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: 60079, 60087, and 60085.
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