Rent, population, and median household income are important factors to consider for a 1031 exchange in North Fayette due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
North Fayette, Pennsylvania is a part of the West Submarket submarket area.
North Fayette Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the North Fayette, PA submarket area was $1,193, which is 18.94% higher than 2014 average rent. This represents a compounded annual growth rate of 3.53%. 2019 vacancy in North Fayette, PA was 4.50%.
The total population of the city of North Fayette, PA has grown 6.05% since 2010. As of 2018, the population was 14,777. The median household income of the North Fayette was $76,204, which is 26.39% higher than the national average.
- submarket area West Submarket
- avg rent $1,193
- rent growth 18.94%
- vacancy 4.50%
- median income $76,204
- population (2018) 14,777
- population growth 6.05%
- vs. nat'l avg 26.39%