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Housing market/Michigan/ZIP 49503

ACS 2023 · FY2027 SAFMR

ZIP 49503 Grand Rapids, Michigan

Grand Rapids-Wyoming, MI HUD Metro FMR Area · Michigan. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.

Population
37,874
Households
17,335
Median HH income
$61,734
Renter share
62.5%
Median gross rent
$1,207
Vacancy
8.8%
Pop. change
+1.7%
2BR SAFMR
$1,760
SAFMR / rent
1.458×
2–49 unit stock
7,568
LIHTC proj / units
42 / 2,585
HUD assisted MF
8 / 632

ZIP brief

Email this profile

HUD schedule, ACS stock, and the 90–110% band for ZIP 49503 · MI — sent to you.

ZIP 49503 · MI

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ACS rent vs 2BR SAFMR

ZIP 49503 — Grand Rapids, MI HUD Section 8 Payment Standards / SAFMR →
ACS median rent$1,207
2BR SAFMR$1,760
90% floor$1,584
110% ceiling$1,936

ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.

Housing stock

ACS 2023 units-in-structure · ZCTA 49503

  • 1-unit detached7,35138.7%
  • 1-unit attached6743.5%
  • 2–4 units4,35622.9%
  • 5–49 units3,21216.9%
  • 50+ units3,32717.5%
  • Mobile970.5%
TypeUnitsShare
1-unit detached7,35138.7%
1-unit attached6743.5%
2 units (duplex)2,56113.5%
3–4 units1,7959.4%
5–9 units1,1476.0%
10–19 units7764.1%
20–49 units1,2896.8%
50+ units3,32717.5%
Mobile970.5%

2–4 unit share 22.9% · 5–49 unit share 16.9% · combined 2–49 39.8%.

Units by bedrooms

Studio
1,324
1BR
4,812
2BR
5,571
3BR
4,753
4BR
2,070
5+
487

Rent burden

Rent ≥30% of income40.5%
Rent ≥50% of income18.7%
  • ACS median gross rent $1,207 (all bedrooms, occupied rentals).
  • Median contract rent $1,110.
  • Renters paying ≥30% of income 40.5%; ≥50% 18.7%.
  • FY2027 2BR SAFMR $1,760 (1.458× ACS median gross rent).

Population

37,874 residents · ACS 2023

Change versus the 2018 ACS 5-year estimate: +1.7%.

ACS 5-year estimates lag current construction. This is not a forecast.

Assisted inventory

  • LIHTC: 42 projects, 2,585 units.
  • HUD project-based assisted MF: 8 properties, 632 assisted units.
  • HCV household counts (Picture of Subsidized Households) are not on this page yet.

New apartment permits

About 1,079 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.

Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.

What the data shows

ZIP 49503 62.5% of occupied households are renters; vacancy is 8.8%; ACS median gross rent is $1,207; population increased +1.7% between the 2018 and 2023 ACS vintages; the housing stock includes 4,356 units in 2–4-unit structures and 3,212 units in 5–49-unit structures; 42 LIHTC projects totaling 2,585 units; FY2027 2BR SAFMR is $1,760 versus ACS median gross rent of $1,207. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.

Michigan research

ZIP 49503 is a Census / HUD profile for Grand Rapids-Wyoming, MI. Not a listing page. Brokerage is Georgia; out-of-state work is referral.

ZIP 49503 — Grand Rapids, MI HUD Section 8 Payment Standards / SAFMR·Michigan ZIP directory

Nearby ZIPs in this FMR area

ZIPPlaceRentersMed. rent2BR SAFMR
49301Grand Rapids-Wyoming, MI HUD Metro FMR Area5.2%$2,074$2,45049306Grand Rapids-Wyoming, MI HUD Metro FMR Area4.9%$1,068$1,83049319Grand Rapids-Wyoming, MI HUD Metro FMR Area10.0%$1,060$1,43049321Grand Rapids-Wyoming, MI HUD Metro FMR Area32.5%$1,073$1,47049341Grand Rapids-Wyoming, MI HUD Metro FMR Area9.4%$1,251$1,74049351Grand Rapids-Wyoming, MI HUD Metro FMR Area——$1,63049468Grand Rapids-Wyoming, MI HUD Metro FMR Area——$1,63049501Grand Rapids-Wyoming, MI HUD Metro FMR Area——$1,63049504Grand Rapids-Wyoming, MI HUD Metro FMR Area41.9%$1,145$1,62049505Grand Rapids-Wyoming, MI HUD Metro FMR Area35.4%$1,248$1,73049506Grand Rapids-Wyoming, MI HUD Metro FMR Area24.1%$1,305$1,79049507Grand Rapids-Wyoming, MI HUD Metro FMR Area39.4%$1,114$1,600

Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is Michigan research. Brokerage is Georgia.

FAQ

What is the housing market like in ZIP 49503?

ZIP 49503 (Grand Rapids-Wyoming, MI HUD Metro FMR Area) has 37,874 residents, 17,335 households, a renter share of 62.5%, median household income of $61,734, and ACS 2023 median gross rent of $1,207. Vacancy is 8.8%. These are ZCTA estimates, not a property rent roll.

How much small multifamily housing is in 49503?

ACS counts 2,561 units in 2-unit buildings, 1,795 in 3–4 unit buildings, 1,147 in 5–9, 776 in 10–19, and 1,289 in 20–49. Combined 2–49 unit stock is 7,568 units. This is occupied-and-vacant stock, not listings for sale.

What is the Section 8 rent in 49503?

The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $1,760. See the full schedule and 90–110% payment-standard band on the ZIP 49503 — Grand Rapids, MI HUD Section 8 Payment Standards / SAFMR.

Does this Michigan ZIP profile include Georgia listings?

No. ZIP 49503 is Census / HUD research for Grand Rapids-Wyoming, MI HUD Metro FMR Area. Jeff Crowe CRE does not list Michigan property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.