Rent, population, and median household income are important factors to consider for a 1031 exchange in Hazel Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Hazel Park, Michigan is a part of the Oak Park/Royal Oak Submarket submarket area, and contains zip code 48030.
Hazel Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Hazel Park, MI submarket area was $903, which is 17.89% lower than 2014 average rent. This represents a compounded annual growth rate of 3.35%. 2019 vacancy in Hazel Park, MI was 2.40%.
The total population of the city of Hazel Park, MI has grown 0.29% since 2010. As of 2018, the population was 16,470. The median household income of the Hazel Park was $35,817, which is 40.60% lower than the national average.
- submarket area Oak Park / Royal Oak Submarket
- avg rent $903
- rent growth 17.89%
- vacancy 2.40%
- median income $35,817
- population (2018) 16,470
- population growth 0.29%
- vs. nat'l avg 40.60%
- zip code 48030
