Grand Rapids Housing Market: Home Prices & Rent
Grand Rapids home values since 2000
Last few years
Rent in Grand Rapids
Owning vs renting, monthly
Buying the typical Grand Rapids home with 20% down at this week's 7.32% 30-year rate costs about $2,399/month (principal, interest plus ~1.5% a year for tax and insurance) vs $1,614/month typical rent.
Rate: Freddie Mac, week of Oct 22, 2026. Estimate for comparison only.
Grand Rapids vs Michigan vs the U.S.
| Typical home | 12-month change | Typical rent | |
|---|---|---|---|
| This metro | $356k | +4.9% | $1,614/mo |
| Michigan | $264k | +3.8% | - |
| United States | $366k | +1.2% | $1,932/mo |
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Common questions
Are home prices falling in Grand Rapids?
No - the typical Grand Rapids-area home value is up 4.9% over the past 12 months, at $356k (September 2026).
Is the Grand Rapids housing market crashing?
Home values are close to their 2020s high and up 4.9% over the past year - a rising market, not a sudden collapse. Whether that continues isn't knowable from the data - this page updates every month when new figures come out.
How much is rent in Grand Rapids?
Typical rent in the Grand Rapids metro is $1,614 a month (September 2026), +4.2% over 12 months.
How much income do you need to buy a home in Grand Rapids?
About $96k a year to afford the typical home with 20% down, spending no more than 30% of income on housing (September 2026).
Nearby and similar metros
Detroit, MI · Chicago, IL · Tampa, FL · Dallas, TX · Bakersfield, CA
Sources: Data Provided by Zillow Group (Zillow Home Value Index and Zillow Observed Rent Index, September 2026; income needed and listing data). 30-year mortgage rate: Freddie Mac PMMS. Figures are for the Grand Rapids, MI metro area. How we calculate.