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1031 Exchange Park Forest, Illinois

 

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

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