Rent, population, and median household income are important factors to consider for a 1031 exchange in Farmington due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Farmington, Michigan is a part of the Farmington Hills Submarket submarket area, and contains 6 zip codes: 48336, 48332, 48333, 48334, 48331, and 48335.
Farmington Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Farmington, MI submarket area was $1,186, which is 11.57% higher than 2014 average rent. This represents a compounded annual growth rate of 2.21%. 2019 vacancy in Farmington, MI was 2.70%.
The total population of the city of Farmington, MI has grown 1.86% since 2010. As of 2018, the population was 10,565. The median household income of the Farmington was $70,890, which is 17.58% higher than the national average.
- submarket area Farmington Hills Submarket
- avg rent $1,186
- rent growth 11.57%
- vacancy 2.70%
- median income $70,890
- population (2018) 10,565
- population growth 1.86%
- vs. nat'l avg 17.58%
- zip codes 48331 48332 48333 48334 48335 48336