1031 Exchange Mount Prospect, Illinois


Rent, population, and median household income are important factors to consider for a 1031 exchange in Mount Prospect due to their correlations with market demand, and conversely, vacancy rate.

Surrounding submarket Area

Mount Prospect, Illinois is a part of the Wheeling Submarket submarket area, and contains zip code 60056.

Mount Prospect Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Mount Prospect, IL submarket area was $1,431, which is 19.55% higher than 2014 average rent. This represents a compounded annual growth rate of 3.64%. 2019 vacancy in Mount Prospect, IL was 3.90%.

The total population of the city of Mount Prospect, IL has grown 0.06% since 2010. As of 2018, the population was 54,198. The median household income of the Mount Prospect was $73,652, which is 22.16% higher than the national average.

  • submarket area Wheeling Submarket
  • avg rent $1,431
  • rent growth 19.55%
  • vacancy 3.90%
  • median income $73,652
  • population (2018) 54,198
  • population growth 0.06%
  • vs. nat'l avg 22.16%
  • zip code 60056

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