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