1031 Exchange Bloomfield, New Jersey

 

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

Surrounding submarket Area

Bloomfield, New Jersey is a part of the Newark/Orange/East Essex County Submarket submarket area, and contains zip code 7003.

Bloomfield Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Bloomfield, NJ submarket area was $1,198, which is 23.76% higher than 2014 average rent. This represents a compounded annual growth rate of 4.36%. 2019 vacancy in Bloomfield, NJ was 4.50%.

The total population of the city of Bloomfield, NJ has grown 5.94% since 2010. As of 2018, the population was 50,127. The median household income of the Bloomfield was $76,487, which is 26.86% higher than the national average.

  • submarket area Newark / Orange / East Essex County Submarket
  • avg rent $1,198
  • rent growth 23.76%
  • vacancy 4.50%
  • median income $76,487
  • population (2018) 50,127
  • population growth 5.94%
  • vs. nat'l avg 26.86%
  • zip code 7003

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