Rent, population, and median household income are important factors to consider for a 1031 exchange in Union City due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Union City, New Jersey is a part of the Hudson County Submarket submarket area, and contains zip code 7087.
Union City Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Union City, NJ submarket area was $3,416, which is 19.61% lower than 2014 average rent. This represents a compounded annual growth rate of 3.65%. 2019 vacancy in Union City, NJ was 6.40%.
The total population of the city of Union City, NJ has grown 3.11% since 2010. As of 2018, the population was 68,520. The median household income of the Union City was $45,626, which is 24.33% lower than the national average.
- submarket area Hudson County Submarket
- avg rent $3,416
- rent growth 19.61%
- vacancy 6.40%
- median income $45,626
- population (2018) 68,520
- population growth 3.11%
- vs. nat'l avg 24.33%
- zip code 7087
