Is this a good time to buy a home in Grand Rapids?
City stats†
Population: (2006)
774,084
Median family income: (2008)
$59,200
Home price data
Median home price: (2009)
$97,000
Affordability index: (Median home price/family income 2009)
1.6
Prices peaked in:
2005:Q3
Total climb during the boom: (2000 to peak)
26.9%
Total decline so far: (Peak through 2009)
-12.6%
One-year change: (Q4 2008 to Q4 2009)
-3.7%
Forecast
Additional price change to bottom:
-4.1%
When they'll hit bottom:
2011:Q3
*(Q1 2010 - Q1 2011)
† Data is for Grand Rapids-Wyoming, MI Metropolitan Statistical Area Notes:
Median home prices are for single-family homes through the third quarter of 2009, the most recent data available, and include sales of bank-owned properties. Sources: Fiserv and Moody's Economy.com
