Surrounding submarket Area
Melrose Park, Illinois is a part of the Oak Park Submarket submarket area, and contains 3 zip codes: 60161, 60160, and 60164.
Melrose Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Melrose Park, IL submarket area was $1,453, which is 41.89% lower than 2014 average rent. This represents a compounded annual growth rate of 7.25%. 2019 vacancy in Melrose Park, IL was 5.10%.
The total population of the city of Melrose Park, IL has decreased 1.91% since 2010. As of 2018, the population was 24,925. The median household income of the Melrose Park was $50,647, which is 16.00% lower than the national average.
- submarket area Oak Park Submarket
- avg rent $1,453
- rent growth 41.89%
- vacancy 5.10%
- median income $50,647
- population (2018) 24,925
- population growth -1.91%
- vs. nat'l avg 16.00%
- zip codes 60160 60161 60164