The housing market is tight in the Grand Rapids area. The demand is high and the supply is low. But, despite the challenges, it's still one of the most affordable in the country.
13 On your side did several reports on the lack of affordable housing for low-income residents in Grand Rapids and that continues to be a problem. But on average, it's still one of the most affordable, according to a recent survey.
According to a U.S. World and News Report on Homes.com, the most affordable areas are Huntsville, Alabama, Fort Wayne, Indiana, De Moines, Iowa and Grand Rapids. It's based on an average income of around $55,000. The report looked at the percentage spent on living expenses. In Grand Rapids, about 24.6 percent of our income is spent on things like utilities, taxes, and upkeep of your home.
Compare that to some of the most expensive places to live, like California. Greater Regional Alliance of Realtors President Ryan Ogle says, “We’re still low-cost compared to other areas. I was visiting my friend in Silicon Valley this past weekend. He has a 1,000 sq. ft. home with 3 beds and 1 bath. It’s worth $3.6 million. His house here, would be like that starter home for $200,000.”
Ogle says the big challenge in the Grand Rapids area is lack of supply. There are a lot more buyers than sellers. That can be frustrating for people just moving into the area or buying their first home.
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