49504, Grand Rapids, MI

The Grand Rapids zip code 49504 has a population of about 197,000 people and is located in West Michigan. The median home value in the zip code is $128,200 and the median household income is $59,000. About 54% of households in the zip code own their homes outright, while another 26% are owner-occupied but have a mortgage. The remaining 14% of households are renters.

There has been a significant increase in home values over the past five years in the 49504 zip code. In 2012, the median home value was $103,100 and by 2016 that had increased to $128,200. This represents an increase of about 31%. Over this same period of time, the average rent price increased by about 9%. This indicates that there is strong demand for housing in this area and that people are able to afford to buy homes at reasonable prices.

One factor that may be contributing to this increase in home values is the low interest rates currently available on mortgages. In 2016, interest rates were around 3%. This means that people can borrow more money to purchase a home than they would have been able to do five years ago when interest rates were higher. Additionally, Grand Rapids has seen an influx of new residents over the past few years who may be contributing to rising prices as well. These new residents may be more likely than others to invest in property ownership due to its high rental yields and stability compared with other investments available here such as stocks or bonds.