Grand Rapids, MI—49505
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 $291,000, with a year-over-year change of 0.7%. This indicates that home prices in Grand Rapids, MI are flat. 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 | $291,000 | 0.7% |
| Single Family | $286,000 | 1.1% |
| Condos | $354,000 | 2.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $260,000 | 1.6% |
3 Bed | $296,000 | 0.7% |
4 Bed | $334,000 | 0.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Grand Rapids, MI
As of July '25, Rentcast reports the average rent in Grand Rapids, MI is $1,700, with a year-over-year rent change of -0.6%. Per bedroom, the median rent as of July '25 in Grand Rapids, MI is studios: $997, 1-bedrooms: $1,080, 2-bedrooms: $1,440, 3-bedrooms: $2,010, 4-bedrooms: $2,100. The most common rental property sizes in Grand Rapids, MI are 2-bedroom and 1-bedroom, accounting for 36.9% and 27.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,700 | $1,700 |
| Studio Rent | $925 | $997 |
| 1 Bed Rent | $1,090 | $1,080 |
| 2 Bed Rent | $1,300 | $1,440 |
| 3 Bed Rent | $1,900 | $2,010 |
| 4 Bed Rent | $2,000 | $2,100 |
% 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 27. This is a decrease of -10.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $306,000 | 10.0% |
Listing Count | 93 | 4.0% |
| Listings as % of Homes | 0.3% | 4.0% |
Days on Market | 27 | -10.0% |
Demographics — Grand Rapids, MI
As of the latest ACS Survey released in 2023, Grand Rapids, MI has a population of 32,200, which has remained stable by 0.5% over the past 5 years. Grand Rapids, MI is a moderately popular place for families, as children make up 21.9% of the population. The area has a moderately educated workforce, with 39.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 32,200 | 0.5% |
% Under 18 | 21.9% | 4.3% |
% Seniors | 15.3% | -5.6% |
% WFH | 12.2% | 335.7% |
% w/ College Degree | 39.8% | 14.4% |
As of the latest ACS Survey released in 2023, Grand Rapids, MI is a predominantly white area, with 68.3% of the population identifying as white. The white population has shrunk by 7.7% in the last 5 years. The second most common race or ethnicity in Grand Rapids, MI is black, making up 14.0% of the population. Foreign-born residents account for 6.4% of the population in Grand Rapids, MI, and this percentage has decreased by 4.5% 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 | 68.3% | -7.7% |
% Black | 14.0% | -2.1% |
% Hispanic | 8.2% | 54.7% |
% Asian | 3.1% | 10.7% |
% Foreign Born | 6.4% | -4.5% |
Mortgage and Risk — Grand Rapids, MI
According to HUD data as of 2023, there were 752 mortgage originations in Grand Rapids, MI, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Grand Rapids, MI. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 752 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
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 20.7%. 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. 1-bedroom and 2-bedroom and 4-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 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 969 |
Total Units Section 8 | 969 |
% Rentals under Section 8 | 20.7% |
% Occupied Section 8 | 89.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $110 | $1,090 | $1,200 |
| 2 Bedroom | $130 | $1,300 | $1,430 |
| 3 Bedroom | -$40 | $1,900 | $1,860 |
| 4 Bedroom | $40 | $2,000 | $2,040 |
Affordability — Grand Rapids, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $291,000 |
| Median Household Income | $71,700 |