A recent article from ATTOM Data Solutions reveals that Grand Rapids homeowners are experiencing significant equity growth. As of the second quarter of 2024, 57.2% of mortgaged properties in the area are now considered equity-rich. This means that more than half of homeowners owe less than half of their home’s current market value on their mortgages.
What Does This Mean for You?
If you own a home in Grand Rapids, your property’s value has likely increased substantially. With the median home price around $325,000, many have seen their equity grow as home prices rise and mortgage balances decrease. This puts you in a position to consider options like refinancing, selling, or simply understanding the true value of your home.
Why Is Equity So High in Grand Rapids?
The local housing market is strong, driven by factors like a growing economy and high demand for homes. This has led to a steady increase in home prices, allowing homeowners to build equity quickly.
What’s Next?
Now is a good time to check how much equity you’ve gained. Whether you’re thinking about selling, refinancing, or just want to know your home’s worth, staying informed is key.
Want to know how much equity you’ve built? Get your home value estimate here
Sources: