Let’s Talk About The Housing Crisis

living local in West Michigan

Let's Talk about Housing Affordability in West michigan

Okay, let’s talk about something that’s been on everyone’s minds lately: the housing market.

If you’ve been keeping an eye on things, you’ve probably noticed that home prices have been on the rise – and I’m not just talking a little bump here and there. We’re talking a whopping 40%+ increase in the last four years.

Yikes, right?

So, what's the deal?

Well, a lot of factors are at play here. First off, we have a historic low of homes for sale in the area, and it keeps going down. The law of supply and demand says that when supply goes down prices go up! And we have been in double-digit appreciation of prices for the last 4 years.

In addition to the price of homes, interest rates have also been creeping up, making mortgages more expensive. If that wasn’t enough, property taxes and insurance (the other two things that make up your mortgage payment) are also on the rise, putting an additional strain on homeowners’ wallets.

Bottom line, it’s become a bit of a challenge for folks to find affordable housing in West Michigan.

However, We believe in finding and sharing affordable housing with our community, and you guys, we have hope!

Luckily, there are some bright spots on the horizon. Non-profit housing developers in Grand Rapids have been stepping up to the plate where they can, rehabbing old homes and building new ones to sell to low-income buyers. It’s a win-win situation – folks get a chance to own their home and properties and lots that had been forgotten get much-needed improvements.

And that's not all.

The City of Grand Rapids and the Michigan State Housing Development Authority (MSHDA) both have down payment assistance programs available to low-moderate income buyers. That means that if you’re struggling to come up with the cash for a down payment or closing costs, help is available. It’s just one more way that our community is coming together to make homeownership a reality for everyone.

but wait, there's more!

Many local banks have recently offering grants to help cover closing costs. And here’s the best part – these grants aren’t just for low-income buyers.

So, what's next?

If you’re in the market for a new home in Grand Rapids, don’t let rising prices and interest rates get you down. There are resources available to help you navigate the market and find a place that fits your budget. Reach out to our of our local experts to get started today!