Rent, population, and median household income are important factors to consider for a 1031 exchange in Chicago Heights due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Chicago Heights, Illinois is a part of the Southeast Cook County Submarket submarket area, and contains zip codes 60411 and 60412.
Chicago Heights Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Chicago Heights, IL submarket area was $936, which is 8.33% lower than 2014 average rent. This represents a compounded annual growth rate of 1.61%. 2019 vacancy in Chicago Heights, IL was 2.90%.
The total population of the city of Chicago Heights, IL has decreased 2.33% since 2010. As of 2018, the population was 29,571. The median household income of the Chicago Heights was $47,592, which is 21.07% lower than the national average.
- submarket area Southeast Cook County Submarket
- avg rent $936
- rent growth 8.33%
- vacancy 2.90%
- median income $47,592
- population (2018) 29,571
- population growth -2.33%
- vs. nat'l avg 21.07%
- zip codes 60411 60412