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1031 Exchange Norwalk, Connecticut

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Norwalk due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Norwalk, Connecticut is a part of the West Fairfield County Submarket submarket area, and contains 10 zip codes, including: 06857, 06850, 06854, 06855, 06860, and 06852.

Norwalk Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Norwalk, CT submarket area was $2,441, which is 9.31% higher than 2014 average rent. This represents a compounded annual growth rate of 1.80%. 2019 vacancy in Norwalk, CT was 7.40%.

The total population of the city of Norwalk, CT has grown 4.02% since 2010. As of 2018, the population was 89,047. The median household income of the Norwalk was $82,474, which is 36.79% higher than the national average.

  • submarket area West Fairfield County Submarket
  • avg rent $2,441
  • rent growth 9.31%
  • vacancy 7.40%
  • median income $82,474
  • population (2018) 89,047
  • population growth 4.02%
  • vs. nat'l avg 36.79%
  • zip codes 06850 06851 06852 06853 06854 06855 06856 06857 06858 06860

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