Rent, population, and median household income are important factors to consider for a 1031 exchange in New Lenox due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
New Lenox, Illinois is a part of the Joliet Submarket submarket area, and contains zip code 60451.
New Lenox Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the New Lenox, IL submarket area was $1,122, which is 23.57% higher than 2014 average rent. This represents a compounded annual growth rate of 4.32%. 2019 vacancy in New Lenox, IL was 6.80%.
The total population of the city of New Lenox, IL has grown 9.78% since 2010. As of 2018, the population was 26,780. The median household income of the New Lenox was $108,638, which is 80.18% higher than the national average.
- submarket area Joliet Submarket
- avg rent $1,122
- rent growth 23.57%
- vacancy 6.80%
- median income $108,638
- population (2018) 26,780
- population growth 9.78%
- vs. nat'l avg 80.18%
- zip code 60451