Rent, population, and median household income are important factors to consider for a 1031 exchange in Lockport due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lockport, Illinois is a part of the Joliet Submarket submarket area, and contains zip code 60441.
Lockport Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lockport, IL submarket area was $1,122, which is 23.57% higher than 2014 average rent. This represents a compounded annual growth rate of 4.32%. 2019 vacancy in Lockport, IL was 6.80%.
The total population of the city of Lockport, IL has grown 2.69% since 2010. As of 2018, the population was 25,508. The median household income of the Lockport was $84,147, which is 39.56% higher than the national average.
- submarket area Joliet Submarket
- avg rent $1,122
- rent growth 23.57%
- vacancy 6.80%
- median income $84,147
- population (2018) 25,508
- population growth 2.69%
- vs. nat'l avg 39.56%
- zip code 60441