Median price for residential apartments in Grand Rapids, MI as of Dec, 2022.
Take into account that the price depends on the location and condition of the apartment. The size and amenities might have a large influence on the asking price as well.
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1,205 Grand Rapids, MI, USA apartments for sale
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Grand Rapids
According to statistics, the population in Grand Rapids, MI amounts to 195,355, which shows decline 1% compared to the previous year. The median age of the city’s residents is 31. The average household income is $44,369, shifting growth 6% from the past year, and the average property value in Grand Rapids, MI growth 7% to $121,800 throughout the year.
| Population | 195,355 |
| Median Age | 31.1 |
| Poverty Rate | 22% |
| Household Income | $44,369 |
| Number Of Employees | 96,858 |
| Median Property Value | $121,800 |
Household Income
The average household income in Grand Rapids, MI grew from $42,019 to $44,369 in the past year. This data is an estimate based upon 73,434 households in Grand Rapids, MI . The chart below presents how household income is distributed in Grand Rapids, MI in comparison to the revenue allocation amid households nationally.
Property Value
According to data from last year, the average property value in Grand Rapids, MI shifted from $113,600 to $121,800 throughout the year. The subsequent graph indicates the share of properties in the given price range in Grand Rapids, MI in comparison to the median property value in the same price segment across the country. According to the data, the greatest share of Grand Rapids, MI properties falls in the '$100,000 to $124,999' range, which is lower than the most significant median property across the country.
Rent vs. Own
Property Taxes
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Grand Rapids, MI compared to median property taxes around the country. The prevalent amount of property taxes in Grand Rapids, MI equals $1150, which is less than the national average.
Housing Trends
How much does an apartment cost in Grand Rapids, MI, USA
Average apartment sale in Grand Rapids: $281,787 (-1%)
| Apartment Size | Dec | vs Last Month |
|---|---|---|
| Studio apartments | $389,376 | +5.7% |
| 1-bed apartments | $256,370 | +0.8% |
| 2-bed apartments | $259,405 | -2.6% |
| 3-bed apartments | $264,287 | -1.3% |
| 4+ bed apartments | $306,070 | -1.4% |
During Dec 2022, the average price for an apartment in/near Grand Rapids, MI decreased by 1% to $281,787.
Knowing the current property prices is key if you plan to buy a studio in Grand Rapids, MI. The average price for a studio has increased since the last month, currently being $389,376. After collecting all data points, we now see that the average price for 1-bed apartment increased by 0.8% to $256,370. Asking price for 2-bed apartment also decreased by 2.6% and a place of this size will now cost you $259,405. A 3-bed apartment goes for $264,287, it decreased by 1.3% lately. We discerned the rise of 4- and more bed apartment pricing. It decreased by 1.4% and made it down to $306,070.
| Listing Type | Dec | vs Last Month |
|---|---|---|
| Condos for sale | $335,248 | -4.2% |
| Duplexes for sale | $260,155 | -0.2% |
| Houses for sale | $268,129 | -0.9% |
| Lofts for sale | $189,950 | +0% |
| Other for sale | $477,450 | +0% |
| Townhouses for sale | $239,450 | +0% |
| Land for sale | $577,527 | +15.6% |
Price reports demonstrate that house price decreased by 0.9% this month making it up to $268,129. Condos faced an upward trend these days. The median price for a condo decreased by 4.2%, it’s now available for $335,248. You can now purchase a duplex for just $260,155, duplex price decreased by 0.2% this month. The price statistics of lofts have not significantly changed, it now still goes for $189,950. Value of the townhouses didn’t change, the price still starts at $239,450. The average price of the land for sale in Grand Rapids, MI has increased by 15.6%, and now equals $577,527. Other types of properties for sale would cost $477,450 on average. Our data shows that this amount has stayed roughly the same compared to Nov.
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