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
