Rent, population, and median household income are important factors to consider for a 1031 exchange in Farmington due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Farmington, Connecticut is a part of the North/West Hartford Submarket submarket area, and contains 3 zip codes: 06032, 06030, and 06034.
Farmington Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Farmington, CT submarket area was $1,405, which is 15.83% higher than 2014 average rent. This represents a compounded annual growth rate of 2.98%. 2019 vacancy in Farmington, CT was 4.90%.
The total population of the city of Farmington, CT has grown 0.66% since 2010. As of 2018, the population was 25,506. The median household income of the Farmington was $94,606, which is 56.91% higher than the national average.
- submarket area North / West Hartford Submarket
- avg rent $1,405
- rent growth 15.83%
- vacancy 4.90%
- median income $94,606
- population (2018) 25,506
- population growth 0.66%
- vs. nat'l avg 56.91%
- zip codes 06030 06032 06034