Rent, population, and median household income are important factors to consider for a 1031 exchange in Burbank due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Burbank, Illinois is a part of the Southwest Cook County Submarket submarket area, and contains zip code 60459.
Burbank Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Burbank, IL submarket area was $958, which is 9.11% lower than 2014 average rent. This represents a compounded annual growth rate of 1.76%. 2019 vacancy in Burbank, IL was 2.00%.
The total population of the city of Burbank, IL has decreased 1.35% since 2010. As of 2018, the population was 28,534. The median household income of the Burbank was $59,912, which is 0.63% lower than the national average.
- submarket area Southwest Cook County Submarket
- avg rent $958
- rent growth 9.11%
- vacancy 2.00%
- median income $59,912
- population (2018) 28,534
- population growth -1.35%
- vs. nat'l avg 0.63%
- zip code 60459