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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 5,245, 2,170 total housing units (homes and apartments), and a median house value of $139,760, 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 65.61% of the city's housing units. Other types of housing that are prevalent in Eaton Rapids include large apartment complexes or high rise apartments ( 15.44%), duplexes, homes converted to apartments or other small apartment buildings ( 9.92%), and a few mobile homes or trailers ( 7.15%).

The most prevalent building size and type in Eaton Rapids are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 60.12% owning and 39.88% renting.

The housing in Eaton Rapids was primarily built before 1939 ( 37.62%), 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 1970-1999 ( 30.71%), followed by between 1940-1969 ( 24.81%). There's also some housing in Eaton Rapids built between 2000 and later ( 6.86%).

Eaton Rapids Home Appreciation Rates

In the last 10 years, Eaton Rapids has experienced some of the highest home appreciation rates of any community in the nation. Eaton Rapids real estate appreciated 68.30% over the last ten years, which is an average annual home appreciation rate of 5.34%, putting Eaton Rapids in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Eaton Rapids definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Eaton Rapids's appreciation rate, at 8.45%, has been at or slightly above the national average. In the latest quarter, Eaton Rapids's appreciation rate has been 2.79%, which annualizes to a rate of 11.66%.

Relative to Michigan, our data show that Eaton Rapids's latest annual appreciation rate is lower than 70% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$139,760

Eaton Rapids, MI HOME PRICES

> $1,276,000
0.0%
0.0%
$957,001 - $1,276,000
0.5%
0.5%
$638,001 - $957,000
0.5%
0.5%
$510,001 - $638,000
0.0%
0.0%
$382,001 - $510,000
3.6%
3.6%
$255,001 - $382,000
8.8%
8.8%
$127,001 - $255,000
51.1%
51.1%
$64,001 - $127,000
25.3%
25.3%
$0 - $64,000
10.3%
10.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for MI

Value Relative To Nation

Number Of Homes And Apartments:
2,170

Eaton Rapids Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
34.22% 1.38%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$919 / per month

Homeownership Rate

Owners
60.1%
60.1%
Renters
39.9%
39.9%
Vacant
9.2%
9.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.9%
6.9%
1970 - 1999
30.7%
30.7%
1940 - 1969
24.8%
24.8%
1939 or Older
37.6%
37.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.6%
65.6%
Townhomes
1.9%
1.9%
Small Apt. Buildings
9.9%
9.9%
Apt. Complexes
15.4%
15.4%
Mobile Homes
7.2%
7.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
14.9%
14.9%
2 Bedrooms
19.0%
19.0%
3 Bedrooms
49.8%
49.8%
4 Bedrooms
12.9%
12.9%
5 or more bedrooms
1.3%
1.3%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Eaton Rapids

Zip Codes in Eaton Rapids, MI