1031 Exchange Detroit, Michigan

 

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

Surrounding metropolitan Area

Detroit, Michigan is a part of the Detroit-Warren-Dearborn, MI metropolitan area, and contains 46 zip codes, including: 48222, 48272, 48224, 48234, 48269, and 48213.

Detroit Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Detroit, MI metropolitan area was $1,021, which is 20.12% lower than 2014 average rent. This represents a compounded annual growth rate of 3.73%. 2019 vacancy in Detroit, MI was 3.30%.

The total population of the city of Detroit, MI has decreased 5.76% since 2010. As of 2018, the population was 672,662. The median household income of the Detroit was $29,481, which is 51.10% lower than the national average.

  • metropolitan area Detroit-Warren-Dearborn, MI
  • avg rent $1,021
  • rent growth 20.12%
  • vacancy 3.30%
  • median income $29,481
  • population (2018) 672,662
  • population growth -5.76%
  • vs. nat'l avg 51.10%
  • zip codes 48201 48202 48204 48205 48206 48207 48208 48209 48210 48211 48213 48214 48215 48216 48217 48219 48221 48222 48223 48224 48226 48227 48228 48231 48232 48233 48234 48235 48238 48242 48243 48244 48255 48260 48264 48265 48266 48267 48268 48269 48272 48275 48277 48278 48279 48288

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