1031 Exchange Hoffman Estates, Illinois

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Hoffman Estates due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Hoffman Estates, Illinois is a part of the Schaumburg/Hoffman Submarket submarket area, and contains 3 zip codes: 60169, 60179, and 60192.

Hoffman Estates Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Hoffman Estates, IL submarket area was $1,213, which is 6.68% higher than 2014 average rent. This represents a compounded annual growth rate of 1.30%. 2019 vacancy in Hoffman Estates, IL was 3.40%.

The total population of the city of Hoffman Estates, IL has decreased 1.35% since 2010. As of 2018, the population was 51,197. The median household income of the Hoffman Estates was $89,666, which is 48.72% higher than the national average.

  • submarket area Schaumburg / Hoffman Submarket
  • avg rent $1,213
  • rent growth 6.68%
  • vacancy 3.40%
  • median income $89,666
  • population (2018) 51,197
  • population growth -1.35%
  • vs. nat'l avg 48.72%
  • zip codes 60169 60179 60192

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