Cost of Living in Grand Rapids, Michigan
In Grand Rapids, the median household income is $69,108 and the median gross rent is $1,266/mo, with a median home value of $244,500. Source: Census Bureau ACS, 2020-2024 estimates.
- Median household income
- $69,108
- Median gross rent
- $1,266/mo
- Median home value
- $244,500
- Population
- 198,535
How Grand Rapids compares to the Michigan average
| Measure | Grand Rapids, MI | Michigan statewide | Difference |
|---|---|---|---|
| Median household income | $69,108 | $72,875 | -5.2% |
| Median gross rent (monthly) | $1,266 | $1,129 | +12.1% |
| Median home value | $244,500 | $231,600 | +5.6% |
Statewide, Michigan prices average 96.2 on the BEA Regional Price Parity index (2024), where the U.S. average is 100.
Housing affordability in Grand Rapids
- Salary needed for median rent
- $50,640
- Rent burden at median income
- 22.0%
- Est. affordable home price
- $252,101
So that $1,266/mo is 30% of gross income
Share of the median household income spent on median rent (30%+ = cost-burdened)
At median income, 6.67% 30-yr rate (FRED, 2026-08), 20% down, 28% front-end DTI
The median home value in Grand Rapids is $244,500 — within what the median household income supports under these assumptions.
Estimates from documented formulas — see methodology. Not financial advice.
Cost of living in other Michigan cities
About this data
- American Community Survey 5-Year Estimates — data period 2020-2024, retrieved August 13, 2026.
- Regional Price Parities — data period 2024, retrieved August 13, 2026.
- Federal Reserve Economic Data — data period 2026-08, retrieved August 13, 2026.
Figures are shown exactly as published by the source or derived by the documented formulas on our methodology page. Where a source suppresses an estimate, we show “—” rather than a substitute value.