Rent, population, and median household income are important factors to consider for a 1031 exchange in Westmont due to their correlations with market demand, and conversely, vacancy rate.
Surrounding submarket Area
Westmont, Illinois is a part of the Downers Grove Submarket submarket area, and contains zip code 60559.
Westmont Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Westmont, IL submarket area was $1,211, which is 14.57% higher than 2014 average rent. This represents a compounded annual growth rate of 2.76%. 2019 vacancy in Westmont, IL was 3.60%.
The total population of the city of Westmont, IL has decreased 0.15% since 2010. As of 2018, the population was 24,647. The median household income of the Westmont was $63,309, which is 5.00% higher than the national average.
- submarket area Downers Grove Submarket
- avg rent $1,211
- rent growth 14.57%
- vacancy 3.60%
- median income $63,309
- population (2018) 24,647
- population growth -0.15%
- vs. nat'l avg 5.00%
- zip code 60559