Grand Rapids, MI—49507
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 $230,000, with a year-over-year change of 3.0%. This indicates that home prices in Grand Rapids, MI are increasing. According to Zillow, the 1-year price projection is 2.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $230,000 | 3.0% |
| Single Family | $230,000 | 3.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $205,000 | 2.5% |
3 Bed | $244,000 | 2.5% |
4 Bed | $244,000 | 3.4% |
| 5 Bed | $255,000 | 5.4% |
% of Housing Stock
Rental Trends — Grand Rapids, MI
As of July '25, Rentcast reports the average rent in Grand Rapids, MI is $1,590, with a year-over-year rent change of 9.7%. Per bedroom, the median rent as of July '25 in Grand Rapids, MI is studios: $1,050, 1-bedrooms: $934, 2-bedrooms: $1,440, 3-bedrooms: $1,800, 4-bedrooms: $2,100. The most common rental property sizes in Grand Rapids, MI are 3-bedroom and 2-bedroom, accounting for 36.2% and 29.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,590 |
| Studio Rent | $1,050 | $1,050 |
| 1 Bed Rent | $900 | $934 |
| 2 Bed Rent | $1,240 | $1,440 |
| 3 Bed Rent | $1,800 | $1,800 |
| 4 Bed Rent | $2,200 | $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 66. This is a increase of 91.0% 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 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $247,000 | 3.0% |
Listing Count | 147 | 79.0% |
| Listings as % of Homes | 0.4% | 79.0% |
Days on Market | 66 | 91.0% |
Demographics — Grand Rapids, MI
As of the latest ACS Survey released in 2023, Grand Rapids, MI has a population of 39,400, which has increased by 2.6% over the past 5 years. Grand Rapids, MI is a popular place for families, as children make up 29.2% of the population. The area has a moderately educated workforce, with 26.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 39,400 | 2.6% |
% Under 18 | 29.2% | -13.4% |
% Seniors | 9.0% | 28.6% |
% WFH | 8.6% | 330.0% |
% w/ College Degree | 26.9% | 30.0% |
As of the latest ACS Survey released in 2023, Grand Rapids, MI is a predominantly black area, with 32.6% of the population identifying as black. The black population has shrunk by 8.4% in the last 5 years. The second most common race or ethnicity in Grand Rapids, MI is hispanic, making up 31.3% of the population. Foreign-born residents account for 18.1% of the population in Grand Rapids, MI, and this percentage has increased by 11.0% 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 | 29.8% | 12.0% |
% Black | 32.6% | -8.4% |
% Hispanic | 31.3% | -9.5% |
% Asian | 0.8% | 0.0% |
% Foreign Born | 18.1% | 11.0% |
Mortgage and Risk — Grand Rapids, MI
According to HUD data as of 2023, there were 714 mortgage originations in Grand Rapids, MI, of which 86.0% of loans were conventional mortgages. The average loan-to-value was 68.0%, with 40.0% 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. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 714 |
% Conventional Loans | 86.0% |
% Government Loans | 14.0% |
% Investor Loans | 5.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
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 27.5%. 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 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 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,646 |
Total Units Section 8 | 1,411 |
% Rentals under Section 8 | 27.5% |
% Occupied Section 8 | 90.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $310 | $900 | $1,210 |
| 2 Bedroom | $210 | $1,240 | $1,450 |
| 3 Bedroom | $90 | $1,800 | $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 | 3.5 |
| Median Home Price | $230,000 |
| Median Household Income | $56,600 |