1031 Exchange Hazel Park, Michigan

 

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

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