1031 Exchange Birmingham, Michigan

 

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

Surrounding submarket Area

Birmingham, Michigan is a part of the Troy Submarket submarket area, and contains zip codes 48009 and 48012.

Birmingham Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Birmingham, MI submarket area was $1,293, which is 13.72% higher than 2014 average rent. This represents a compounded annual growth rate of 2.60%. 2019 vacancy in Birmingham, MI was 2.00%.

The total population of the city of Birmingham, MI has grown 6.06% since 2010. As of 2018, the population was 21,322. The median household income of the Birmingham was $117,670, which is 95.16% higher than the national average.

  • submarket area Troy Submarket
  • avg rent $1,293
  • rent growth 13.72%
  • vacancy 2.00%
  • median income $117,670
  • population (2018) 21,322
  • population growth 6.06%
  • vs. nat'l avg 95.16%
  • zip codes 48009 48012

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