Rent, population, and median household income are important factors to consider for a 1031 exchange in Highland Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Highland Park, Illinois is a part of the East Lake County Submarket submarket area, and contains zip code 60035.
Highland Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Highland Park, 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 Highland Park, IL was 5.00%.
The total population of the city of Highland Park, IL has decreased 0.47% since 2010. As of 2018, the population was 29,622. The median household income of the Highland Park was $147,962, which is 145.40% higher than the national average.
- submarket area East Lake County Submarket
- avg rent $1,273
- rent growth 22.29%
- vacancy 5.00%
- median income $147,962
- population (2018) 29,622
- population growth -0.47%
- vs. nat'l avg 145.40%
- zip code 60035