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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Eaton Rapids, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Eaton Rapids, MI Housing Market Trends

With a population of 5,185, 2,004 total housing units (homes and apartments), and a median house value of $168,688, house prices in Eaton Rapids are some of the most affordable in Michigan as well as the nation.

Single-family detached homes are the single most common housing type in Eaton Rapids, accounting for 70.99% of the city's housing units. Other types of housing that are prevalent in Eaton Rapids include large apartment complexes or high rise apartments ( 13.86%), mobile homes or trailers ( 7.81%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.33%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Eaton Rapids. Owner-occupied housing accounts for 68.72% of Eaton Rapids's homes, and 62.54% have either three or four bedrooms, which is average sized relative to America.

The housing in Eaton Rapids was primarily built before 1939 ( 44.62%), making the housing stock in Eaton Rapids some of the oldest overall in America, although there is a range of ages of homes in Eaton Rapids. The next most important housing age is between 1940-1969 ( 24.20%), followed by between 1970-1999 ( 23.56%). There's also some housing in Eaton Rapids built between 2000 and later ( 7.62%).

Eaton Rapids Home Appreciation Rates

Real estate appreciation rates in Eaton Rapids's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.03% during the period.

Over the last year, Eaton Rapids appreciation rates have trailed the rest of the nation. In the last twelve months, Eaton Rapids's appreciation rate has been 0.95%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Eaton Rapids were at 0.71%, which equates to an annual appreciation rate of 2.85%.

Relative to Michigan, our data show that Eaton Rapids's latest annual appreciation rate is lower than 90% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$168,688

Eaton Rapids, MI Home Prices
> $1,255,000
$941,001 - $1,255,000
$627,001 - $941,000
$502,001 - $627,000
$377,001 - $502,000
$251,001 - $377,000
$126,001 - $251,000
$62,001 - $126,000
$0 - $62,000
0.0%
0.0%
0.0%
0.0%
0.8%
0.8%
0.7%
0.7%
3.5%
3.5%
15.2%
15.2%
49.4%
49.4%
17.9%
17.9%
12.4%
12.4%
0% 100.0%
% of Homes
Very Low

for Michigan

Very Low

for nation

Number of Homes And Apartments:

2,004

Eaton Rapids Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,194 / per month

Homeownership Rate

Owners
Renters
68.7%
68.7%
31.3%
31.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.4%
7.4%
92.6%
92.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.6%
7.6%
23.6%
23.6%
24.2%
24.2%
44.6%
44.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
71.0%
71.0%
1.0%
1.0%
6.3%
6.3%
13.9%
13.9%
7.8%
7.8%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.1%
1.1%
13.6%
13.6%
20.3%
20.3%
51.7%
51.7%
10.9%
10.9%
2.5%
2.5%
0% 100.0%
% of Homes

Popular Neighborhoods in Eaton Rapids

Zip Codes in Eaton Rapids, MI