Rent, population, and median household income are important factors to consider for a 1031 exchange in Paterson due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Paterson, New Jersey is a part of the Passaic County Submarket submarket area, and contains 14 zip codes, including: 07524, 07543, 07503, 07513, 07509, and 07502.
Paterson Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Paterson, NJ submarket area was $1,503, which is 12.16% lower than 2014 average rent. This represents a compounded annual growth rate of 2.32%. 2019 vacancy in Paterson, NJ was 3.60%.
The total population of the city of Paterson, NJ has decreased 0.39% since 2010. As of 2018, the population was 145,627. The median household income of the Paterson was $39,282, which is 34.85% lower than the national average.
- submarket area Passaic County Submarket
- avg rent $1,503
- rent growth 12.16%
- vacancy 3.60%
- median income $39,282
- population (2018) 145,627
- population growth -0.39%
- vs. nat'l avg 34.85%
- zip codes 07501 07502 07503 07504 07505 07509 07510 07513 07514 07522 07524 07533 07543 07544
