Rent, population, and median household income are important factors to consider for a 1031 exchange in Wayne due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Wayne, New Jersey is a part of the Passaic County Submarket submarket area, and contains zip codes 07470 and 07474.
Wayne Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Wayne, 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 Wayne, NJ was 3.60%.
The total population of the city of Wayne, NJ has decreased 1.94% since 2010. As of 2018, the population was 53,657. The median household income of the Wayne was $118,044, which is 95.78% higher than the national average.
- submarket area Passaic County Submarket
- avg rent $1,503
- rent growth 12.16%
- vacancy 3.60%
- median income $118,044
- population (2018) 53,657
- population growth -1.94%
- vs. nat'l avg 95.78%
- zip codes 07470 07474