Rent, population, and median household income are important factors to consider for a 1031 exchange in Totowa due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Totowa, New Jersey is a part of the Passaic County Submarket submarket area, and contains zip codes 07511 and 07512.
Totowa Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Totowa, NJ submarket area was $1,503, which is 12.16% higher than 2014 average rent. This represents a compounded annual growth rate of 2.32%. 2019 vacancy in Totowa, NJ was 3.60%.
The total population of the city of Totowa, NJ has grown 0.00% since 2010. As of 2018, the population was 10,804. The median household income of the Totowa was $101,321, which is 68.05% higher than the national average.
- submarket area Passaic County Submarket
- avg rent $1,503
- rent growth 12.16%
- vacancy 3.60%
- median income $101,321
- population (2018) 10,804
- population growth 0.00%
- vs. nat'l avg 68.05%
- zip codes 07511 07512