Rent, population, and median household income are important factors to consider for a 1031 exchange in Southgate due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Southgate, Michigan is a part of the Downriver/South Wayne Submarket submarket area, and contains zip code 48195.
Southgate Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Southgate, MI submarket area was $906, which is 16.60% lower than 2014 average rent. This represents a compounded annual growth rate of 3.12%. 2019 vacancy in Southgate, MI was 2.30%.
The total population of the city of Southgate, MI has decreased 3.19% since 2010. As of 2018, the population was 29,088. The median household income of the Southgate was $54,978, which is 8.82% lower than the national average.
- submarket area Downriver / South Wayne Submarket
- avg rent $906
- rent growth 16.60%
- vacancy 2.30%
- median income $54,978
- population (2018) 29,088
- population growth -3.19%
- vs. nat'l avg 8.82%
- zip code 48195