The City of Kentwood, a suburb of Grand Rapids, was recently named the No. 3 hottest housing market in the US by Realtor.com. Kentwood was evaluated by a number of factors including relative affordability, large shares of older millennials, high millennial ownership rate, strong job markets, and high salaries. The city received a hotness score of 99.19 out of a possible 100, ranking it behind Watauga, Texas (99.44) and Livonia, Mich. (99.36).
Notable statistics about Kentwood:
- Dominant buyer: millennials
- 42% of new mortgages are held by millennials
- 62% home ownership rate for millennials
- Median listing price of houses: $118,833
- Number of days on housing market: 16 (49% faster than last year)
- Job growth: 2%
- Unemployment: 3.2%
To read more about the hottest housing markets in the US, click here.