Rent, population, and median household income are important factors to consider for a 1031 exchange in West Milford due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
West Milford, New Jersey is a part of the Passaic County Submarket submarket area, and contains zip code 7480.
West Milford Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the West Milford, 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 West Milford, NJ was 3.60%.
The total population of the city of West Milford, NJ has grown 2.10% since 2010. As of 2018, the population was 26,392. The median household income of the West Milford was $98,333, which is 63.09% higher than the national average.
- submarket area Passaic County Submarket
- avg rent $1,503
- rent growth 12.16%
- vacancy 3.60%
- median income $98,333
- population (2018) 26,392
- population growth 2.10%
- vs. nat'l avg 63.09%
- zip code 7480