1031 Exchange Southfield, Michigan

 

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

Surrounding submarket Area

Southfield, Michigan is a part of the Southfield Submarket submarket area, and contains 6 zip codes: 48075, 48037, 48033, 48076, 48086, and 48034.

Southfield Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Southfield, MI submarket area was $1,146, which is 15.99% lower than 2014 average rent. This represents a compounded annual growth rate of 3.01%. 2019 vacancy in Southfield, MI was 2.80%.

The total population of the city of Southfield, MI has grown 1.98% since 2010. As of 2018, the population was 73,158. The median household income of the Southfield was $54,428, which is 9.73% lower than the national average.

  • submarket area Southfield Submarket
  • avg rent $1,146
  • rent growth 15.99%
  • vacancy 2.80%
  • median income $54,428
  • population (2018) 73,158
  • population growth 1.98%
  • vs. nat'l avg 9.73%
  • zip codes 48033 48034 48037 48075 48076 48086

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