Rent, population, and median household income are important factors to consider for a 1031 exchange in Oak Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Oak Park, Michigan is a part of the Oak Park/Royal Oak Submarket submarket area, and contains zip code 48237.
Oak Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Oak 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 Oak Park, MI was 2.40%.
The total population of the city of Oak Park, MI has grown 1.05% since 2010. As of 2018, the population was 29,628. The median household income of the Oak Park was $49,721, which is 17.53% lower than the national average.
- submarket area Oak Park / Royal Oak Submarket
- avg rent $903
- rent growth 17.89%
- vacancy 2.40%
- median income $49,721
- population (2018) 29,628
- population growth 1.05%
- vs. nat'l avg 17.53%
- zip code 48237