Rent, population, and median household income are important factors to consider for a 1031 exchange in Prospect Heights due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Prospect Heights, Illinois is a part of the Wheeling Submarket submarket area, and contains zip code 60070.
Prospect Heights Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Prospect Heights, IL submarket area was $1,431, which is 19.55% higher than 2014 average rent. This represents a compounded annual growth rate of 3.64%. 2019 vacancy in Prospect Heights, IL was 3.90%.
The total population of the city of Prospect Heights, IL has decreased 1.49% since 2010. As of 2018, the population was 16,014. The median household income of the Prospect Heights was $67,620, which is 12.15% higher than the national average.
- submarket area Wheeling Submarket
- avg rent $1,431
- rent growth 19.55%
- vacancy 3.90%
- median income $67,620
- population (2018) 16,014
- population growth -1.49%
- vs. nat'l avg 12.15%
- zip code 60070