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1031 Exchange Prospect Heights, Illinois

 

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

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