Rent, population, and median household income are important factors to consider for a 1031 exchange in Albion due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Albion, New York is a part of the West Monroe/West Counties Submarket submarket area, and contains zip code 14411.
Albion Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Albion, NY submarket area was $903, which is 15.03% lower than 2014 average rent. This represents a compounded annual growth rate of 2.84%. 2019 vacancy in Albion, NY was 3.50%.
The total population of the city of Albion, NY has decreased 3.90% since 2010. As of 2018, the population was 8,138. The median household income of the Albion was $41,048, which is 31.92% lower than the national average.
- submarket area West Monroe / West Counties Submarket
- avg rent $903
- rent growth 15.03%
- vacancy 3.50%
- median income $41,048
- population (2018) 8,138
- population growth -3.90%
- vs. nat'l avg 31.92%
- zip code 14411