Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 11,268 people, 4,618 houses or apartments, and a median cost of homes of $262,953, Grand Rapids real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Grand Rapids, accounting for 58.30% of the city's housing units. Other types of housing that are prevalent in Grand Rapids include large apartment complexes or high rise apartments ( 28.74%), duplexes, homes converted to apartments or other small apartment buildings ( 5.84%), and a few mobile homes or trailers ( 4.49%).
The most prevalent building size and type in Grand Rapids are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 57.06% owning and 42.94% renting.
There is a lot of housing in Grand Rapids built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Grand Rapids built between 1940-1969 ( 29.14%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.06%). There's also some housing in Grand Rapids built before 1939 ( 7.52%).
Grand Rapids's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Grand Rapids during the period has been just 5.44%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Grand Rapids's appreciation rate, at 7.79%, has been at or slightly above the national average. In the latest quarter, Grand Rapids's appreciation rate has been 4.64%, which annualizes to a rate of 19.89%.
Importantly, this makes Grand Rapids one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Minnesota, our data show that Grand Rapids's latest annual appreciation rate is higher than 90% of the other cities and towns in Minnesota.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Grand Rapids differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Grand Rapids - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Grand Rapids real estate investment or home purchase decisions.
$262,953
for Minnesota
for nation
4,618
$1,472 / per month