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1031 Exchange Springfield, Illinois

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Springfield due to their correlations with market demand, and conversely, vacancy rate.

Surrounding metropolitan Area

Springfield, Illinois is a part of the Springfield, IL metropolitan area, and contains 35 zip codes, including: 62761, 62719, 62708, 62705, 62762, and 62716.

Springfield Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Springfield, IL metropolitan area was $709, which is 5.82% lower than 2014 average rent. This represents a compounded annual growth rate of 1.14%. 2019 vacancy in Springfield, IL was 2.30%.

The total population of the city of Springfield, IL has decreased 1.34% since 2010. As of 2018, the population was 114,694. The median household income of the Springfield was $53,405, which is 11.42% lower than the national average.

  • metropolitan area Springfield, IL
  • avg rent $709
  • rent growth 5.82%
  • vacancy 2.30%
  • median income $53,405
  • population (2018) 114,694
  • population growth -1.34%
  • vs. nat'l avg 11.42%
  • zip codes 62701 62702 62703 62704 62705 62706 62707 62708 62711 62712 62715 62716 62719 62722 62723 62726 62736 62739 62756 62757 62761 62762 62763 62764 62765 62766 62767 62769 62776 62777 62781 62786 62791 62794 62796

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