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