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Elk Rapids, MI Home Values and Rents
The typical home value in Elk Rapids is $512,751, 30th highest of 442 cities and towns in Michigan. Median rent is $1,056 a month.
- Typical home value
- $512,751
- 30th of 442 in MI
- Median rent
- $1,056/mo
- ACS 2020-2024
- Price change, 1 year
- +6.8%
- Sep 2026
- Homeownership
- 75.2%
- MI: 73.2%
Typical home value in Elk Rapids
Zillow Home Value Index, all homes, middle tier
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| Period | Elk Rapids |
|---|---|
| Sep 2026 | $512,751 |
| Dec 2025 | $493,181 |
| Dec 2024 | $470,433 |
| Dec 2023 | $450,924 |
| Dec 2022 | $426,522 |
| Dec 2021 | $390,891 |
| Dec 2020 | $303,908 |
| Dec 2019 | $272,499 |
| Dec 2018 | $255,434 |
| Dec 2017 | $234,694 |
| Dec 2016 | $215,430 |
| Dec 2015 | $196,379 |
| Dec 2014 | $187,396 |
| Dec 2013 | $193,240 |
| Dec 2012 | $174,348 |
Over five years, Elk Rapids prices changed +39.0%.
Source: Zillow Research · Last updated 09/01/2026
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Home values by ZIP code
Median home value and rent (ACS 2020-2024); price changes from the FHFA annual ZIP index
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| # | ZIP code | Median value | Median rent | 1-year | 5-year |
|---|---|---|---|---|---|
| 1 | 49629 | $394,600 | $929 | -4.0% | +65.8% |
Fair Market Rents, FY2027
HUD rent standard for Antrim County, MI
| Unit size | Monthly rent | vs FY2026 |
|---|---|---|
| Studio | $882 | +10.1% |
| 1 bedroom | $965 | +7.6% |
| 2 bedrooms | $1,159 | -0.3% |
| 3 bedrooms | $1,381 | -0.9% |
| 4 bedrooms | $1,711 | +6.1% |
Frequently asked questions
- What is the typical home value in Elk Rapids, MI?
- The typical home value in Elk Rapids is $512,751 (Zillow Home Value Index, Sep 2026). The Michigan median is $231,600.
- How much is rent in Elk Rapids?
- The median rent in Elk Rapids is $1,056 a month, including utilities paid by the renter. HUD's FY2027 Fair Market Rent for a two-bedroom unit is $1,159.
- Are home prices going up in Elk Rapids?
- The typical home value in Elk Rapids changed +6.8% over one year and +39.0% over five years, as of Sep 2026.
- How does Elk Rapids compare with the rest of Michigan?
- Elk Rapids has the 30th highest median home value of 442 cities and towns with 1,000+ residents in Michigan.
- Which ZIP code in Elk Rapids has the highest home values?
- ZIP code 49629 has the highest median home value at $394,600.