Rent, population, and median household income are important factors to consider for a 1031 exchange in Salem due to their correlations with market demand, and conversely, vacancy rate.
Surrounding metropolitan Area
Salem, Oregon is a part of the Salem, OR metropolitan area, and contains 13 zip codes, including: 97305, 97314, 97309, 97308, 97303, and 97302.
Salem Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Salem, OR metropolitan area was $918, which is 28.03% lower than 2014 average rent. This represents a compounded annual growth rate of 5.07%. 2019 vacancy in Salem, OR was 2.20%.
The total population of the city of Salem, OR has grown 12.16% since 2010. As of 2018, the population was 173,442. The median household income of the Salem was $53,619, which is 11.07% lower than the national average.
- metropolitan area Salem, OR
- avg rent $918
- rent growth 28.03%
- vacancy 2.20%
- median income $53,619
- population (2018) 173,442
- population growth 12.16%
- vs. nat'l avg 11.07%
- zip codes 97301 97302 97303 97304 97305 97306 97308 97309 97310 97311 97312 97314 97317
