Rent, population, and median household income are important factors to consider for a 1031 exchange in Wixom due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Wixom, Michigan is a part of the Novi/Livonia Submarket submarket area, and contains zip code 48393.
Wixom Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Wixom, MI submarket area was $1,066, which is 12.92% lower than 2014 average rent. This represents a compounded annual growth rate of 2.46%. 2019 vacancy in Wixom, MI was 3.30%.
The total population of the city of Wixom, MI has grown 3.79% since 2010. As of 2018, the population was 14,010. The median household income of the Wixom was $54,861, which is 9.01% lower than the national average.
- submarket area Novi / Livonia Submarket
- avg rent $1,066
- rent growth 12.92%
- vacancy 3.30%
- median income $54,861
- population (2018) 14,010
- population growth 3.79%
- vs. nat'l avg 9.01%
- zip code 48393