Housing
Vacancy - 8.5%
The Grand Rapids-Lansing, MI Market ranks 118th in Vacancy across STI Markets with a Vacancy rate of 8.5%. That is 108,559 Vacant Housing units compared to 1,165,319 Occupied units.
Average Home Value - $334,789
The Average Home Value for owner occupied housing units in the Grand Rapids-Lansing, MI Market is $334,789. This ranks 90th across STI Markets. Over the last 2 years there has been a change of 14.9% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 42nd across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Low
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Grand Rapids-Lansing, MI Market is 2.7. The market subsequently ranks 107th across STI Markets. This is considered to be a Low level of mortgage risk.
Affordability Level - Accessible
Overall Affordability can be classified in a similar fashion, comparing the Markets Average Home Value with the Average Household Income. This Affordability ratio currently sits at 3.6. The Grand Rapids-Lansing, MI Market therefore earns the Accessible classification for housing affordability and ranks 95th across STI Markets. The following chart shows how markets compare between these two measure. Note the breaks between affordability classifications are 3, 5, and 7.
Figure 60: Affordability Comparision
