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