Rent, population, and median household income are important factors to consider for a 1031 exchange in Vernon Hills due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Vernon Hills, Illinois is a part of the East Lake County Submarket submarket area, and contains zip code 60061.
Vernon Hills Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Vernon Hills, IL submarket area was $1,273, which is 22.29% higher than 2014 average rent. This represents a compounded annual growth rate of 4.11%. 2019 vacancy in Vernon Hills, IL was 5.00%.
The total population of the city of Vernon Hills, IL has grown 6.08% since 2010. As of 2018, the population was 26,641. The median household income of the Vernon Hills was $97,366, which is 61.49% higher than the national average.
- submarket area East Lake County Submarket
- avg rent $1,273
- rent growth 22.29%
- vacancy 5.00%
- median income $97,366
- population (2018) 26,641
- population growth 6.08%
- vs. nat'l avg 61.49%
- zip code 60061