Rent, population, and median household income are important factors to consider for a 1031 exchange in Norristown due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Norristown, Pennsylvania is a part of the Norristown/Plymouth/Norriton Submarket submarket area, and contains 3 zip codes: 19401, 19404, and 19403.
Norristown Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Norristown, PA submarket area was $1,498, which is 21.10% lower than 2014 average rent. This represents a compounded annual growth rate of 3.90%. 2019 vacancy in Norristown, PA was 4.70%.
The total population of the city of Norristown, PA has grown 0.29% since 2010. As of 2018, the population was 34,422. The median household income of the Norristown was $45,754, which is 24.11% lower than the national average.
- submarket area Norristown / Plymouth / Norriton Submarket
- avg rent $1,498
- rent growth 21.10%
- vacancy 4.70%
- median income $45,754
- population (2018) 34,422
- population growth 0.29%
- vs. nat'l avg 24.11%
- zip codes 19401 19403 19404