Rent, population, and median household income are important factors to consider for a 1031 exchange in Marengo due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Marengo, Illinois is a part of the McHenry County Submarket submarket area, and contains zip code 60152.
Marengo Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Marengo, IL submarket area was $1,150, which is 16.16% higher than 2014 average rent. This represents a compounded annual growth rate of 3.04%. 2019 vacancy in Marengo, IL was 2.60%.
The total population of the city of Marengo, IL has decreased 2.50% since 2010. As of 2018, the population was 7,457. The median household income of the Marengo was $68,219, which is 13.15% higher than the national average.
- submarket area McHenry County Submarket
- avg rent $1,150
- rent growth 16.16%
- vacancy 2.60%
- median income $68,219
- population (2018) 7,457
- population growth -2.50%
- vs. nat'l avg 13.15%
- zip code 60152