Rent, population, and median household income are important factors to consider for a 1031 exchange in Utica due to their correlations with market demand, and conversely, vacancy rate.
Surrounding metropolitan Area
Utica, New York is a part of the Utica-Rome, NY metropolitan area, and contains 6 zip codes: 13504, 13502, 13599, 13505, 13501, and 13503.
Utica Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Utica, NY metropolitan area was $803, which is 18.44% lower than 2014 average rent. This represents a compounded annual growth rate of 3.44%. 2019 vacancy in Utica, NY was 7.00%.
The total population of the city of Utica, NY has decreased 3.43% since 2010. As of 2018, the population was 60,100. The median household income of the Utica was $35,394, which is 41.30% lower than the national average.
- metropolitan area Utica-Rome, NY
- avg rent $803
- rent growth 18.44%
- vacancy 7.00%
- median income $35,394
- population (2018) 60,100
- population growth -3.43%
- vs. nat'l avg 41.30%
- zip codes 13501 13502 13503 13504 13505 13599