Rent, population, and median household income are important factors to consider for a 1031 exchange in Springfield due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Springfield, Ohio is a part of the Clark County Submarket submarket area, and contains 6 zip codes: 45505, 45501, 45504, 45502, 45506, and 45503.
Springfield Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Springfield, OH submarket area was $657, which is 12.12% lower than 2014 average rent. This represents a compounded annual growth rate of 2.31%. 2019 vacancy in Springfield, OH was 3.20%.
The total population of the city of Springfield, OH has decreased 2.19% since 2010. As of 2018, the population was 59,282. The median household income of the Springfield was $37,059, which is 38.54% lower than the national average.
- submarket area Clark County Submarket
- avg rent $657
- rent growth 12.12%
- vacancy 3.20%
- median income $37,059
- population (2018) 59,282
- population growth -2.19%
- vs. nat'l avg 38.54%
- zip codes 45501 45502 45503 45504 45505 45506