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1031 Exchange Troy, Michigan

 

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

Surrounding submarket Area

Troy, Michigan is a part of the Troy Submarket submarket area, and contains 6 zip codes: 48098, 48084, 48083, 48099, 48007, and 48085.

Troy Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Troy, MI submarket area was $1,293, which is 13.72% higher than 2014 average rent. This represents a compounded annual growth rate of 2.60%. 2019 vacancy in Troy, MI was 2.00%.

The total population of the city of Troy, MI has grown 4.07% since 2010. As of 2018, the population was 84,272. The median household income of the Troy was $97,048, which is 60.96% higher than the national average.

  • submarket area Troy Submarket
  • avg rent $1,293
  • rent growth 13.72%
  • vacancy 2.00%
  • median income $97,048
  • population (2018) 84,272
  • population growth 4.07%
  • vs. nat'l avg 60.96%
  • zip codes 48007 48083 48084 48085 48098 48099

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