Rent, population, and median household income are important factors to consider for a 1031 exchange in Elmwood Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Elmwood Park, Illinois is a part of the Oak Park Submarket submarket area, and contains zip code 60707.
Elmwood Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Elmwood Park, IL submarket area was $1,453, which is 41.89% lower than 2014 average rent. This represents a compounded annual growth rate of 7.25%. 2019 vacancy in Elmwood Park, IL was 5.10%.
The total population of the city of Elmwood Park, IL has grown 9.56% since 2010. As of 2018, the population was 27,263. The median household income of the Elmwood Park was $58,333, which is 3.25% lower than the national average.
- submarket area Oak Park Submarket
- avg rent $1,453
- rent growth 41.89%
- vacancy 5.10%
- median income $58,333
- population (2018) 27,263
- population growth 9.56%
- vs. nat'l avg 3.25%
- zip code 60707