Rent, population, and median household income are important factors to consider for a 1031 exchange in Springfield due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Springfield, Pennsylvania is a part of the East Delaware County Submarket submarket area, and contains zip code 19064.
Springfield Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Springfield, PA submarket area was $959, which is 12.03% higher than 2014 average rent. This represents a compounded annual growth rate of 2.30%. 2019 vacancy in Springfield, PA was 1.80%.
The total population of the city of Springfield, PA has decreased 0.05% since 2010. As of 2018, the population was 24,199. The median household income of the Springfield was $111,367, which is 84.71% higher than the national average.
- submarket area East Delaware County Submarket
- avg rent $959
- rent growth 12.03%
- vacancy 1.80%
- median income $111,367
- population (2018) 24,199
- population growth -0.05%
- vs. nat'l avg 84.71%
- zip code 19064