Rent, population, and median household income are important factors to consider for a 1031 exchange in Lake Forest due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lake Forest, Illinois is a part of the East Lake County Submarket submarket area, and contains zip code 60045.
Lake Forest Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lake Forest, 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 Lake Forest, IL was 5.00%.
The total population of the city of Lake Forest, IL has grown 0.87% since 2010. As of 2018, the population was 19,544. The median household income of the Lake Forest was $167,404, which is 177.65% higher than the national average.
- submarket area East Lake County Submarket
- avg rent $1,273
- rent growth 22.29%
- vacancy 5.00%
- median income $167,404
- population (2018) 19,544
- population growth 0.87%
- vs. nat'l avg 177.65%
- zip code 60045
