49505, Grand Rapids, MI

The Grand Rapids zip code 49505 has a population of around 197,000 people and is located in the western part of the state of Michigan. The median home value in this zip code is $128,900 which is about average for the state of Michigan. The percentage of homes that are owner-occupied is around 68%, which is lower than the statewide average of 71%. Around 24% of homes in this zip code are occupied by renters, which is higher than the statewide average of 21%.

One reason that home values in this zip code are relatively high compared to other parts of Michigan may be due to its proximity to Detroit. Detroit has been experiencing a lot of economic decline over the past few years and as a result, many people have been moving out of the city and into surrounding suburbs. This has led to an increase in demand for housing near major cities, which has helped drive up prices in Grand Rapids as well.

Another factor that may contribute to high home values in this zip code are the strong job market conditions here. Grand Rapids has seen strong growth over the past few years thanks to its thriving economy and low unemployment rate. This has led to increased demand for housing among residents and increased competition among buyers for available properties.