Cost of Living in Grand rapids, MI
Housing
The housing market plays a significant role in determining the cost of living in Grand rapids, MI.
- Housing Index: 110.0 / 100
- Median Home Price is: $230,000
- Average Rent (2 BR Apartment): $1300 per month
- Average Rent (2 BR House): $1350 per month
Considering a move to Grand rapids, MI? The housing index stands at 110.0, indicating a moderately competitive market. With a median home price of 230000, purchasing may be a practical investment compared to renting. The average rent for a 2-bedroom apartment is 1300, while renting a 2-bedroom house is slightly higher at 1350. This suggests that rental options might not provide the best value in comparison to homeownership. Keep in mind that this region may offer other benefits like employment opportunities and quality of life, adding to its appeal.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Grand rapids, MI.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $15.42 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Grand rapids, MI could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $15.42 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Grand rapids is a financially viable option for your relocation.