Grand Rapids Michigan
Mortgage Lender.

One of the most affordable major markets in the Midwest.

Grand Rapids has been one of the most consistent housing market stories in Michigan for the past decade. A genuinely diversified economy -- Spectrum Health and Mercy Health anchoring healthcare, Grand Valley State University driving education, a manufacturing base that never fully left, and a growing technology sector -- has kept unemployment around 3.5% and provided a stable foundation for sustained housing demand. Home prices grew 68.8% between 2019 and 2024, and the market is projecting approximately 3.2% appreciation through 2026.

The median sold price in Grand Rapids city ran approximately $280,000 to $298,000 in late 2025 -- roughly 35% below the national average, which is extraordinary for a metro that has experienced this level of growth and economic diversification. Kent County's average sale price reached around $400,000 when suburban communities are included. Homes sell in about 20 days and close at approximately 0.8% above asking price, indicating a competitive but not frenzied market.

Importantly, Grand Rapids has one of the highest concentrations of starter homes in the country. At 43.6% of total housing stock qualifying as starter homes -- priced at 85% or less of median value -- it is meaningfully more accessible than most comparable markets. For first-time buyers and young families, this makes Grand Rapids one of the better entry points into homeownership available anywhere in the Midwest.

First-Time Buyers and Down Payment Assistance

Grand Rapids first-time buyers have strong program access. MSHDA's MI 10K DPA provides up to $10,000 in down payment and closing cost assistance in qualifying zip codes. On a $280,000 purchase, that assistance is highly impactful. FHA loans provide 3.5% down with flexible credit. VA zero-down for eligible veterans. Conventional loans at 3% down for qualified buyers. Grand Rapids' millennial buyer base has demonstrated that 35.6% of millennial renters in the area can afford to buy -- well above the national average of 29% -- which means the barrier here is often down payment accumulation rather than income qualification.

Grand Rapids to Northern Michigan -- A Growing Pattern

According to Redfin migration data, Traverse City is the second most popular out-of-metro search destination for Grand Rapids homebuyers. Remote work has made the four-hour drive from Grand Rapids to Traverse City less relevant as a daily commute and more relevant as a lifestyle choice. Grand Rapids residents who have been searching for Northern Michigan property are one of the most active buyer segments in markets like Traverse City, Cadillac, Petoskey, and the Sleeping Bear region.

Kirby and Angie's primary office and deepest expertise is in Northern Michigan. If you are a Grand Rapids resident considering a move north -- or purchasing Northern Michigan property while staying in the GR area -- this is exactly the situation we are built for. We know both ends of that transaction.

• Conventional loans for Grand Rapids primary residence buyers
• FHA with 3.5% down and flexible credit requirements
• VA zero-down for eligible veterans throughout Kent County
• MSHDA MI 10K DPA where zip code qualifies
• USDA eligibility in outer Kent County and surrounding rural areas
• Northern Michigan purchase loans for GR residents buying up north
• Investment property and DSCR loans for GR investors