Rent, population, and median household income are important factors to consider for a 1031 exchange in North Andover due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
North Andover, Massachusetts is a part of the North Shore Submarket submarket area, and contains zip code 1845.
North Andover Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the North Andover, MA submarket area was $2,062, which is 23.99% higher than 2014 average rent. This represents a compounded annual growth rate of 4.39%. 2019 vacancy in North Andover, MA was 3.20%.
The total population of the city of North Andover, MA has grown 10.38% since 2010. As of 2018, the population was 31,296. The median household income of the North Andover was $109,371, which is 81.40% higher than the national average.
- submarket area North Shore Submarket
- avg rent $2,062
- rent growth 23.99%
- vacancy 3.20%
- median income $109,371
- population (2018) 31,296
- population growth 10.38%
- vs. nat'l avg 81.40%
- zip code 1845
