5 of 10
BACKNEXT
Grand Rapids Mich: 5th most affordable metro area
Grand Rapids Mich.
$101,900: A 1-bed, 1-bath condo.
See More Views:
1 2 3
Median home price: $102,000
Median income: $59,200
Affordability score: 88.6%

Extensive virgin broadleaf forests made Grand Rapids a major lumbering center in the 18th century and escorted in its status as the "furniture city." Its days of building oak dining tables and ice boxes may be mostly gone but it still is a center for office furniture manufacturing.

Today, however, the economy is more diversified. It has some auto plants, which are in decline, and has attracted some health science facilities, consumer goods manufacturers and aerospace products.

With the median price of a home at $102,000, according to the NAHB-Wells Fargo Housing Opportunity Index, and median family income at $59,200, 88.6% of all homes sold during the fourth quarter were affordable for the average Joe.

Though not as hard hit as some Rust-Belt cities, Grand Rapids has suffered during the foreclosure plague. Its home county, Kent, recorded one foreclosure filing for every 397 households during January 2009.

NEXT: New York NY: The least affordable metro area
Last updated February 26 2009: 12:46 PM ET
More Galleries
15 top executives with $1 salaries Some CEOs and founders agree to salaries of just $1 a year. But once goodies like bonuses and stock options are added in, some of those executives end up taking home many millions of dollars a year. More
Mercedes SL65 AMG: 621 horses of topless power Turn heads as you blow by traffic in this roadster convertible from Mercedes. More
Where the middle class is most unequal CNNMoney looks at the five states with the biggest differences in middle class incomes. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.