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
