Rent, population, and median household income are important factors to consider for a 1031 exchange in West New York due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
West New York, New Jersey is a part of the Hudson County Submarket submarket area, and contains zip code 7093.
West New York Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the West New York, 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 West New York, NJ was 6.40%.
The total population of the city of West New York, NJ has grown 6.60% since 2010. As of 2018, the population was 52,990. The median household income of the West New York was $54,512, which is 9.59% lower than the national average.
- submarket area Hudson County Submarket
- avg rent $3,416
- rent growth 19.61%
- vacancy 6.40%
- median income $54,512
- population (2018) 52,990
- population growth 6.60%
- vs. nat'l avg 9.59%
- zip code 7093
