Rent, population, and median household income are important factors to consider for a 1031 exchange in Richton Park due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Richton Park, Illinois is a part of the Southeast Cook County Submarket submarket area, and contains zip code 60471.
Richton Park Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Richton Park, 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 Richton Park, IL was 2.90%.
The total population of the city of Richton Park, IL has decreased 1.74% since 2010. As of 2018, the population was 13,409. The median household income of the Richton Park was $56,324, which is 6.58% lower than the national average.
- submarket area Southeast Cook County Submarket
- avg rent $936
- rent growth 8.33%
- vacancy 2.90%
- median income $56,324
- population (2018) 13,409
- population growth -1.74%
- vs. nat'l avg 6.58%
- zip code 60471