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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 Q4 2023. 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 $167,870, house prices in Eaton Rapids are solidly below the national average.

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

Appreciation rates for homes in Eaton Rapids have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 87.28%, which ranks in the top 50% nationwide. This equates to an annual average Eaton Rapids house appreciation rate of 6.48%.

NeighborhoodScout's data show that during the latest twelve months, Eaton Rapids's appreciation rate, at 5.88%, has been at or slightly above the national average. In the latest quarter, Eaton Rapids's appreciation rate has been 0.41%, which annualizes to a rate of 1.65%.

Relative to Michigan, our data show that Eaton Rapids's latest annual appreciation rate is lower than 60% of the other cities and towns in Michigan.

Average Home Values

Median Home Value

$167,870

Eaton Rapids, MI Home Prices
> $1,249,000
$937,001 - $1,249,000
$624,001 - $937,000
$499,001 - $624,000
$375,001 - $499,000
$250,001 - $375,000
$125,001 - $250,000
$62,001 - $125,000
$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

Low

for nation

Number of Homes And Apartments:

2,004

Eaton Rapids Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,107 / 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