Rent, population, and median household income are important factors to consider for a 1031 exchange in Frankfort due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Frankfort, Illinois is a part of the Joliet Submarket submarket area, and contains zip code 60423.
Frankfort Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Frankfort, IL submarket area was $1,122, which is 23.57% higher than 2014 average rent. This represents a compounded annual growth rate of 4.32%. 2019 vacancy in Frankfort, IL was 6.80%.
The total population of the city of Frankfort, IL has grown 7.85% since 2010. As of 2018, the population was 19,178. The median household income of the Frankfort was $128,309, which is 112.81% higher than the national average.
- submarket area Joliet Submarket
- avg rent $1,122
- rent growth 23.57%
- vacancy 6.80%
- median income $128,309
- population (2018) 19,178
- population growth 7.85%
- vs. nat'l avg 112.81%
- zip code 60423