Grand Rapids, MI—49525
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 $367,000, with a year-over-year change of 3.7%. This indicates that home prices in Grand Rapids, MI are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $367,000 | 3.7% |
| Single Family | $365,000 | 4.0% |
| Condos | $381,000 | 4.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $274,000 | 4.6% |
3 Bed | $342,000 | 3.0% |
4 Bed | $478,000 | 4.4% |
| 5 Bed | $722,000 | 4.9% |
% of Housing Stock
Rental Trends — Grand Rapids, MI
As of July '25, Rentcast reports the average rent in Grand Rapids, MI is $2,310, with a year-over-year rent change of -8.7%. Per bedroom, the median rent as of July '25 in Grand Rapids, MI is studios: $1,460, 1-bedrooms: $1,600, 2-bedrooms: $2,350, 3-bedrooms: $2,660, 4-bedrooms: $1,940. The most common rental property sizes in Grand Rapids, MI are 2-bedroom and 1-bedroom, accounting for 49.3% and 22.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,320 | $2,310 |
| Studio Rent | $1,000 | $1,460 |
| 1 Bed Rent | $1,510 | $1,600 |
| 2 Bed Rent | $2,320 | $2,350 |
| 3 Bed Rent | $2,740 | $2,660 |
| 4 Bed Rent | $1,940 | $1,940 |
% 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 40. This is a increase of 28.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $423,000 | 15.0% |
Listing Count | 77 | 16.0% |
| Listings as % of Homes | 0.4% | 16.0% |
Days on Market | 40 | 28.0% |
Demographics — Grand Rapids, MI
As of the latest ACS Survey released in 2023, Grand Rapids, MI has a population of 30,600, which has increased by 4.0% over the past 5 years. Grand Rapids, MI is a moderately popular place for families, as children make up 22.2% of the population. The area has a highly educated workforce, with 49.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 30,600 | 4.0% |
% Under 18 | 22.2% | -5.9% |
% Seniors | 17.6% | 18.1% |
% WFH | 19.3% | 293.9% |
% w/ College Degree | 49.1% | 15.3% |
As of the latest ACS Survey released in 2023, Grand Rapids, MI is a predominantly white area, with 85.3% of the population identifying as white. The white population has shrunk by 1.4% in the last 5 years. The second most common race or ethnicity in Grand Rapids, MI is hispanic, making up 3.9% of the population. Foreign-born residents account for 4.3% of the population in Grand Rapids, MI, and this percentage has decreased by 8.5% 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 | 85.3% | -1.4% |
% Black | 3.4% | 0.0% |
% Hispanic | 3.9% | -2.5% |
% Asian | 2.0% | -39.4% |
% Foreign Born | 4.3% | -8.5% |
Mortgage and Risk — Grand Rapids, MI
According to HUD data as of 2023, there were 707 mortgage originations in Grand Rapids, MI, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 19.0% above 90% LTV (elevated). This implies medium mortgage risk in Grand Rapids, MI. Investor activity is low, as 1.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 707 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 8.0% |
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 6.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 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 1-bedroom and 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 189 |
Total Units Section 8 | 188 |
% Rentals under Section 8 | 6.4% |
% Occupied Section 8 | 92.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$80 | $1,510 | $1,430 |
| 2 Bedroom | -$610 | $2,320 | $1,710 |
| 3 Bedroom | -$510 | $2,740 | $2,230 |
| 4 Bedroom | $500 | $1,940 | $2,440 |
Affordability — Grand Rapids, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $367,000 |
| Median Household Income | $88,000 |