Rent, population, and median household income are important factors to consider for a 1031 exchange in Norfolk/Hampton Roads due to their correlations with market demand, and conversely, vacancy rate.
Surrounding metropolitan Area
Norfolk/Hampton Roads, Virginia is a part of the Virginia Beach-Norfolk-Newport News, VA-NC metropolitan area, and contains 21 zip codes, including: 23510, 23508, 23523, 23505, 23513, and 23551.
Norfolk/Hampton Roads Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Norfolk/Hampton Roads, VA metropolitan area was $1,051, which is 12.05% lower than 2014 average rent. This represents a compounded annual growth rate of 2.30%. 2019 vacancy in Norfolk/Hampton Roads, VA was 3.40%.
The total population of the city of Norfolk/Hampton Roads, VA has grown 0.52% since 2010. As of 2018, the population was 244,076. The median household income of the Norfolk/Hampton Roads was $49,146, which is 18.49% lower than the national average.
- metropolitan area Virginia Beach-Norfolk-Newport News, VA-NC
- avg rent $1,051
- rent growth 12.05%
- vacancy 3.40%
- median income $49,146
- population (2018) 244,076
- population growth 0.52%
- vs. nat'l avg 18.49%
- zip codes 23501 23502 23503 23504 23505 23506 23507 23508 23509 23510 23511 23513 23514 23515 23517 23518 23519 23523 23529 23541 23551
