Rent, population, and median household income are important factors to consider for a 1031 exchange in New Baltimore due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
New Baltimore, Michigan is a part of the Macomb County Submarket submarket area, and contains zip codes 48047 and 48051.
New Baltimore Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the New Baltimore, MI submarket area was $919, which is 15.45% higher than 2014 average rent. This represents a compounded annual growth rate of 2.92%. 2019 vacancy in New Baltimore, MI was 3.20%.
The total population of the city of New Baltimore, MI has grown 2.64% since 2010. As of 2018, the population was 12,403. The median household income of the New Baltimore was $78,432, which is 30.08% higher than the national average.
- submarket area Macomb County Submarket
- avg rent $919
- rent growth 15.45%
- vacancy 3.20%
- median income $78,432
- population (2018) 12,403
- population growth 2.64%
- vs. nat'l avg 30.08%
- zip codes 48047 48051