Evaluation: Grand Rapids among most affordable metros
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Grand Rapids was named one of the 28 most affordable regions in the country by the Urban Land Institute.
The Urban Land Institute (ULI) recently released its Home Attainability Index 2021, which analyzes more than 110 metropolitan areas using 30 metrics for the affordability and equity of housing.
The index found that 4.67% of households earning $ 35,000 to $ 50,000 a year in the Grand Rapids, Wyoming metropolitan area were “heavily costly”. In addition, less than 1% of households in the Ranger were heavily billed from $ 50,000 to $ 75,000 per year.
The cheapest region in the country, according to the ULI index, was Cedar Rapids, Iowa, with 1.63% of households with annual sales of $ 35,000 to $ 50,000 classified as having high costs and 1.09% in the $ 50,000 category up to $ 70,000.
The least affordable region in the country was San-Diego / Carlsbad, California, where 29.49% of households with annual sales of $ 35,000 to $ 50,000 were heavily costly and 12.28% of households in the range of $ 50,000 to $ 75,000 -Dollars were heavily costly.
The index comprised six metrics that directly measured the affordability and accessibility of housing, including the high cost burden on middle-income households and the proportion of condominiums and rentals that are affordable at certain AMI scores.
The ULI report also identified the most and least segregated regions by race and income, and the best performing regions overall.
The report found that there is a 45.14% home ownership gap between white and black residents in the Grand Rapids, Wyoming area. Overall, Grand Rapids ranked 6th among the 15 regions with the greatest difference between white and black homeowners, with Scranton, Pennsylvania ranking first (54%).
The index focuses on the effectiveness of the broader housing market in providing robust and affordable housing. Although subsidized, low-income affordable housing plays a crucial role in expanding housing choices, such housing generally makes up a relatively small part of the total housing stock in the region. In this respect, the index largely reflects the affordability of houses in line with the market.
The Urban Land Institute is a global organization of more than 45,000 real estate and urban development professionals dedicated to advancing the institute’s mission to shape the future of the built environment for transformative impact in communities around the world.
Members are developers, property owners, investors, architects, town planners, civil servants, real estate agents, appraisers, lawyers, engineers, financiers and academics.