1031 Exchange Lockport, Illinois

 

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

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