1031 Exchange Allen Park, Michigan

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Allen Park due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Allen Park, Michigan is a part of the Downriver/South Wayne Submarket submarket area, and contains zip code 48101.

Allen Park Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Allen Park, MI submarket area was $906, which is 16.60% higher than 2014 average rent. This represents a compounded annual growth rate of 3.12%. 2019 vacancy in Allen Park, MI was 2.30%.

The total population of the city of Allen Park, MI has decreased 4.02% since 2010. As of 2018, the population was 27,076. The median household income of the Allen Park was $69,094, which is 14.60% higher than the national average.

  • submarket area Downriver / South Wayne Submarket
  • avg rent $906
  • rent growth 16.60%
  • vacancy 2.30%
  • median income $69,094
  • population (2018) 27,076
  • population growth -4.02%
  • vs. nat'l avg 14.60%
  • zip code 48101

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