Rent, population, and median household income are important factors to consider for a 1031 exchange in Homewood due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Homewood, Illinois is a part of the Southeast Cook County Submarket submarket area, and contains zip code 60430.
Homewood Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Homewood, IL submarket area was $936, which is 8.33% higher than 2014 average rent. This represents a compounded annual growth rate of 1.61%. 2019 vacancy in Homewood, IL was 2.90%.
The total population of the city of Homewood, IL has decreased 2.27% since 2010. As of 2018, the population was 18,885. The median household income of the Homewood was $73,106, which is 21.25% higher than the national average.
- submarket area Southeast Cook County Submarket
- avg rent $936
- rent growth 8.33%
- vacancy 2.90%
- median income $73,106
- population (2018) 18,885
- population growth -2.27%
- vs. nat'l avg 21.25%
- zip code 60430
