Mortgage payment estimates, closing cost breakdowns, and homebuying data for Grand Rapids, Michigan.
Pre-filled with Grand Rapids median home price and Michigan tax/insurance rates. Adjust for your property.
Estimated closing costs based on Michigan rates and fees applied to Grand Rapids prices.
The median home price in Grand Rapids is $285,000, 19% above the Michigan state median of $240,000. With a population of 198,917, Grand Rapids is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Michigan average 1.54% annually. This higher-than-average tax rate means a $285,000 home in Grand Rapids would carry roughly $366/month in property taxes alone — plan accordingly. Homeowners insurance in Michigan runs approximately $1,800 per year. This is within the normal range nationally.
Average rent in Grand Rapids is $1,280/month. The price-to-rent ratio in Grand Rapids is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Grand Rapids presents moderate affordability. The $285K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.