Grand Rapids
Michigan · Ranked #284 of 373 metros
55Moderate
💡
Housing in Grand Rapids costs 3.76× the median income, below the national average of 4.5×. The median home price is $294K and median rent is $1,207/month. Grand Rapids ranks #284 of 373 metros for affordability.
Median Home Price
🏠$294K
Need $86K income
Median Rent
🔑$1,207
Need $48K income
Housing Shortage
📉15,000
units needed
Building Permits
🔨6,000
annual
Median Income
💰$78K
Pop: 1,077,370
Rent Burden
⚠️30.0%
of renters paying >30%
Price Change (YoY)
📈+5.5%
Homeownership
🏡75.0%
Rent Burden
vs. National Average
Key Facts vs. National Average
| Metric | Grand Rapids | National |
|---|---|---|
| Price-to-Income Ratio | 3.76x | 6.1x |
| Rent Burden | 30.0% | 31.5% |
| Homeownership Rate | 75.0% | 65.5% |
| YoY Price Change | +5.5% | +3.5% |
| YoY Rent Change | +4% | +2.8% |
| Mortgage Denial Rate | 12.5% | 13.5% |
| Eviction Rate | 4.5% | 3.6% |
House Price Index (2000–2025)
FHFA All-Transactions HPI
Since 2019: +71.5%Since 2000: +173.2%
HUD Fair Market Rents (FY2026)
Section 8 voucher payment standards
Studio$1,232/mo
1 Bedroom$1,278/mo
2 Bedroom$1,531/mo
3 Bedroom$1,980/mo
4 Bedroom$2,189/mo
Zillow Market Data
Home Value (ZHVI)
$345K
1yr: +4.8%5yr: +40.7%
Rent (ZORI)
$1,644/mo
1yr: +3.6%5yr: +36.3%
Note: ZORI reflects current listing prices and may differ from the Census ACS median rent shown above, which captures what renters actually pay including below-market and subsidized units.
Redfin Market Activity
Median Sale Price
$343K
Active Inventory
779
Days on Market
26
Sold Above List
32.2%
Price Drops
27.6%