Rent, population, and median household income are important factors to consider for a 1031 exchange in Bessemer due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Bessemer, Alabama is a part of the North Birmingham submarket area, and contains 4 zip codes: 35023, 35022, 35020, and 35021.
Bessemer Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Bessemer, AL submarket area was $715, which is 17.79% lower than 2014 average rent. This represents a compounded annual growth rate of 3.33%. 2019 vacancy in Bessemer, AL was 4.50%.
The total population of the city of Bessemer, AL has decreased 3.34% since 2010. As of 2018, the population was 26,538. The median household income of the Bessemer was $31,610, which is 47.57% lower than the national average.
- submarket area North Birmingham
- avg rent $715
- rent growth 17.79%
- vacancy 4.50%
- median income $31,610
- population (2018) 26,538
- population growth -3.34%
- vs. nat'l avg 47.57%
- zip codes 35020 35021 35022 35023