Rent, population, and median household income are important factors to consider for a 1031 exchange in South Elgin due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
South Elgin, Illinois is a part of the Kane County Submarket submarket area, and contains zip code 60177.
South Elgin Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the South Elgin, IL submarket area was $1,424, which is 25.68% higher than 2014 average rent. This represents a compounded annual growth rate of 4.68%. 2019 vacancy in South Elgin, IL was 6.70%.
The total population of the city of South Elgin, IL has grown 6.65% since 2010. As of 2018, the population was 23,447. The median household income of the South Elgin was $93,617, which is 55.27% higher than the national average.
- submarket area Kane County Submarket
- avg rent $1,424
- rent growth 25.68%
- vacancy 6.70%
- median income $93,617
- population (2018) 23,447
- population growth 6.65%
- vs. nat'l avg 55.27%
- zip code 60177