Rent, population, and median household income are important factors to consider for a 1031 exchange in Westfield due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Westfield, Indiana is a part of the Hamilton County Submarket submarket area, and contains zip code 46074.
Westfield Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Westfield, IN submarket area was $1,179, which is 22.43% higher than 2014 average rent. This represents a compounded annual growth rate of 4.13%. 2019 vacancy in Westfield, IN was 6.80%.
The total population of the city of Westfield, IN has grown 36.75% since 2010. As of 2018, the population was 41,528. The median household income of the Westfield was $93,002, which is 54.25% higher than the national average.
- submarket area Hamilton County Submarket
- avg rent $1,179
- rent growth 22.43%
- vacancy 6.80%
- median income $93,002
- population (2018) 41,528
- population growth 36.75%
- vs. nat'l avg 54.25%
- zip code 46074
