Rent, population, and median household income are important factors to consider for a 1031 exchange in Palatine due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Palatine, Illinois is a part of the Palatine Submarket submarket area, and contains 7 zip codes, including: 60095, 60055, 60038, 60078, 60067, and 60074.
Palatine Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Palatine, IL submarket area was $1,343, which is 5.91% higher than 2014 average rent. This represents a compounded annual growth rate of 1.16%. 2019 vacancy in Palatine, IL was 4.80%.
The total population of the city of Palatine, IL has decreased 0.74% since 2010. As of 2018, the population was 68,053. The median household income of the Palatine was $76,776, which is 27.34% higher than the national average.
- submarket area Palatine Submarket
- avg rent $1,343
- rent growth 5.91%
- vacancy 4.80%
- median income $76,776
- population (2018) 68,053
- population growth -0.74%
- vs. nat'l avg 27.34%
- zip codes 60038 60055 60067 60074 60078 60094 60095
