Home Values in Grand Rapids, Michigan — 2026 Market Report
Updated March 2026 | Buyer's Market | +4.5% YoY
The median home value in Grand Rapids, Michigan is $245,000 as of March 2026, which is below the national median of $400,000. Home values in Grand Rapids have increased by 4.5% over the past year and 24.6% over the last five years. With a population of 198,917 and a median household income of $47,825, the price-to-income ratio stands at 5.1x, making Grand Rapids affordable for the average household.
Grand Rapids Housing Market Conditions
| Metric | Grand Rapids | National Avg |
|---|---|---|
| Median Home Value | $245,000 | $400,000 |
| YoY Appreciation | +4.5% | +3.8% |
| 5-Year Appreciation | +24.6% | +22.4% |
| Price per Sq Ft | $75 | $222 |
| Days on Market | 43 days | 45 days |
| Months of Supply | 5 | 3.5 |
| List-to-Sale Ratio | 101.5% | 98.5% |
| Monthly Homes Sold | 95 | — |
| Foreclosure Rate | 0.72% | 0.3% |
Home Value Trends in Grand Rapids
A homeowner who purchased at the median price of $196,629 five years ago in Grand Rapids would have gained approximately $48,371 in equity, representing a 24.6% return on investment. Over the past year alone, the typical homeowner gained $10,550 in home equity.
Affordability in Grand Rapids, MI
With a median household income of $47,825 and a median home price of $245,000, the price-to-income ratio in Grand Rapids is 5.1x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $1,508 compared to estimated monthly ownership costs of $1,446 gives a rent-vs-buy ratio of 0.96. In Grand Rapids, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Grand Rapids
The effective property tax rate in Michigan is 1.38%. On a home valued at $245,000, the estimated annual property tax bill is $3,381, or approximately $282/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Grand Rapids is 87.5 (100 = national average), indicating living costs are below the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Grand Rapids, MI?
The median home value in Grand Rapids, Michigan is $245,000 as of March 2026. Home values have changed +4.5% over the past year, with a 5-year appreciation of 24.6%.
Is Grand Rapids a buyer's or seller's market?
Grand Rapids is currently a buyer's market with 5 months of housing supply. Homes spend an average of 43 days on market, and the list-to-sale price ratio is 101.5%. Supply and demand are relatively balanced.
Are home values going up in Grand Rapids?
Yes, home values in Grand Rapids have increased by 4.5% over the past year. The 5-year appreciation rate is 24.6%, meaning a home worth $196,629 five years ago is now worth $245,000.
Is it better to rent or buy in Grand Rapids?
The average monthly rent in Grand Rapids is $1,508, while estimated monthly homeownership costs are approximately $1,446. The price-to-rent ratio is 13.5. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Grand Rapids, Michigan is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.