Rent, population, and median household income are important factors to consider for a 1031 exchange in Gurnee due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Gurnee, Illinois is a part of the East Lake County Submarket submarket area, and contains zip code 60031.
Gurnee Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Gurnee, IL submarket area was $1,273, which is 22.29% higher than 2014 average rent. This represents a compounded annual growth rate of 4.11%. 2019 vacancy in Gurnee, IL was 5.00%.
The total population of the city of Gurnee, IL has decreased 2.30% since 2010. As of 2018, the population was 30,576. The median household income of the Gurnee was $93,967, which is 55.85% higher than the national average.
- submarket area East Lake County Submarket
- avg rent $1,273
- rent growth 22.29%
- vacancy 5.00%
- median income $93,967
- population (2018) 30,576
- population growth -2.30%
- vs. nat'l avg 55.85%
- zip code 60031