First-Time Homebuyers Find American Dream in Midwest
Спикеры
Paulina Cachero
— Reporter, Bloomberg
Bloomberg's Paulina Cachero discusses why Grand Rapids/Kent County, Michigan is bucking the national trend of first-time homeownership being out of reach. The area benefits from a favorable home-price-to-income ratio, diversified economy, population growth, and wages about 13% above the rest of Michigan. Nearly half of local homeowners in 2025 are 35 or younger, versus a record US average first-time buyer age of 40. However, supply remains tight and affordability is under pressure as prices rise and building lags the national pace.
- Grand Rapids/Kent County has nearly half of homeowners aged 35 or younger.
- The average US first-time homebuyer is now 40 years old, the oldest since 1981.
- Grand Rapids home-price-to-income ratio is much lower for under-35 workers than the US average.
- Local wages are about 13% higher than the rest of Michigan.
- Housing inventory is roughly 30% below pre-pandemic levels.
- Grand Rapids builds homes at a slower pace than the national average.
- Affordability is eroding as Grand Rapids home prices rise.
Идеи
Grand Rapids housing affordability supported by wages
Grand Rapids/Kent County, Michigan has a relatively favorable home-price-to-income ratio, a diversified growing economy, and wages about 13% above the rest of Michigan. This supports local homeownership and helps nearly half of local homeowners be 35 or younger, even as the average US first-time buyer age hits a record 40; low inventory and slower local homebuilding add price pressure but also underscore housing scarcity.
Далее
This Bloomberg Markets video, published August 14, 2026, features Paulina Cachero discussing Grand Rapids housing market. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Paulina Cachero · Tickers: Grand Rapids housing market