1031 Exchange Livonia, Michigan

 

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

Surrounding submarket Area

Livonia, Michigan is a part of the Novi/Livonia Submarket submarket area, and contains 5 zip codes: 48153, 48150, 48151, 48154, and 48152.

Livonia Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Livonia, MI submarket area was $1,066, which is 12.92% higher than 2014 average rent. This represents a compounded annual growth rate of 2.46%. 2019 vacancy in Livonia, MI was 3.30%.

The total population of the city of Livonia, MI has decreased 3.06% since 2010. As of 2018, the population was 93,971. The median household income of the Livonia was $76,819, which is 27.41% higher than the national average.

  • submarket area Novi / Livonia Submarket
  • avg rent $1,066
  • rent growth 12.92%
  • vacancy 3.30%
  • median income $76,819
  • population (2018) 93,971
  • population growth -3.06%
  • vs. nat'l avg 27.41%
  • zip codes 48150 48151 48152 48153 48154

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