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1031 Exchange Plymouth, Michigan

 

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

Surrounding submarket Area

Plymouth, Michigan is a part of the Westland Submarket submarket area, and contains zip code 48170.

Plymouth Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Plymouth, MI submarket area was $948, which is 16.61% higher than 2014 average rent. This represents a compounded annual growth rate of 3.12%. 2019 vacancy in Plymouth, MI was 3.50%.

The total population of the city of Plymouth, MI has grown 0.39% since 2010. As of 2018, the population was 9,168. The median household income of the Plymouth was $79,713, which is 32.21% higher than the national average.

  • submarket area Westland Submarket
  • avg rent $948
  • rent growth 16.61%
  • vacancy 3.50%
  • median income $79,713
  • population (2018) 9,168
  • population growth 0.39%
  • vs. nat'l avg 32.21%
  • zip code 48170

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