Rent, population, and median household income are important factors to consider for a 1031 exchange in Farmington Hills due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Farmington Hills, Michigan is a part of the Farmington Hills Submarket submarket area.
Farmington Hills Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Farmington Hills, 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 Hills, MI was 2.70%.
The total population of the city of Farmington Hills, MI has grown 1.70% since 2010. As of 2018, the population was 81,093. The median household income of the Farmington Hills was $81,203, which is 34.68% higher than the national average.
- submarket area Farmington Hills Submarket
- avg rent $1,186
- rent growth 11.57%
- vacancy 2.70%
- median income $81,203
- population (2018) 81,093
- population growth 1.70%
- vs. nat'l avg 34.68%