Rapid River, MI—49878
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Rapid River, MI
Home Price Trends — Rapid River, MI
As of Oct '25, the median home price in Rapid River, MI is $194,000, with a year-over-year change of 2.2%. This indicates that home prices in Rapid River, MI are increasing. According to Zillow, the 1-year price projection is 4.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $194,000 | 2.2% |
| Single Family | $194,000 | 1.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Rapid River, MI
Rapid River, MI lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $785 | $785 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $785 | $785 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Rapid River, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Rapid River, MI is 42. This is a decrease of -11.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $310,000 | -6.0% |
Listing Count | 23 | 23.0% |
| Listings as % of Homes | 0.6% | 23.0% |
Days on Market | 42 | -11.0% |
Demographics — Rapid River, MI
As of the latest ACS Survey released in 2023, Rapid River, MI has a population of 3,180, which has decreased by -5.8% over the past 5 years. Rapid River, MI is a moderately popular place for families, as children make up 15.8% of the population. The area has a poorly educated workforce, with 22.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 3,180 | -5.8% |
% Under 18 | 15.8% | -9.2% |
% Seniors | 32.2% | 17.1% |
% WFH | 10.8% | 163.4% |
% w/ College Degree | 22.3% | 25.3% |
As of the latest ACS Survey released in 2023, Rapid River, MI is a predominantly white area, with 89.5% of the population identifying as white. The white population has shrunk by 1.8% in the last 5 years. The second most common race or ethnicity in Rapid River, MI is hispanic, making up 1.3% of the population. Foreign-born residents account for 0.8% of the population in Rapid River, MI, and this percentage has decreased by 38.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 89.5% | -1.8% |
% Black | 0.0% | N/A |
% Hispanic | 1.3% | -56.7% |
% Asian | 0.3% | 200.0% |
% Foreign Born | 0.8% | -38.5% |
Mortgage and Risk — Rapid River, MI
According to HUD data as of 2023, there were 15 mortgage originations in Rapid River, MI, of which 47.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Rapid River, MI. Investor activity is low, as 0.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 15 |
% Conventional Loans | 47.0% |
% Government Loans | 53.0% |
% Investor Loans | 0.0% |
% Second Loans | 27.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Rapid River, MI
Rapid River, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 25 |
Total Units Section 8 | 1 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $15 | $785 | $800 |
| 2 Bedroom | N/A | N/A | $1,050 |
| 3 Bedroom | N/A | N/A | $1,370 |
| 4 Bedroom | N/A | N/A | $1,740 |
Affordability — Rapid River, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.7 |
| Median Home Price | $194,000 |
| Median Household Income | $63,800 |