Rent, population, and median household income are important factors to consider for a 1031 exchange in Lackawanna due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lackawanna, New York is a part of the South Submarket submarket area.
Lackawanna Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lackawanna, NY submarket area was $968, which is 25.71% lower than 2014 average rent. This represents a compounded annual growth rate of 4.68%. 2019 vacancy in Lackawanna, NY was 3.30%.
The total population of the city of Lackawanna, NY has decreased 2.06% since 2010. As of 2018, the population was 17,768. The median household income of the Lackawanna was $37,258, which is 38.21% lower than the national average.
- submarket area South Submarket
- avg rent $968
- rent growth 25.71%
- vacancy 3.30%
- median income $37,258
- population (2018) 17,768
- population growth -2.06%
- vs. nat'l avg 38.21%