1031 Exchange Waukegan, Illinois

 

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

Surrounding submarket Area

Waukegan, Illinois is a part of the East Lake County Submarket submarket area, and contains 3 zip codes: 60085, 60087, and 60079.

Waukegan Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Waukegan, IL submarket area was $1,273, which is 22.29% lower than 2014 average rent. This represents a compounded annual growth rate of 4.11%. 2019 vacancy in Waukegan, IL was 5.00%.

The total population of the city of Waukegan, IL has decreased 2.57% since 2010. As of 2018, the population was 86,792. The median household income of the Waukegan was $48,752, which is 19.14% lower than the national average.

  • submarket area East Lake County Submarket
  • avg rent $1,273
  • rent growth 22.29%
  • vacancy 5.00%
  • median income $48,752
  • population (2018) 86,792
  • population growth -2.57%
  • vs. nat'l avg 19.14%
  • zip codes 60079 60085 60087

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