Study: Grand Rapids best metro city to buy a home
Grand Rapids has earned the top ranking among metropolitan area cities in the country to buy a home, according to Forbes’ 2016 list of Best Buy Cities.
The findings — which note the west Michigan city’s diverse economy — emerged from a study Forbes.com conducted in partnership with North Carolina-based data company Local Market Monitor, which tracks home prices and economic factors in more than 300 housing markets.
The partnership turned up the country’s top 20 housing markets in which to invest this year — the “Best Buy Cities” list for 2016, according to the magazine’s Jan. 27 report.
Grand Rapids, the report notes, has a 3.1 percent three-year population growth rate, according to the latest Census data, suggesting that people are moving there at a higher rate than the national average. The average home price in the area is listed at $154,348.
Employment in greater Grand Rapids expanded by 3.9 percent in the 12 months to November, according to the Bureau of Labor Statistics, the highest rate among 100 metro areas examined in the assessment, the study says.
The survey notes the city’s diverse economy, including its roots in furniture-making and its “Medical Mile” of medical suppliers, firms specializing in aerospace and advanced manufacturing.
Each of the Best Buy Cities tout job and population growth and anticipated home price appreciation.
The second place city on the list is Orlando, Florida, followed by six other Florida cities. Other cities listed are in Texas, North Carolina and Utah.