Cost of Living Grand Rapids

Is Grand Rapids, MI, an expensive place to live? Let's look a little deeper into the costs of living in Grand Rapids, the average household income, and typical expenses. 

Grand Rapids ranks high on many levels. Considered to be one of the best places to live in the Unitied States, this metro city is home to 197,416 residents who love this call their city their home.>In March, this city was ranked number 2 on the list of the 10 most beautiful and affordable places to live in the Unitied States.

Grand Rapids is the second largest city in the state of Michigan and is located on the banks of the Grand River that flows through the downtown area. Whether you are interested in educational opportunities, affordable housing, and living, or an excellent job, this city has it all. It is one of the fastest-growing cities in the Midwest and is known for its natural beauty. 

Grand Rapids has it all, and this young city is on the rise. Not only does it offer a low cost of living here, but it also gives you the small-town feeling in the big city. No matter what lifestyle you have, you will fit right into this friendly community. People who live here will tell you to have much they love it! So, if you are looking for a place to move to, keep reading to learn more about this beautiful city in Michigan.

Keep reading to learn more about the cost of living in Grand Rapids 

Cost of Living Grand Rapids 

Grand Rapids' cost of living is 5 percent lower than the national average, according to Payscale. Breaking this number down into categories: housing expenses are 15 percent lower than the national average, utility prices are 3 percent higher, transportation like bus fares and gas prices are 1 percent higher, grocery prices are 8 percent lower, and healthcare costs are 5 percent lower than the national average. 

Keep in mind, though, that these are not fixed numbers for the cost of living but are averages. The cost of living will vary depending on your living situation, the size of the family, the location of the home, and many other aspects, so use these numbers as a base rather than fixed.

Below are some common cost of living aspects.

When it comes down to the cost of living, you do have to remember that transportation, food, utilities, and other everyday expenses go into that number. Thankfully, Grand Rapids does have affordable living, so that those everyday expenses will be cheaper than the national average.

Check out the cost of living in Michigan to compare numbers as well. 

Housing Costs 

The housing costs in Grand Rapids are overall 15 percent lower than the national average, according to Payscale. The housing market here is considered to be somewhat competitive, and on average, homes stay on the market for about 31 days.

However, do keep in mind also that the real estate market is subject to change and that numbers and listings will vary, so if you are interested in moving to Grand Rapids and the real estate listing, working with a real estate agent is recommended. 

Since last year, this city has been a seller's market which means prices will tend to be higher and homes will sell faster, so if you are on the search for a home, you need to be competitive. Homes values over the past year have gone up about 17 percent and are on the rise at the moment. 

If you are interested in a move to Grand Rapids, you should check out new construction homes, luxury homes, condos, and single-family homes for sale in Grand Rapids. Everyone has their own preferences when it comes to their homes, so check out different homes for sale in the area so you can find what fits perfectly for you. 

Income 

The average annual salary in Grand Rapids is $52,660, which is just a little under the national average. 

Although education is a dominant sector in this area, it does offer many jobs for people who are searching for occupations in education; there are so many large healthcare sectors, administrative and distributive jobs, and many manufacturing jobs. Every city has a lot to offer its residents when it comes to a job; however, every city also does have its strengths and weaknesses for each sector. 

Moving somewhere new means finding a job, and that is usually the first step for most people. Here in Grand Rapids, you will find many employment options; if you do not find what you are searching for, there are other cities surrounding this city that may have what is perfect for you! Keep a lookout for new job opportunities if you are considering a move to this bustling city. 

Utilities

Overall, utility expenses here are a little higher than the national average. Both owning and renting homes come with utility expenses. In Grand Rapids, essential bills, like electricity, water, and garbage, cost around $181.77 per month, while phone bills will average around $195.55 a month, and internet will average around $60 a month. However, do keep in mind that these numbers will vary depending on your lifestyle. There are many ways to save money on your utility bills, so check out other incentives and alternatives to help save a little money. 

Keep in mind that utility costs do vary even depending on the year. Be prepared for higher costs in the wintertime due to the colder weather and winter storms that come in this area. 

Food and Grocery 

Grand Rapids has grocery prices that are about 8 percent lower than the national average. Eating in this city is considered to be affordable, but that all does depend on your lifestyle, diet, and the size of the family you are feeding. There are many grocery store options in the area to choose from while also there are affordable restaurants to visit. On average, groceries will cost $240 per person for a month. Keep in mind, though, every store does have different prices, so if you are looking to save money on food, make sure to find out where you can get the best deals.

Below are some numbers broken down according to Payscale.

Check out some of the local favorite restaurants below:

• The Chop House Grand Rapids: This is a steakhouse that is a plush chophouse with elegant gas lamps offering premium beef and wines, plus delicious desserts. You are also allowed to reserve a table ahead of time through their website!
• Roam by San Chez: This is a relaxed, all-day restaurant that offers many global street eats, from kebabs to tacos and veggies.
• Brooklyn Bodgega Bagels and Deli: This place offers sub sandwiches, bagels, bagel sandwiches, salads, and so much more and is located downtown. 

Healthcare 

Grand Rapids healthcare costs are 5 percent lower than the national average.  The state of Michigan overall does have the lowest healthcare costs in the country and has a median premium of $347 a month, which is lower than the national average. Some employers can get ensured, and if they fail to provide affordable coverage, The Department of Insurance and Finacial Services says they may be subject to a tax penalty. Overall, the average cost of health insurance per month here is about $174, but that does vary depending on your plan.

Below are some average costs: 

• Doctor's Visit: $119.04
• Dentist Visit: $102.70
• Veterinary Visit: $59.86
• RX Drug: $438.60

Transportation 

Transportation costs in Grand Rapids, like bus fares, gas prices, and maintenance, are 1 percent higher than the national average. On average, a gallon of tank in this city is about $3.44. On the other hand, Grand Rapids offers Paid Transit, and it offers adult single rides for $1.75, and a monthly pass for $47. The Rapid is their award-winning bus transit system with over 249 vehicles to make it an easy way to travel around downtown and other surrounding areas. However, keep in mind that these costs do vary depending on your form of transportation and how much traveling you do. 

Taxes

Grand Rapids has a minimum combined 2023 sales tax rate of 6 percent. That is the total of state, county, and city sales tax rates. The Michigan sales tax rate is 6 percent, and the county rate is 0 percent. On the other hand, according to the City of Grand Rapids, residents who live in Grand Rapids have a 1.50 percent flat city income tax rate on earned income, while nonresidents have a 0.75 percent rate. 

On the other hand, keep in mind that depending on what you do, you may encounter other taxes in Grand Rapids, like vehicle registration fees, business taxes, and more. It is essential to know what taxes you will have to pay when you move somewhere new since it does add to the overall cost of living to places. 

FAQs 

Is Grand Rapids expensive to live in?

Overall, the cost of living in Grand Rapids is lower than the national average, and so are the housing expenses. This area is considered to be an affordable place to live in.

How how much do I need to make to live in Grand Rapids, MI?

The average annual salary in Grand Rapids is $52,660, which is just a little under the national average. However, for one adult, the average living wage would be $16.73 an hour, while for a family, the average living wage per hour is $40.34, so it depends on your family size and your lifestyle. 

Is Grand Rapids a good place to live?

Grand Rapids has been ranked at the top of the 20 Best Places to Live in the United States for continuous years, so yes, Grand Rapids is one of the best places to live for many reasons. 

Why are so many people moving to Grand Rapids?

Many people have moved to Grand Rapids because of the healthcare, construction, and manufacturing jobs. There are also many other reasons behind it, but overall, it is because of what the city has to offer. 

What's the nicest part of Grand Rapids?

The nicest, safe, and most affordable neighborhood is Eastown. If you want to live close to downtown in a place that has beautiful Victorian-style houses, then you should check out this area! Check out the best places to live in Grand Rapids to read more about Eastown. 

Finding the perfect place to live - Grand Rapids, MI

Grand Rapids has it all and is a young city on the rise. Not only does this city offer a low cost of living, but it also gives you the small-town feeling of the big city. Whether you are interested in excellent jobs, educational opportunities, and affordable housing, they have it. 

Besides the vibrant scenery that Grand Rapids does offer, it also has a friendly community with natural beauty as well. This metro city has it all, no matter your preference or lifestyle, so if you are looking for the best places to live in Michigan, this city may be one of them. Take advantage of all Grand Rapids has to offer. 

If you are interested in moving to Grand Rapids, then please get in touch with us here so we can connect you with one of our Realty Specialists to help make your transition for you go smoothly. We are here to help you find the perfect home, so do not hesitate to reach out to us. 

Contact us here today for any questions or help.