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1031 Exchange Penn, Pennsylvania

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Penn due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Penn, Pennsylvania is a part of the West Chester Submarket submarket area, and contains zip code 15675.

Penn Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Penn, PA submarket area was $1,351, which is 21.38% higher than 2014 average rent. This represents a compounded annual growth rate of 3.95%. 2019 vacancy in Penn, PA was 1.90%.

The total population of the city of Penn, PA has grown 3.09% since 2010. As of 2018, the population was 5,530. The median household income of the Penn was $67,222, which is 11.49% higher than the national average.

  • submarket area West Chester Submarket
  • avg rent $1,351
  • rent growth 21.38%
  • vacancy 1.90%
  • median income $67,222
  • population (2018) 5,530
  • population growth 3.09%
  • vs. nat'l avg 11.49%
  • zip code 15675

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