Grand Rapids, MI—49503
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Grand Rapids, MI
As of Oct '25, the median home price in Grand Rapids, MI is $275,000, with a year-over-year change of 1.5%. This indicates that home prices in Grand Rapids, MI are increasing. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $275,000 | 1.5% |
| Single Family | $273,000 | 2.6% |
| Condos | $289,000 | -3.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $238,000 | -0.4% |
2 Bed | $269,000 | 2.3% |
3 Bed | $274,000 | 3.0% |
4 Bed | $295,000 | 2.4% |
| 5 Bed | $363,000 | 1.7% |
% of Housing Stock
Rental Trends — Grand Rapids, MI
As of July '25, Rentcast reports the average rent in Grand Rapids, MI is $1,810, with a year-over-year rent change of 4.0%. Per bedroom, the median rent as of July '25 in Grand Rapids, MI is studios: $1,270, 1-bedrooms: $1,500, 2-bedrooms: $1,810, 3-bedrooms: $2,050, 4-bedrooms: $2,120. The most common rental property sizes in Grand Rapids, MI are 1-bedroom and 2-bedroom, accounting for 36.4% and 33.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,650 | $1,810 |
| Studio Rent | $1,280 | $1,270 |
| 1 Bed Rent | $1,300 | $1,500 |
| 2 Bed Rent | $1,570 | $1,810 |
| 3 Bed Rent | $1,900 | $2,050 |
| 4 Bed Rent | $2,200 | $2,120 |
% of Rental Stock
Property Listings — Grand Rapids, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Grand Rapids, MI is 49. This is a increase of 6.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $312,000 | -12.0% |
Listing Count | 134 | 32.0% |
| Listings as % of Homes | 0.3% | 32.0% |
Days on Market | 49 | 6.0% |
Demographics — Grand Rapids, MI
As of the latest ACS Survey released in 2023, Grand Rapids, MI has a population of 37,900, which has increased by 1.7% over the past 5 years. Grand Rapids, MI is a moderately popular place for families, as children make up 17.3% of the population. The area has a moderately educated workforce, with 43.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 37,900 | 1.7% |
% Under 18 | 17.3% | -13.1% |
% Seniors | 10.6% | 43.2% |
% WFH | 12.1% | 218.4% |
% w/ College Degree | 43.9% | 1.9% |
As of the latest ACS Survey released in 2023, Grand Rapids, MI is a predominantly white area, with 58.9% of the population identifying as white. The white population has remained stable in the last 5 years. The second most common race or ethnicity in Grand Rapids, MI is hispanic, making up 18.7% of the population. Foreign-born residents account for 10.9% of the population in Grand Rapids, MI, and this percentage has decreased by 1.8% 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 | 58.9% | 0.0% |
% Black | 13.8% | -7.4% |
% Hispanic | 18.7% | -12.6% |
% Asian | 2.7% | 58.8% |
% Foreign Born | 10.9% | -1.8% |
Mortgage and Risk — Grand Rapids, MI
According to HUD data as of 2023, there were 460 mortgage originations in Grand Rapids, MI, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 33.0% above 90% LTV (very high). This implies large mortgage risk in Grand Rapids, MI. Investor activity is low, as 6.0% 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 | 460 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 6.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Grand Rapids, MI
As of 2024, the percent of homes in Grand Rapids, MI under the Section 8 program is 16.3%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Grand Rapids, MI, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 1,877 |
Total Units Section 8 | 1,772 |
% Rentals under Section 8 | 16.3% |
% Occupied Section 8 | 90.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$90 | $1,300 | $1,210 |
| 2 Bedroom | -$120 | $1,570 | $1,450 |
| 3 Bedroom | -$10 | $1,900 | $1,890 |
| 4 Bedroom | -$130 | $2,200 | $2,070 |
Affordability — Grand Rapids, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $275,000 |
| Median Household Income | $61,700 |