Nicknamed "Furniture City" and located on the Grand River, Grand Rapids, Michigan, is not only the second largest city in the state, but it's also home to five of the largest office furniture companies in the world. Grand Rapids' economy has also expanded into such fields as aviation, automotive, health care, and information technology. With that business success, the metropolitan population of over 1.3 million has gained the notoriety of being one of the more desired communities in the country.
Grand Rapids, MI is a great place for affordable rent-to-own homes! With a median household income of over $51,333 and a median rent of $947, the Grand Rapids, MI rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Grand Rapids, MI. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Grand Rapids, MI is seeing rapid growth and Grand Rapids, MI's' housing market remains optimal with an average home price that is -28% below the 2023 national average. Grand Rapids, MI is part of Kent county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Kent is 1.56% which is above the national average, which is 0.99%.
Housing Statistics When looking to invest in real estate in today's Grand Rapids market, regardless if you are buying a home or looking for rent to own opportunities, you want to be sure you do your due diligence about the area before committing to a deal. If you're planning to invest in the Grand Rapids area, know that the average listing price for homes in the area is right around $167,162, which is down -3.5% from previous weeks. In addition, it's important to know that those homes closing with a median sales price of about $113,000 in the last month, which is actually up 10.8% over this same time last year. As far as the total number of sales taking place per month, Grand Rapids saw approximately 1,370 closings in the last month, which is also up 26% compared to this same time in 2012. According to the most recent count of homes available in the Grand Rapids area, there are 1,512 new and resale properties and approximately 725 properties that are either in the pre-foreclosure or bank-owned stage of selling.
Arts and Culture The Grand Rapids area not only has several historic buildings and public sculptures like the symbolic Alexander Calder monument and the famous fish ladder piece, but it also has some impressive museums and galleries as well. A must-see is the Gerald R. Ford Museum, which covers the life of the 38th President of the United States of America and Grand Rapids native, Gerald Ford. Grand Rapids is also home to Ford's final resting place, adjacent to his museum.
Nightlife If you are looking for something to do in Grand Rapids after the sun has gone down, then you are in for a treat. The place to be is Downtown, which is home to all the area's best brew pubs, comedy clubs, theatres, and places to experience live-music.
School Systems The school system in Grand Rapids is divided into three segments; East Grand Rapids Public School District, Grand Rapids Public School District, and the private school district. The largest representation is in the Grand Rapids Public School District which offers pre-kindergarten through 12th grades and has 61 schools with over 19,000 students. The second largest district is the East Grand Rapids Public School District and it offer classes to students in grades kindergarten through 12th grade, has 5 schools total and 3,022 current students. As for as private schools go the most prominent in the area are Paul the Apostle Catholic School, Breton Downs Elementary, and Townline Elementary. So, no matter where your apartment, house or rental home is, you will be able to find a good place to educate your children.
Neighborhood Guide Whether you're taking in a concert at the new Van Andel Arena, visiting all that Lake Michigan has to offer, or taking the kids to the John Ball Zoo, Grand Rapids is filled with unique neighborhoods offering unique opportunities.