1031 Exchange Westfield, New Jersey

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Westfield due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Westfield, New Jersey is a part of the Union County Submarket submarket area, and contains zip codes 07090 and 07091.

Westfield Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Westfield, NJ submarket area was $1,470, which is 13.69% higher than 2014 average rent. This represents a compounded annual growth rate of 2.60%. 2019 vacancy in Westfield, NJ was 4.50%.

The total population of the city of Westfield, NJ has decreased 1.43% since 2010. As of 2018, the population was 29,881. The median household income of the Westfield was $168,721, which is 179.84% higher than the national average.

  • submarket area Union County Submarket
  • avg rent $1,470
  • rent growth 13.69%
  • vacancy 4.50%
  • median income $168,721
  • population (2018) 29,881
  • population growth -1.43%
  • vs. nat'l avg 179.84%
  • zip codes 07090 07091

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