Rent, population, and median household income are important factors to consider for a 1031 exchange in Milford due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Milford, Connecticut is a part of the New Haven Harborside Submarket submarket area, and contains zip codes 06460 and 06461.
Milford Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Milford, CT submarket area was $1,371, which is 17.99% higher than 2014 average rent. This represents a compounded annual growth rate of 3.36%. 2019 vacancy in Milford, CT was 4.90%.
The total population of the city of Milford, CT has grown 3.61% since 2010. As of 2018, the population was 54,661. The median household income of the Milford was $89,778, which is 48.90% higher than the national average.
- submarket area New Haven Harborside Submarket
- avg rent $1,371
- rent growth 17.99%
- vacancy 4.90%
- median income $89,778
- population (2018) 54,661
- population growth 3.61%
- vs. nat'l avg 48.90%
- zip codes 06460 06461