Rent, population, and median household income are important factors to consider for a 1031 exchange in Lancaster due to their correlations with market demand, and conversely, vacancy rate.
Surrounding metropolitan Area
Lancaster, Pennsylvania is a part of the Lancaster, PA metropolitan area, and contains 12 zip codes, including: 17603, 17607, 17602, 17573, 17611, and 17604.
Lancaster Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lancaster, PA metropolitan area was $1,102, which is 17.48% lower than 2014 average rent. This represents a compounded annual growth rate of 3.28%. 2019 vacancy in Lancaster, PA was 2.70%.
The total population of the city of Lancaster, PA has grown 0.17% since 2010. As of 2018, the population was 59,420. The median household income of the Lancaster was $42,632, which is 29.29% lower than the national average.
- metropolitan area Lancaster, PA
- avg rent $1,102
- rent growth 17.48%
- vacancy 2.70%
- median income $42,632
- population (2018) 59,420
- population growth 0.17%
- vs. nat'l avg 29.29%
- zip codes 17573 17601 17602 17603 17604 17605 17606 17607 17608 17611 17622 17699
