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Grand Rapids Recently Named Best City for First-Time Home Buyers

Updated: Feb 5, 2021

It's exciting to see another article about the advantageous real estate landscape in West Michigan. This time Grand Rapids was rated the #1 Best City for First-Time Homebuyers by SmartAsset.com. They rated cities based on 4 categories: Home Market Favorability, Affordability, Livability, and Employment.



This is what the article said:

(Grand Rapids) ranks particularly well for home market favorability, with the 42nd-best price-to-rent ratio (13.96) and 49th-highest five-year home value appreciation (53.52%).

The article goes on to say that "the state of Michigan has the 15th-lowest foreclosure rate, at 0.25 per 10,000 homes. In the categories of affordability and employment, Grand Rapids ranks within the best 50 out of all 185 cities for four metrics: high under-45 homeownership rate (40.73%), low down payment-to-income ratio (0.60), low housing costs as a percentage of income (20.31%) and low July 2020 unemployment rate (8.7%)."


That is a lot of words and numbers. Let me break it down to a simple sentence. Essentially, it says that houses gain value fast, foreclosures are rare, homeowners are young, and that down payments & unemployment are low.


It is these things combined with the 30-year fixed-rate average at 2.90% (…so low!) and the 15-year fixed-rate average at 2.40% (also, so low!) that make Grand Rapids a great place to buy your first home.


Rounding out the top five are Henderson, NV; Virginia Beach, VA; Boise, ID; and Ft. Wayne, IN. So if you are considering moving to those areas as well….let me know, I have some contacts in each place!

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