Grand Rapids, MI—49504
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 1.7%. This indicates that home prices in Grand Rapids, MI are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $275,000 | 1.7% |
| Single Family | $274,000 | 2.2% |
| Condos | $299,000 | 1.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $229,000 | 0.0% |
2 Bed | $242,000 | 2.1% |
3 Bed | $287,000 | 2.1% |
4 Bed | $300,000 | 1.7% |
| 5 Bed | $306,000 | 1.0% |
% of Housing Stock
Rental Trends — Grand Rapids, MI
As of July '25, Rentcast reports the average rent in Grand Rapids, MI is $1,740, with a year-over-year rent change of 10.8%. Per bedroom, the median rent as of July '25 in Grand Rapids, MI is studios: $1,080, 1-bedrooms: $1,370, 2-bedrooms: $1,690, 3-bedrooms: $1,790, 4-bedrooms: $2,200. The most common rental property sizes in Grand Rapids, MI are 2-bedroom and 1-bedroom, accounting for 37.8% and 30.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,620 | $1,740 |
| Studio Rent | $925 | $1,080 |
| 1 Bed Rent | $1,220 | $1,370 |
| 2 Bed Rent | $1,400 | $1,690 |
| 3 Bed Rent | $1,700 | $1,790 |
| 4 Bed Rent | $2,100 | $2,200 |
% 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 36. This is a increase of 3.0% 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 41.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $295,000 | 3.0% |
Listing Count | 128 | -2.0% |
| Listings as % of Homes | 0.3% | -2.0% |
Days on Market | 36 | 3.0% |
Demographics — Grand Rapids, MI
As of the latest ACS Survey released in 2023, Grand Rapids, MI has a population of 40,400, which has increased by 2.5% over the past 5 years. Grand Rapids, MI is a moderately popular place for families, as children make up 19.7% of the population. The area has a moderately educated workforce, with 38.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 40,400 | 2.5% |
% Under 18 | 19.7% | -10.0% |
% Seniors | 13.5% | 0.0% |
% WFH | 14.5% | 400.0% |
% w/ College Degree | 38.5% | 22.6% |
As of the latest ACS Survey released in 2023, Grand Rapids, MI is a predominantly white area, with 70.2% of the population identifying as white. The white population has shrunk by 5.9% in the last 5 years. The second most common race or ethnicity in Grand Rapids, MI is hispanic, making up 15.6% of the population. Foreign-born residents account for 7.9% of the population in Grand Rapids, MI, and this percentage has increased by 54.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 70.2% | -5.9% |
% Black | 8.6% | 30.3% |
% Hispanic | 15.6% | 13.0% |
% Asian | 1.7% | 41.7% |
% Foreign Born | 7.9% | 54.9% |
Mortgage and Risk — Grand Rapids, MI
According to HUD data as of 2023, there were 832 mortgage originations in Grand Rapids, MI, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Grand Rapids, MI. Investor activity is low, as 5.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 832 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
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 17.7%. 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. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Grand Rapids, MI, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,285 |
Total Units Section 8 | 1,285 |
% Rentals under Section 8 | 17.7% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$100 | $1,220 | $1,120 |
| 2 Bedroom | -$60 | $1,400 | $1,340 |
| 3 Bedroom | $50 | $1,700 | $1,750 |
| 4 Bedroom | -$190 | $2,100 | $1,910 |
Affordability — Grand Rapids, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $275,000 |
| Median Household Income | $68,300 |