Grand Rapids, MI

Rent vs buy in Grand Rapids

Median home $261,600. A 1 bedrooms rents for $1,262 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,262; per month
Own the median home: $1,848; P&I, tax, insurance, upkeep
Owning costs extra: $586; per month, same metro

What a purchase actually costs

20% down payment$52,320
Mortgage at 6.5%$1,323
Property tax (1.31% of value)$286/mo · $3,427/yr
Insurance and upkeep (1.1%/yr)$240
Total monthly ownership$1,848

Census ACS 2023: 45.3% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,393 left over a month, it takes about 22 months (1.8 years) to save $52,320 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.