GRAND RAPIDS, Mich. — FOX 17 is digging into the housing market in West Michigan.
The average home sale price in West Michigan in 1998 was $117,489 according to the Greater Regional Alliance of Realtors. That jumped to $381,039 in 2024, a 224% increase.
That number reflects homes in all of Kent and Ionia counties, along with Ottawa County's Georgetown and Jamestown townships, six townships in northeastern Allegan County, and the northern half of Barry County, including the area around Gun Lake.
Compare that to the median household income. According to the U.S. Census Bureau, it was around $69,000 in 1998. In 2023, it was $80,610. That's a 16.8% increase.
The numbers show what people make isn't keeping up with home costs. But if you play your cards right, owning property is possible.
And, if you're ready to sell or maybe just downsize, there's an opportunity to get the most bang for your buck.
PREPARING TO SELL
Leaving the house you’ve called home for years or maybe decades isn’t an easy decision. The one question anyone considering downsizing should ask is: What do I really want? according to AARP. That could mean a home with everything on one level, or a house closer to your kids or grandchildren.
Once you know your priority, then it’s time to look at your finances. Know how much you can afford to spend on a new smaller home, along with how much your home could sell for. Also consider costs that could come with a new home, including homeowner association dues, lawn care and utilities.
Deciding to move can be filled with emotions. Don’t let them drive your decision-making. The AARP recommends putting the numbers down on a spreadsheet to clarify what it will cost so you can make the most clear-headed decision possible.
For more help, reach out to a professional. A licensed realtor can give you advice for how to best achieve your goals for your home.
If you aren’t in the market to buy, but looking to strike a good deal on a rental, there are tips for negotiating your price.
NEGOTIATING YOUR RENT
When you will be a new tenant, some recommendations from Realtor.com include putting together a stellar application complete with tax returns, proof of employment and references. You should also comb through rental listings and find comparable units listed for slightly less than your preferred spot. Present your findings to the landlord to see if they will budge on their price.
If you are a current renter and want to stay, start a conversation before your renewal is due. Just like a new tenant, make sure you do your research on other available units. If you’ve been a model resident, paying on time, no issues with neighbors, no damage to your unit, highlight it to your landlord.
During negotiations, you can also bring up how re-signing will save your landlord money between having to list the apartment, screen applicants and letting the space sit empty.
If you can’t make a deal on your rent, at least you can take some sting out of the denial knowing that rent is still cheaper than the monthly cost of a home.
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