Rent, population, and median household income are important factors to consider for a 1031 exchange in Elgin due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Elgin, Illinois is a part of the Kane County Submarket submarket area, and contains 4 zip codes: 60124, 60121, 60123, and 60120.
Elgin Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Elgin, IL submarket area was $1,424, which is 25.68% higher than 2014 average rent. This represents a compounded annual growth rate of 4.68%. 2019 vacancy in Elgin, IL was 6.70%.
The total population of the city of Elgin, IL has grown 3.23% since 2010. As of 2018, the population was 111,683. The median household income of the Elgin was $67,029, which is 11.17% higher than the national average.
- submarket area Kane County Submarket
- avg rent $1,424
- rent growth 25.68%
- vacancy 6.70%
- median income $67,029
- population (2018) 111,683
- population growth 3.23%
- vs. nat'l avg 11.17%
- zip codes 60120 60121 60123 60124