Compare Grand Rapids, MI mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Grand Rapids.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Grand Rapids. Plus, shopping lenders is free and there is no obligation.
December 7, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Grand Rapids. Understand how much you need to earn to afford a home in Grand Rapids, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Grand Rapids fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Grand Rapids is right for you.
The median home value for Grand Rapids, MI (Kent County) is $281,076
Based on current mortgage rates and a 10% down payment, you need to make $58,637 per year to buy the median priced home in Grand Rapids
With this income, you could qualify for a $252,968 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Grand Rapids is $1,358
The median household income for Grand Rapids, MI (Kent County) is $73,072
Based on this income, you can afford a home valued at approximately $350,273
The home price you can afford to buy based on household income in Grand Rapids is 125% of the median home value which means housing prices are average. Grand Rapids (Kent County) ranks 80 out of 83 counties in Michigan and 2,427 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Grand Rapids, MI is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Grand Rapids (Kent County) below.
Conforming loan limits for Grand Rapids, MI
FHA loan limits for Grand Rapids, MI
VA loan limits for Grand Rapids, MI