Rent, population, and median household income are important factors to consider for a 1031 exchange in Steger due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Steger, Illinois is a part of the Southeast Cook County Submarket submarket area, and contains zip code 60475.
Steger Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Steger, 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 Steger, IL was 2.90%.
The total population of the city of Steger, IL has decreased 2.50% since 2010. As of 2018, the population was 9,331. The median household income of the Steger was $46,645, which is 22.64% lower than the national average.
- submarket area Southeast Cook County Submarket
- avg rent $936
- rent growth 8.33%
- vacancy 2.90%
- median income $46,645
- population (2018) 9,331
- population growth -2.50%
- vs. nat'l avg 22.64%
- zip code 60475