Rent, population, and median household income are important factors to consider for a 1031 exchange in Lombard due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Lombard, Illinois is a part of the Glendale Heights/Lombard Submarket submarket area, and contains zip code 60148.
Lombard Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Lombard, IL submarket area was $1,497, which is 18.90% higher than 2014 average rent. This represents a compounded annual growth rate of 3.52%. 2019 vacancy in Lombard, IL was 4.10%.
The total population of the city of Lombard, IL has grown 3.15% since 2010. As of 2018, the population was 44,523. The median household income of the Lombard was $79,684, which is 32.16% higher than the national average.
- submarket area Glendale Heights / Lombard Submarket
- avg rent $1,497
- rent growth 18.90%
- vacancy 4.10%
- median income $79,684
- population (2018) 44,523
- population growth 3.15%
- vs. nat'l avg 32.16%
- zip code 60148