Rent, population, and median household income are important factors to consider for a 1031 exchange in Madison Heights due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Madison Heights, Michigan is a part of the Oak Park/Royal Oak Submarket submarket area, and contains zip code 48071.
Madison Heights Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Madison Heights, 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 Madison Heights, MI was 2.40%.
The total population of the city of Madison Heights, MI has grown 0.25% since 2010. As of 2018, the population was 30,039. The median household income of the Madison Heights was $50,350, which is 16.49% lower than the national average.
- submarket area Oak Park / Royal Oak Submarket
- avg rent $903
- rent growth 17.89%
- vacancy 2.40%
- median income $50,350
- population (2018) 30,039
- population growth 0.25%
- vs. nat'l avg 16.49%
- zip code 48071