Rent, population, and median household income are important factors to consider for a 1031 exchange in Norwood due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Norwood, Massachusetts is a part of the South Shore/Route 128 South Submarket submarket area, and contains zip code 2062.
Norwood Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Norwood, MA submarket area was $2,103, which is 22.41% higher than 2014 average rent. This represents a compounded annual growth rate of 4.13%. 2019 vacancy in Norwood, MA was 5.50%.
The total population of the city of Norwood, MA has grown 2.53% since 2010. As of 2018, the population was 29,327. The median household income of the Norwood was $90,511, which is 50.12% higher than the national average.
- submarket area South Shore / Route 128 South Submarket
- avg rent $2,103
- rent growth 22.41%
- vacancy 5.50%
- median income $90,511
- population (2018) 29,327
- population growth 2.53%
- vs. nat'l avg 50.12%
- zip code 2062