1031 Exchange Grosse Pointe, Michigan

 

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

Surrounding submarket Area

Grosse Pointe, Michigan is a part of the Downtown Submarket submarket area, and contains zip codes 48230 and 48236.

Grosse Pointe Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Grosse Pointe, MI submarket area was $1,268, which is 26.29% higher than 2014 average rent. This represents a compounded annual growth rate of 4.78%. 2019 vacancy in Grosse Pointe, MI was 4.40%.

The total population of the city of Grosse Pointe, MI has decreased 4.63% since 2010. As of 2018, the population was 5,170. The median household income of the Grosse Pointe was $108,853, which is 80.54% higher than the national average.

  • submarket area Downtown Submarket
  • avg rent $1,268
  • rent growth 26.29%
  • vacancy 4.40%
  • median income $108,853
  • population (2018) 5,170
  • population growth -4.63%
  • vs. nat'l avg 80.54%
  • zip codes 48230 48236

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