Rent, population, and median household income are important factors to consider for a 1031 exchange in Newport News due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Newport News, Virginia is a part of the Newport News Submarket submarket area, and contains 10 zip codes, including: 23602, 23603, 23606, 23601, 23608, and 23605.
Newport News Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Newport News, VA submarket area was $995, which is 15.56% lower than 2014 average rent. This represents a compounded annual growth rate of 2.94%. 2019 vacancy in Newport News, VA was 4.50%.
The total population of the city of Newport News, VA has decreased 1.16% since 2010. As of 2018, the population was 178,626. The median household income of the Newport News was $51,884, which is 13.95% lower than the national average.
- submarket area Newport News Submarket
- avg rent $995
- rent growth 15.56%
- vacancy 4.50%
- median income $51,884
- population (2018) 178,626
- population growth -1.16%
- vs. nat'l avg 13.95%
- zip codes 23601 23602 23603 23605 23606 23607 23608 23609 23612 23628
