Total monthly cost of ownership
Cost to Own a Home in East Grand Rapids, Michigan
A $489,000 home here costs
$4,095per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $175,500 a year.
A standard mortgage calculator would have told you $2,666. The real number is $1,429 higher every month, 54% more than the payment most buyers budget for.
Compare Kent County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
East Grand Rapids against Kent County and Michigan
| Measure | East Grand Rapids | Kent County |
|---|---|---|
| Median home value | $488,500 | $265,700 |
| Median property tax | $7,537 | $3,028 |
| Effective tax rate | 1.543% | 1.140% |
| Median gross rent | $1,845 | $1,176 |
| Population | 11,394 | 658,844 |
The weather behind that power bill
East Grand Rapids sits in Kent County, which averages a high of 83.1°F in its hottest month and a low of 18.6°F in its coldest, with 39.4" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 732 cooling and 6,408 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Kent County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Kent County
Talk to someone who works this market
These are East Grand Rapids averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works East Grand Rapids every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in East Grand Rapids I already own here and may sell
Common questions
How much does it cost to own a home in East Grand Rapids?
A $489,000 home in East Grand Rapids, Michigan costs approximately $4,095 per month with 20% down at 7.24%. That is $2,666 principal and interest, $629 property tax, $183 homeowners insurance, $210 utilities and $408 set aside for maintenance.
What is the property tax rate in East Grand Rapids?
East Grand Rapids has an effective property tax rate of 1.543%, based on a median home value of $488,500 and median real estate taxes of $7,537. That is higher than the Kent County average of 1.140%.
What is the average home price in East Grand Rapids?
The median owner-occupied home value in East Grand Rapids, Michigan is $488,500, against $265,700 across Kent County.
Is it cheaper to rent or buy in East Grand Rapids?
Median gross rent in East Grand Rapids is $1,845 a month, against $4,095 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in East Grand Rapids?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in East Grand Rapids, Michigan at today's rate takes a household income of roughly $175,500 a year. That covers the full $4,095 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for East Grand Rapids, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Michigan.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.