Published: Tuesday, November 23, 2010, 10:54 AM Updated: Tuesday, November 23, 2010, 11:40 AM
An industry report ranks Grand Rapids as the nation's third most affordable city in which to buy a home.
The National Association of Home Builders / Wells Fargo Housing Opportunity Index lists Grand Rapids behind Indianapolis and Youngstown, Ohio, with an "affordability score" of 90.4 percent, based on a city's median home price (for Grand Rapids, $101,000) and median income ($62,100). In other words, 90.4 percent of the city's for-sale homes are considered affordable.
CNN Money's analysis confuses Grand Rapids' geography slightly, but manages to paint a general picture:
This central Michigan city has had a few lives. Its first claim to fame was as the "Furniture City." Grand Rapids furniture -- particularly the oak tables, chairs and cabinets -- graced the interiors of homes both grand and modest.
Once the great hardwood forests of northern Michigan petered out, the town turned to the auto industry for sustenance. Today, it's health care and consumer goods manufacturing.
Anyway, Grand Rapids jumps two spots from the same report last year, when the median home price in the city was $103,000.
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