Affording a home is one of the biggest challenges facing new home buyers. The median income in 2006 for US families was $59,600. A CNN Money.com article by Les Christie quotes National Association of Home Builders President David Pressly as saying, "40.4 percent of all new and existing homes sold during the third quarter were affordable to families earning the median."
In a related January 2007 news release by the National Association of Realtors for housing projections for the year 2007, NAR Economist David Lerah indicates that the market will steadily improve during the year after what he terms a "soft landing" for the industry in 2006. The national median price for all housing is expected to rise 1.5% to $225,300 while the increase in new homes is expected to rise 3% to $248, 900.
During her term as First Vice President of the National Association of Realtors (NAR), Pat Vregdevoogd Combs who hails from Grand Rapids, Michigan and is now the 2007 President of the National Association of Realtors commented on the third annual National Housing Opportunity Pulse survey: "The survey sheds new light on the conditions that encourage people to support affordable housing," said Pat Vredevoogd, the first vice president of the National Association of Realtors, which sponsors the study. The NAR's hope is that the research will serve as a guide to local officials and give them "them the politcal will to do what the people want".
She's absolutely right! People want and need affordable housing. Results of the study found that more than 70 percent of the respondents would support building more affordable housing if it made for more efficient use of their tax dollars for public services, did not hurt local property values, did not contribute to overcrowding in schools, or did not further exacerbate clogged streets and highways. In view of these results, it is noteworthy that Grand Rapids, Michigan is considered one of the most affordable major metropolitan areas in which to live in the United States.
The CNN Money.com article indicated that last year the median price of a home in Grand Rapids, Michigan was about $128,000 which is affordable by over 80% of the population. I did a March 2007 search which revealed that the median price for homes within the Grand Rapids school district are now $115,000 according to the Grand Rapids Association of Realtors database. If you're an investor,Grand Rapids, Michigan is definitely the Best Bang for Your Buck. With good schools, a diversified economic base, low crime and high ratings on the quality of life index, this is definitely a community you should check out! As a homebuyer, low interest rates and excellent inventory levels in most communities in and around Grand Rapids, Michigan make this a great time to get an excellent value on a home.
Are You Looking For New Listings that are Affordable Great Deals to Rent or Buy in Grand Rapids & Surrounding Communities? Check these Out! We have included several surrounding communities as well such as: Grandville, Mi, Sparta, Mi, Cedar Spring, Mi Jenison, Mi, Kenowa Hills, Mi, and Kentwood, Mi . Click below for a fully list of homes listed or updated within the past 7 Days!
Homes Priced between: 0 - $50,000
Homes Priced Between: $50,000 - $100,000
Homes Priced Between: $100,000 - $150,000
Yes, this is Access to All New Home Listings as they come on-line!
Call the team at Audu Real Estate to arrange a pre-view tour of any of these homes. (616-791-0511)
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