Rent, population, and median household income are important factors to consider for a 1031 exchange in Somerville due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Somerville, Massachusetts is a part of the Cambridge/Watertown Submarket submarket area, and contains 3 zip codes: 02143, 02144, and 02145.
Somerville Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Somerville, MA submarket area was $3,046, which is 22.38% higher than 2014 average rent. This represents a compounded annual growth rate of 4.12%. 2019 vacancy in Somerville, MA was 6.40%.
The total population of the city of Somerville, MA has grown 7.67% since 2010. As of 2018, the population was 81,562. The median household income of the Somerville was $91,168, which is 51.21% higher than the national average.
- submarket area Cambridge / Watertown Submarket
- avg rent $3,046
- rent growth 22.38%
- vacancy 6.40%
- median income $91,168
- population (2018) 81,562
- population growth 7.67%
- vs. nat'l avg 51.21%
- zip codes 02143 02144 02145