Which of the following is NOT considered an economic adjustment factor in real estate appraisal?

In the context of real estate appraisal, economic adjustment factors are elements that can influence the value of a property based on economic conditions and trends. These factors typically include elements such as interest rates, employment trends, and natural resources, as they directly impact financial considerations and the overall economy.

Population density, while important in determining demand and potentially affecting property values, is largely viewed as a demographic or physical characteristic rather than an economic adjustment factor. Economic adjustment factors tend to relate more closely to financial and market conditions, whereas aspects like population density serve more to illustrate the market's potential rather than its immediate economic influences.

Therefore, identifying population density as not being an economic adjustment factor is accurate because it does not directly reflect economic circumstances but rather a social and geographic characteristic. The other options are deeply linked to economic considerations that directly affect property valuations.