1031 Exchange North Chicago, Illinois

 

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

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