1031 Exchange Wayne, New Jersey

 

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

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