Grand Rapids, Michigan Housing Market Prices
Grand Rapids Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 80% above the Michigan median$249,625
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Median rent 11% above the Michigan median$1,254
Housing Market Overview
| Metric | Grand Rapids | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $249,625 | $138,713 | $248,835 |
| Price Trend (Annual %) | 20.6% | 8.6% | 7.5% |
| Median Gross Rent | $1,254 | $1,129 | $1,407 |
| Rent Trend (Annual %) | 5.9% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Grand Rapids is about 80% higher than in Michigan. Rent is about 11% higher than the Michigan average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Grand Rapids, up about 20.6% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Grand Rapids rose about 60.9% between 2015 and 2024, from $780 to $1,254. Over the same span, rent in Michigan rose about 44.2%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Grand Rapids.
Buying the median-priced home in Grand Rapids costs roughly 16.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Grand Rapids. The price-to-rent ratio in Michigan is about 10.2.
| Metric | Grand Rapids | Michigan Avg | US Average |
|---|---|---|---|
| Median Home Price | $249,625 | $138,713 | $248,835 |
| Median Household Income | $69,819 | $72,977 | $80,455 |
| Price-to-Income Ratio | 3.6 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Grand Rapids rose about 240.4%, while median household income rose about 63.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Grand Rapids | Michigan Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.5% | 64.6% | 58.5% |
| Rental Rate | 43.0% | 23.6% | 31.2% |
| Vacancy Rate | 5.4% | 11.8% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Grand Rapids has a homeownership rate of 51.5%, lower than the Michigan average of 64.6%. Its housing vacancy rate is 5.4%, compared with 11.8% in Michigan.
Housing Stock
| Metric | Grand Rapids | Michigan Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.42 people | 2.53 people |
| Median Structure Built Year | 1956 | 1972 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Grand Rapids was built around 1956. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Grand Rapids, Michigan.
What is the median home price in Grand Rapids, Michigan?
The median home price in Grand Rapids, Michigan is $249,625, higher than the Michigan average of $138,713.
What is the average home price in Grand Rapids, Michigan?
The typical home price in Grand Rapids, Michigan, reported as the median sale price, is $249,625. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Grand Rapids, Michigan?
The median gross rent in Grand Rapids, Michigan is $1,254 per month, higher than the Michigan average of $1,129.
What was the median gross rent in Grand Rapids in 2020?
In 2020, the median gross rent in Grand Rapids, Michigan was $939 per month.
What is the price-to-rent ratio in Grand Rapids, Michigan?
The price-to-rent ratio in Grand Rapids, Michigan is about 16.6, meaning it would take roughly 16.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Grand Rapids.
Are home prices or rent rising faster in Grand Rapids, Michigan?
Both home prices and rent are rising in Grand Rapids, up about 20.6% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Grand Rapids, Michigan?
51.5% of households in Grand Rapids, Michigan own their home, lower than the Michigan average of 64.6%.
What is the vacancy rate in Grand Rapids, Michigan?
The housing vacancy rate in Grand Rapids, Michigan is 5.4%, lower than the Michigan average of 11.8%.
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