1031 Exchange Richton Park, Illinois

 

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

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