1031 Exchange Dearborn, Michigan

 

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

Surrounding submarket Area

Dearborn, Michigan is a part of the Dearborn/Dearborn Heights Submarket submarket area, and contains 6 zip codes: 48123, 48126, 48128, 48124, 48121, and 48120.

Dearborn Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Dearborn, MI submarket area was $995, which is 16.51% lower than 2014 average rent. This represents a compounded annual growth rate of 3.10%. 2019 vacancy in Dearborn, MI was 2.40%.

The total population of the city of Dearborn, MI has decreased 3.89% since 2010. As of 2018, the population was 94,333. The median household income of the Dearborn was $52,498, which is 12.93% lower than the national average.

  • submarket area Dearborn / Dearborn Heights Submarket
  • avg rent $995
  • rent growth 16.51%
  • vacancy 2.40%
  • median income $52,498
  • population (2018) 94,333
  • population growth -3.89%
  • vs. nat'l avg 12.93%
  • zip codes 48120 48121 48123 48124 48126 48128

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