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Elk Rapids village, MI

ZIP 49629 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 49629

Median Home Value
$347,100
Median Rent
$869
Affordability Snapshot
$96,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$2,230/mo PITI).

14%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

4.7x
Home Price-to-Income Ratio

Within the typical 3-5x range for home affordability.

33.3 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 49629 in Elk Rapids village, MI, a household would need roughly $96,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $2,230. That is about 29% above the local median household income ($74,318), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Vacancy rate 36% — check local market conditions.

Heating Fuel
Housing Metrics
Owner Occupied
83.5%+28% vs US avg
x
Vacancy Rate
36.1%+250% vs US avg
x
Broadband Access
92.9%+7% vs US avg
x
4+ Bedrooms
5.1%-65% vs US avg
x
Built Pre-1939
5.5%-57% vs US avg
x
Built Post-2014
1.9%-73% vs US avg
x
Rent Burden >30%
14.5%-71% vs US avg
x
Mortgage-Free
47.0%+23% vs US avg
x
$347,100
Home Value
$869
Rent
1968
Year Built
2012
Moved In

Residents have lived here since ~2012 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached73.5%
  • 1-unit attached5.5%
  • 2-9 units13.0%
  • 10+ units3.2%
  • Mobile home & other4.8%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$347,100
Median rent$869
Owner-occupied83.5%
Vacant36.1%
Price-to-income4.7x
Est. income to buy$96,000