Multiple studies have shown that the Grand Rapids housing market has consistently seen some of the biggest increases in mortgage prices since 2014.

GRAND RAPIDS, Mich. — Grand Rapids is consistently ranked among the hottest housing markets in the country, and multiple studies out this year show that the housing market has also seen some of the largest increases in home prices and mortgage payments since 2014.

According to studies of median home prices and single-family median home mortgage payments from 2014 to 2024, the Grand Rapids metropolitan area has seen an increase in prices of 160.8% and an increase in mortgage payments of 238.2%.

Another study that ranked the increases in mortgage payment amounts over the last three years also found Grand Rapids to be among the top 15 increases in large metro areas.


10-Year Increase in Mortgage Payment Amounts in Grand Rapids

A study from Zoocasa found that Grand Rapids saw the fourth-largest increase in mortgage payments between 2014 and 2024. The payments increased a whopping 238.2% over the 10-year period studied by Zoocasa, only being topped by Orlando, Fla. (+240.1%), Las Vegas, Nev. (+240.2%) and Tampa, Fla. (+257.2%)

The study listed the average monthly mortgage payment in 2014 as $562, while in 2024, it ballooned to $1,899. When you look at those payments annually, Grand Rapidians are paying an average of $16,044 more per year in 2024 for their mortgage payments than they did in 2014.

Zoocasa also looked at average percent change in income over the last 10 years and it is dwarfed by the costs of homeownership. The study found that between 2014 and 2024, the average income in Grand Rapids rose about 45% from $41,350 to $60,100, a $18,750 increase.

The increase in annual income barely covers the increase in annual mortgage payment amounts, and when you factor in the increases to the basic cost of living, it covers even less. The U.S. Bureau of Labor Statistics calculates that $1 in 2014 is worth about $1.32 in 2024.

The findings of the study are from analysis of data from Freddie Mac, while basing prices off a 20% down payment and a 30-year fixed rate mortgage of a median single-family home in 50 major U.S. cities.


Three-Year Increase in Mortgage Payment Amounts in Grand Rapids

A study from Construction Coverage that looked specifically at cities most impacted by rising mortgage rates and payments over the last three years, found that the Grand Rapids metropolitan area had the 14th-largest increase in monthly mortgage payments over that time period, compared to similarly-sized metro areas.

The Grand Rapids metro area saw an estimated 64.4% increase in monthly mortgage payments, based on data from Freddie Mac and Zillow.

Between the time period of 2022 and 2025, Grand Rapids residents paid on average $665 more monthly on their mortgage payments. The study also found that the median home price increased during this time period from $278,312 to $324,172, an increase of $45,860.

The largest increases in mortgage payment amounts over the time period in large metropolitan areas were in Rochester, N.Y. (+83.6%), Hartford, Conn. (+83.4%) and Miami, Fla. (+74.2%).

Michigan as a state ranked 25th in mortgage payment rate growth at 62.2%.


10-Year Increase in Home Prices in Grand Rapids

High home prices and interest rates are largely driving the increase in mortgage prices across the country, and another study by Construction Coverage looks into those increases between 2014 and 2024. This study focuses on individual cities, not their metro areas, and it found that Grand Rapids had the ninth-largest increase in home prices of mid-size cities over the decade studied.

According to the study, Grand Rapids saw a 160.8% growth in median home prices, up from $105,000 in 2014 to $273,837 in 2024. Out of all cities in the study, Grand Rapids ranked 37th in the nation, but much higher at ninth when compared with cities of similar size.

Detroit topped the list of large cities with an increase of 203.3% in median home price, up from $24,765 in 2014 to $75,104 in 2024. Detroit ranked seventh overall in the nation.

By comparison, Michigan as a whole saw median home prices raise 102.2% between 2014 and 2024.