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