Rent, population, and median household income are important factors to consider for a 1031 exchange in Morton Grove due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Morton Grove, Illinois is a part of the Glenview/Evanston Submarket submarket area, and contains zip code 60053.
Morton Grove Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Morton Grove, IL submarket area was $1,560, which is 31.87% higher than 2014 average rent. This represents a compounded annual growth rate of 5.69%. 2019 vacancy in Morton Grove, IL was 6.30%.
The total population of the city of Morton Grove, IL has decreased 1.41% since 2010. As of 2018, the population was 22,943. The median household income of the Morton Grove was $85,476, which is 41.77% higher than the national average.
- submarket area Glenview / Evanston Submarket
- avg rent $1,560
- rent growth 31.87%
- vacancy 6.30%
- median income $85,476
- population (2018) 22,943
- population growth -1.41%
- vs. nat'l avg 41.77%
- zip code 60053