Rent, population, and median household income are important factors to consider for a 1031 exchange in Van Buren due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Van Buren, Michigan is a part of the Westland Submarket submarket area.
Van Buren Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Van Buren, MI submarket area was $948, which is 16.61% lower than 2014 average rent. This represents a compounded annual growth rate of 3.12%. 2019 vacancy in Van Buren, MI was 3.50%.
The total population of the city of Van Buren, MI has decreased 1.65% since 2010. As of 2018, the population was 28,346. The median household income of the Van Buren was $57,195, which is 5.14% lower than the national average.
- submarket area Westland Submarket
- avg rent $948
- rent growth 16.61%
- vacancy 3.50%
- median income $57,195
- population (2018) 28,346
- population growth -1.65%
- vs. nat'l avg 5.14%