Rent, population, and median household income are important factors to consider for a 1031 exchange in West Bloomfield due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
West Bloomfield, Michigan is a part of the Farmington Hills Submarket submarket area, and contains 4 zip codes: 48323, 48322, 48325, and 48324.
West Bloomfield Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the West Bloomfield, MI submarket area was $1,186, which is 11.57% higher than 2014 average rent. This represents a compounded annual growth rate of 2.21%. 2019 vacancy in West Bloomfield, MI was 2.70%.
The total population of the city of West Bloomfield, MI has grown 1.90% since 2010. As of 2018, the population was 65,916. The median household income of the West Bloomfield was $100,139, which is 66.09% higher than the national average.
- submarket area Farmington Hills Submarket
- avg rent $1,186
- rent growth 11.57%
- vacancy 2.70%
- median income $100,139
- population (2018) 65,916
- population growth 1.90%
- vs. nat'l avg 66.09%
- zip codes 48322 48323 48324 48325
