1031 Exchange Newport News, Virginia

 

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: 23603, 23612, 23607, 23606, 23609, 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

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