West Michigan housing markets rank among 10 'healthiest' in state
Five Grand Rapids suburbs are considered to be among the top 10 “healthiest” housing markets in the state.
In SmartAsset’s second-annual “Healthiest Housing Markets Study,” Grandville, Comstock Park and Bryon Center are the top three cities overall, and Rockford and Wyoming also rank in the top 10.
The financial technology company looked at the average number of years residents have lived in their homes, home values, ease of sale and costs associated with home ownership to come up with the study's rankings.
Grandville is the No. 1 overall city in the study.
Grandville homeowners have spent an average of 13.7 years in their homes, and 5.3 percent of their homes have negative equity.
SmartAsset also found that Grandville homeowners spend 19.4 percent of their incomes on housing costs, and 12.4 percent of their homes are decreasing in value.
Michigan housing health
SmartAsset found that the average length of time in a Michigan household is 16.2 years, while 16.2 percent of homes in the state have negative equity.
Michigan homeowners spend 21.2 percent of their incomes on housing costs, and more than 24 percent of homes are decreasing in value.
Homes for sale in the state spend an average of 132.7 days on the market.
Top 10 healthiest markets
2. Comstock Park
3. Byron Center
4. Huntington Woods
Top 10 in stability
1. Huntington Woods
7. Byron Center
9. Grand Haven
Top 10 in ease of sale
1. Comstock Park
4. Madison Heights
7. Oak Park
8. East Lansing
Top 10 in affordability
7. Huntington Woods
8. Big Rapids
9. Grand Ledge