 households and a population that has been largely stable in recent years.

Understanding how households at different income levels are growing or declining helps identify which groups face the greatest housing pressure and where new housing is most needed.

Who lives here today?

The housing stock in Elk Rapids, MI is heavily oriented toward detached single-family, which makes up 75% of units. Elk Rapids, MI is roughly split between owners and renters, at 50% owner-occupied.

Households may have different structure type preferences depending on characteristics such as household size, income, employment, presence of children, age of individuals, and lifestyle choices. Understanding the housing stock in corresponding terms helps assess how well existing units align with existing households' ideals.

What does the housing stock look like?

The mix of housing types and ownership patterns shapes a community's character. This chart breaks down housing units by structure type and whether they're owner-occupied or rented.

How much new housing supply is needed?

To keep up with growth and fill current housing shortages, Elk Rapids, MI needs 77 new units over the next 5 years.

35
Units needed to keep up with expected growth
Projected total household growth from 2026 to 2031.
2.5%
Projected household growth rate
Expected increase in total households from 1,397 in 2026 to 1,432 in 2031.
42
Units to address shortages in existing housing stock
Production needs to address vacancy rates and other factors.
17
Replacement housing
Effective annual loss rate is 1.6 per 1,000 units.
25
Rental vacancy adjustment
Rental vacancy is 0.8%. This is below the minimum stable target of 7.4%.
77
Total 5-year housing production need (2026-2031)
15
Annual production pace
Average units needed per year to meet 5-year need
3.6%
Total housing unit growth
Percent increase in housing stock over 5 years
0.7%
Annual housing unit growth
Average percent increase in housing stock per year

How does this place compare to similar communities?