Quick facts: Rapid river, MI

Quick Facts

94.9
Cost of Living
below US average
513
Population
38.99
Crime Rate per 1000
above US average
$50,000
Median Income
below US average
$85,000
Median House Price
above US average
$1435
Average Rent
above US average
10%
Poverty Rate
below US average
5.0%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $50,000.

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Income Needed to Buy

βœ“ Affordable
$27k/year
Based on $85,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($50,000) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$61k/year
Based on $1435/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $61k vs median $50,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Rapid river, MI

Rapid River is a small community located in Delta County in Michigan's Upper Peninsula. Nestled along the scenic shores of the Little Bay de Noc, it's known for its beautiful natural surroundings, making it a popular destination for outdoor enthusiasts. The area boasts an array of recreational activities, particularly fishing, boating, and hiking, with nearby access to the Hiawatha National Forest providing ample opportunities for exploration. Rapid River has a close-knit, friendly atmosphere accentuated by local businesses and community events. It's a great place for those who appreciate a slower pace of life amidst serene landscapes. The community is primarily residential, with a few shops and services to cater to the locals and visitors alike. Its proximity to larger towns like Escanaba offers residents access to additional amenities while still enjoying the tranquility of small-town living. The region experiences a typical Upper Peninsula climate, with cold winters and warm summers, contributing to its seasonal beauty. Rapid River is an ideal spot for anyone looking to embrace nature and the charm of rural Michigan.

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