Elk Rapids, MI is a charming rural town located in the northern part of the state. The cost of living in Elk Rapids is quite affordable, with 2 bedroom rents averaging around $840 compared to the national average of $1,430. The local grocery cost index is 97 versus 100 in the US, another indication that Elk Rapids offers a great value for its residents. \nThe local economy is supported by many businesses including Main Street Grocer Inc., Castle Family Restaurant, and DeYoung's Auto Repair. Popular cultural attractions include the Elk Rapids Historical Museum and Marina Park which hosts events and activities throughout the year such as fireworks displays during the summer months. With its affordable real estate market and plenty of economic and recreational opportunities, it’s no wonder why so many people choose to live in Elk Rapids.
Elk Rapids has an unemployment rate of 7.8%. The US average is 6.0%.
Elk Rapids has seen the job market increase by 1.9% over the last year. Future job growth over the next ten years is predicted to be 30.8%, which is lower than the US average of 33.5%.
Tax Rates for Elk Rapids
- The Sales Tax Rate for Elk Rapids is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Elk Rapids is 4.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Elk Rapids
- The average income of a Elk Rapids resident is $29,860 a year. The US average is $28,555 a year.
- The Median household income of a Elk Rapids resident is $57,452 a year. The US average is $69,021 a year.