Multifamily Mortgage Bankers and Brokers since 1997

Get Your Free Multifamily Loan Quote

 

Featured in:
Business Insider
Forbes 
The Real Estate Network

Grand Rapids, Michigan

Grand Rapids, Michigan has been given a ranking for being the 3rd top realty market for home buyers buying their first home. The two top cities for first time house buyers are Birmingham, Alabama and Little Rock, Arkansas. This ranking based its results from viewing the credit from the FDA of house purchasers in 100 United States home markets.

In Grand Rapids, Michigan, 59% of home buyers were able to qualify having lower than prime credit ratings. This is good for home purchasers that are younger who have not created good credit scores yet. Grand Rapids, Michigan purchasers of houses also had down payments that were lower. This was 22% of the money other borrowers paid. $32,434 was the down payment average on a house in Grand Rapids. The Grand Rapids Median Income is $39,913

Concerning the top 15 cities who were in the survey, Twelve were in Pennsylvania, Michigan, and Ohio. There is great availability for homes for first time home purchasers, because the cost of houses is not greater than the economy growth, and there is a high affordability of homes.

When it comes to commercial real estate in Grand Rapids Michigan, on March 28, ground was broken for the Crossroads Business Center located at 103 76th St. in the township of Byron, Michigan. There is the expectation that the industrial building will be finished by October of this year.

The Crossroads Business Center which is in the market of Grand Rapids, gives a location of convenience regarding companies interested in industrial or manufacturing close to the airport or highway. This building which is multi-tenant has office space, parking areas separated for truck and office, and safety features. A tenant can lease space of between 10,000 to 50,000 square feet.