Rent, population, and median household income are important factors to consider for a 1031 exchange in Oak Forest due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Oak Forest, Illinois is a part of the Southwest Cook County Submarket submarket area, and contains zip code 60452.
Oak Forest Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Oak Forest, IL submarket area was $958, which is 9.11% higher than 2014 average rent. This represents a compounded annual growth rate of 1.76%. 2019 vacancy in Oak Forest, IL was 2.00%.
The total population of the city of Oak Forest, IL has decreased 1.99% since 2010. As of 2018, the population was 27,406. The median household income of the Oak Forest was $75,991, which is 26.04% higher than the national average.
- submarket area Southwest Cook County Submarket
- avg rent $958
- rent growth 9.11%
- vacancy 2.00%
- median income $75,991
- population (2018) 27,406
- population growth -1.99%
- vs. nat'l avg 26.04%
- zip code 60452
