Rent, population, and median household income are important factors to consider for a 1031 exchange in Ferndale due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Ferndale, Michigan is a part of the Oak Park/Royal Oak Submarket submarket area, and contains zip code 48220.
Ferndale Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Ferndale, MI submarket area was $903, which is 17.89% higher than 2014 average rent. This represents a compounded annual growth rate of 3.35%. 2019 vacancy in Ferndale, MI was 2.40%.
The total population of the city of Ferndale, MI has grown 0.88% since 2010. As of 2018, the population was 20,075. The median household income of the Ferndale was $65,947, which is 9.38% higher than the national average.
- submarket area Oak Park / Royal Oak Submarket
- avg rent $903
- rent growth 17.89%
- vacancy 2.40%
- median income $65,947
- population (2018) 20,075
- population growth 0.88%
- vs. nat'l avg 9.38%
- zip code 48220