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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Big Rapids, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Big Rapids, MI Housing Market Trends

With 7,858 people, 2,628 houses or apartments, and a median cost of homes of $253,972, Big Rapids real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Big Rapids, accounting for 42.12% of the city's housing units. Other types of housing that are prevalent in Big Rapids include large apartment complexes or high rise apartments ( 26.12%), duplexes, homes converted to apartments or other small apartment buildings ( 20.97%), and a few mobile homes or trailers ( 7.57%).

Big Rapids is dominated by renter-occupied one, two, or no bedrooms apartments. 70.84% of Big Rapids's dwellings are rentals.

There is a lot of housing in Big Rapids built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Big Rapids built between 1940-1969 ( 26.30%). A lesser amount of the housing stock also hails from before 1939 ( 23.70%). There's also some housing in Big Rapids built between 2000 and later ( 13.30%).

Vacant housing appears to be an issue in Big Rapids. Fully 19.44% of the housing stock is classified as vacant. Left unchecked, vacant Big Rapids homes and apartments can be a drag on the real estate market, holding Big Rapids real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Big Rapids Home Appreciation Rates

In the last 10 years, Big Rapids has experienced some of the highest home appreciation rates of any community in the nation. Big Rapids real estate appreciated 118.17% over the last ten years, which is an average annual home appreciation rate of 8.11%, putting Big Rapids in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Big Rapids definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Big Rapids that despite a nationwide downturn in the housing market, Big Rapids real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Big Rapids appreciation rates continue to be some of the highest in America, at 8.03%, which is higher than appreciation rates in 70.44% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Big Rapids. Big Rapids appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.56%.

Relative to Michigan, our data show that Big Rapids's latest annual appreciation rate is higher than 70% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Big Rapids differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Big Rapids - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Big Rapids real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$253,972

Big Rapids, MI Home Prices
> $1,540,000
$1,155,001 - $1,540,000
$770,001 - $1,155,000
$616,001 - $770,000
$462,001 - $616,000
$308,001 - $462,000
$154,001 - $308,000
$77,001 - $154,000
$0 - $77,000
0.0%
0.0%
0.2%
0.2%
0.6%
0.6%
1.8%
1.8%
6.6%
6.6%
18.0%
18.0%
50.6%
50.6%
20.2%
20.2%
2.1%
2.1%
0% 100.0%
% of Homes
Average

for Michigan

Average

for nation

Number of Homes And Apartments:

2,628

Big Rapids Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,466 / per month

Homeownership Rate

Owners
Renters
29.2%
29.2%
70.8%
70.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
19.4%
19.4%
80.6%
80.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
13.3%
13.3%
36.7%
36.7%
26.3%
26.3%
23.7%
23.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
42.1%
42.1%
3.2%
3.2%
21.0%
21.0%
26.1%
26.1%
7.6%
7.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
6.3%
6.3%
15.9%
15.9%
28.3%
28.3%
27.4%
27.4%
18.4%
18.4%
3.7%
3.7%
0% 100.0%
% of Homes