Despite economic growth and lower unemployment, median prices remained 22% below the national average
Results from a recent Forbes.com study revealed that home prices in Grand Rapids, Michigan have grown by 33% in the past three years in response to a robust economy and strong per-capita purchasing power.
As quoted by MLive.com, the survey results noted that January 2016 saw the median price of Grand Rapids homes hit $154,348. While representing 8% growth over last year’s numbers, though, this price is still hovering around 22% below the national average.
Accompanying this spike are the latest figures released by the state government, showing that unemployment went down to a record low of 2.8% in 2015. The area’s economy has also grown by 3.9% in the same period.
Due to these developments, Grand Rapids has been described by the Forbes survey as the best place to buy a home throughout the United States.
Orlando came in second place in the rankings, while seven more out of the top 20 markets were in Florida.
As quoted by MLive.com, the survey results noted that January 2016 saw the median price of Grand Rapids homes hit $154,348. While representing 8% growth over last year’s numbers, though, this price is still hovering around 22% below the national average.
Accompanying this spike are the latest figures released by the state government, showing that unemployment went down to a record low of 2.8% in 2015. The area’s economy has also grown by 3.9% in the same period.
Due to these developments, Grand Rapids has been described by the Forbes survey as the best place to buy a home throughout the United States.
Orlando came in second place in the rankings, while seven more out of the top 20 markets were in Florida.
