1031 Exchange Ferndale, Michigan

 

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

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