Rent, population, and median household income are important factors to consider for a 1031 exchange in Oak Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Oak Park, Illinois is a part of the Oak Park Submarket submarket area, and contains 4 zip codes: 60303, 60302, 60301, and 60304.
Oak Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Oak Park, IL submarket area was $1,453, which is 41.89% higher than 2014 average rent. This represents a compounded annual growth rate of 7.25%. 2019 vacancy in Oak Park, IL was 5.10%.
The total population of the city of Oak Park, IL has grown 0.75% since 2010. As of 2018, the population was 52,265. The median household income of the Oak Park was $91,945, which is 52.50% higher than the national average.
- submarket area Oak Park Submarket
- avg rent $1,453
- rent growth 41.89%
- vacancy 5.10%
- median income $91,945
- population (2018) 52,265
- population growth 0.75%
- vs. nat'l avg 52.50%
- zip codes 60301 60302 60303 60304