Rent, population, and median household income are important factors to consider for a 1031 exchange in North Chicago due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
North Chicago, Illinois is a part of the East Lake County Submarket submarket area, and contains zip codes 60064 and 60086.
North Chicago Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the North Chicago, IL submarket area was $1,273, which is 22.29% lower than 2014 average rent. This represents a compounded annual growth rate of 4.11%. 2019 vacancy in North Chicago, IL was 5.00%.
The total population of the city of North Chicago, IL has decreased 8.61% since 2010. As of 2018, the population was 29,770. The median household income of the North Chicago was $42,126, which is 30.13% lower than the national average.
- submarket area East Lake County Submarket
- avg rent $1,273
- rent growth 22.29%
- vacancy 5.00%
- median income $42,126
- population (2018) 29,770
- population growth -8.61%
- vs. nat'l avg 30.13%
- zip codes 60064 60086
