Some financial experts say now is a good time to buy a house in Grand Rapids, citing projections that prices probably won’t dip any lower. Affordable housing is to be had for families ready to make the move.
According to excerpts from the story:
GRAND RAPIDS -- In a measure of income, home price, and mortgage rate, analysts deemed Grand Rapids one of the nation's most affordable housing markets this month, coming in fifth behind Indianapolis; Warren; Youngstown, Ohio; and Detroit. But instead of a buying frenzy, anxiety and toughened credit standards are sending sales the other way.
"Houses overall are far more affordable here than elsewhere," said Paul Isely, associate professor of economics at Grand Valley State University. "The biggest problem we have in the U.S. economy today is uncertainty," Isely said. "That's causing people to freeze and not do things." Isely admits he feels "a little bit optimistic" about the Grand Rapids economy. "As we start to come out, the Grand Rapids housing market is really set to recover," Isely said.
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