Rent, population, and median household income are important factors to consider for a 1031 exchange in Utica due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Utica, Michigan is a part of the Macomb County Submarket submarket area, and contains 4 zip codes: 48316, 48315, 48318, and 48317.
Utica Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Utica, MI submarket area was $919, which is 15.45% lower than 2014 average rent. This represents a compounded annual growth rate of 2.92%. 2019 vacancy in Utica, MI was 3.20%.
The total population of the city of Utica, MI has grown 8.34% since 2010. As of 2018, the population was 5,143. The median household income of the Utica was $53,056, which is 12.00% lower than the national average.
- submarket area Macomb County Submarket
- avg rent $919
- rent growth 15.45%
- vacancy 3.20%
- median income $53,056
- population (2018) 5,143
- population growth 8.34%
- vs. nat'l avg 12.00%
- zip codes 48315 48316 48317 48318