Rent, population, and median household income are important factors to consider for a 1031 exchange in Park Forest due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Park Forest, Illinois is a part of the Southeast Cook County Submarket submarket area, and contains zip code 60466.
Park Forest Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Park Forest, IL submarket area was $936, which is 8.33% lower than 2014 average rent. This represents a compounded annual growth rate of 1.61%. 2019 vacancy in Park Forest, IL was 2.90%.
The total population of the city of Park Forest, IL has decreased 2.48% since 2010. As of 2018, the population was 21,429. The median household income of the Park Forest was $51,267, which is 14.97% lower than the national average.
- submarket area Southeast Cook County Submarket
- avg rent $936
- rent growth 8.33%
- vacancy 2.90%
- median income $51,267
- population (2018) 21,429
- population growth -2.48%
- vs. nat'l avg 14.97%
- zip code 60466