Hot Grand Rapids Neighborhoods

 src=In recent news Grand Rapids has been highlighted as one of the fastest growing economies in the state of Michigan and overall 

compared to the rest of the US. In fact, Grand Rapids is ranked 69th among the 300 largest metropolitan area’s in the world. These findings were discovered by Brookings Institutions Metropolitan Policy Program. 

The economy growth is due to the 3.3 percent growth in employment in 2014 and will continue to increase between 2.8%-3.5% in 2015. This is thanks to the effort put into diversifying  work opportunities since having the auto industry tanking out. Grand Rapids has a lot to offer in terms of employment and real estate.

What does all this growth mean? People are moving to Grand Rapids making the real estate market hot! So where in Grand Rapids are the faster growing neighborhoods? The neighborhoods that are gaining a lot of growth are Byron Center, Alger Heights, Forest Hills, Eastown and Downtown GR. Bryon Center specifically has a lot of new development being put in as well as commercial development like the Tanger Outlets, which are scheduled to open late summer of 2015.

In Eastown and downtown Grand Rapids you’ll find your share of condo living and new apartment developments, which begs the question—to rent or not to rent? Even with the growth of the real estate market and home values increasing, mortgage rates are still relatively low. If you compare rent from a new apartment condo say in east town you’re looking at 1,200 a month for a small 1-2 bedroom. If you’re able to buy you could get a lot more for your money than what the new developments are offering, mind you may not be getting stainless steel appliances, but the equity you are building from the real estate investment would be a much wiser choice.