Grand Rapids is the second-most populous city in Michigan. It is more affordable than several bigger cities, like Phoenix and Chicago. Grand Rapids, MI is beautiful for young professionals and brand-new families. It is for people attracted to the blend of big-city comforts while preserving a suburban feel. It offers affordable housing, fantastic outdoor recreation, and delicious food and beer. Here are some updates on what's been happening lately in the market and what to expect in the near future, read on for the latest scoop!
Quick Facts
- Grand Rapids is a city in Michigan's Kent County.
- Grand Rapids has a poverty rate of 19.86% and a $65,615 average household income.
- The median cost of rent during the past few years is $947 per month, while the median value of a home is $156,500.
- Grand Rapids' population has grown by 0.84%, and the city is currently expanding at a rate of 0.54% per year.
- It is the second-largest city in Michigan with a population of 201,093.
Grand Rapids, MI in a Nutshell
Public art is a passion of Grand Rapids, and the city has one of the best craft brewery scenes in the country. Grand Rapids is a picturesque city on the Grand River, Michigan's longest waterway. From its start as a center of furniture production, Grand Rapids has developed into a modern area. It is luring college students and young families with its robust job market. Additionally, it offers affordable housing and outdoor recreational opportunities. The region is home to people from all walks of life. These include the doctors and nurses employed by the region's thriving healthcare sector. Plus, the vibrant LGBTQ community organizes the yearly Grand Rapids Pride festival. There are also many musicians and artists in the city.
Economy
Because of new businesses that have set up shop in the city in recent years, there are several job prospects. Because of this, the city can maintain an average unemployment rate of less than 5.6%. Additionally, residents have a lower cost of living than in most cities here. Plus, there is a median household income of about $60,000. Well-paying jobs are simple to locate in Grand Rapids. The largest employer in West Michigan is Spectrum Health. It has its corporate headquarters there. Together with other health centers, Spectrum Health has received ample amounts for expansion. The funding was close to a billion dollars. Many health science enterprises have relocated to the area due to these facilities. It does not only have beginnings in the manufacture of furniture. Grand Rapids has also long been a hub for manufacturing automobiles and planes.
Employment
The city is among the most incredible career destinations. It has renowned firms like Steelcase and Herman Miller. Both of these helped Grand Rapids earn the moniker "Furniture City. But there is more than furniture manufacturing in the city, as mentioned. The largest employer in Western Michigan and Grand Rapids is the healthcare network. Additionally, Meijer and SpartanNash are two grocery store conglomerates in the region. They offer managerial and distribution positions. Manufacturing businesses, including Steelcase and Herman Miller, are also in the metro area.
Real Estate in Grand Rapids, MI
It may be difficult to find and secure a house here, especially for first-time buyers. Why? At the very least, it is the hottest market it has been in years. But Grand Rapids is one of the most affordable cities in the nation. It has all the conveniences of a big metropolis with the affordability and beauty of a small town. As a result, it may be the best selling point attractive for homebuyers. Grand Rapids' cost of living is also 12% lower than the national average. And the median home price of $156,500 makes housing affordable.
Real Estate Trends
Despite the highest property values, local realtors claim housing prices are stabilizing. As a result, they are providing more prospective homebuyers with more options. Due to meager inventory, homebuyers have a better opportunity to buy than last year. The houses are better than they were, even though their prices are up and demand is still high. Experts describe a strong market with an inventory of about six months. A single house would take around six months to sell in this. In the upcoming 12 to 18 months, it will be a little simpler for buyers in general. But, experts do not mean it will not be a solid seller's market. It only means that it will be a little bit easier to navigate.
Final Thoughts
Homebuyers will appreciate that Grand Rapids has the cost of living as smaller towns. Even so, it is one of the more well-priced cities in the nation. There are also many enjoyable things to do, like in other cities. Since there are so many options, new residents will likely find work fast. Grand Rapids is the place for people who want stability and reliable employment. It is not challenging to locate a job that will enable clients to live well in the city. Grand Rapids already boasts low unemployment rates and variety in its work market.
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