Rent, population, and median household income are important factors to consider for a 1031 exchange in Somers due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Somers, New York is a part of the Northern Westchester Submarket submarket area, and contains zip code 10589.
Somers Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Somers, NY submarket area was $1,858, which is 31.96% higher than 2014 average rent. This represents a compounded annual growth rate of 5.70%. 2019 vacancy in Somers, NY was 2.90%.
The total population of the city of Somers, NY has grown 5.98% since 2010. As of 2018, the population was 21,656. The median household income of the Somers was $126,677, which is 110.10% higher than the national average.
- submarket area Northern Westchester Submarket
- avg rent $1,858
- rent growth 31.96%
- vacancy 2.90%
- median income $126,677
- population (2018) 21,656
- population growth 5.98%
- vs. nat'l avg 110.10%
- zip code 10589