ZIP 01602 - 860Z200US01602 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 01602, located in Worcester, Massachusetts, this demographic and housing snapshot offers a clear picture of the area in 2023. With a population of over 25,000 and a diverse community, this ZIP code presents unique opportunities for homebuyers, real estate investors, small-business owners, and analysts. Below, we break down the latest data on population, income, housing costs, and racial composition to help you make informed decisions.

Population & Households

ZIP 01602 is home to a population of 25,791 residents as of 2023. This sizable community is spread across 9,952 households, indicating a mix of family and individual living arrangements. The total number of housing units stands at 10,483, suggesting a slight surplus of available homes or apartments relative to occupied households. For those looking to settle or invest, this balance could mean opportunities to find a property that fits your needs or budget.

Income & Housing Costs

The median household income in ZIP 01602 is $94,351, reflecting a relatively strong earning capacity among residents. This income level supports a robust local economy, which can be a draw for businesses and investors alike. On the housing front, the median house value is $380,800, positioning this area as a mid-to-upper range market for homebuyers. For renters, the median rent is $1,471 per month, which aligns with the income levels and suggests a stable rental market. These figures provide a benchmark for assessing affordability and potential returns on investment.

Race & Ethnicity

The demographic makeup of ZIP 01602 showcases a diverse community. The racial composition includes 65.7% White, 8.58% Black, 5.89% Asian, and 14.73% Hispanic residents. This diversity can enrich the cultural fabric of the area, making it an appealing location for families and businesses seeking an inclusive environment. For small-business owners, this mix may also translate into varied customer needs and opportunities to cater to different cultural preferences.

Key Facts

• Total population: 25,791 residents in 2023.
• Total households: 9,952, indicating a mix of family and solo living.
• Total housing units: 10,483, with some availability beyond occupied homes.
• Median household income: $94,351, supporting a strong local economy.
• Median house value: $380,800, reflecting a competitive housing market.
• Median rent: $1,471, consistent with income levels for renters.
• Racial diversity: 65.7% White, 14.73% Hispanic, 8.58% Black, 5.89% Asian.

What This Means for You

For homebuyers, ZIP 01602 offers a competitive yet accessible housing market with a median home value of $380,800. The slight surplus of housing units (10,483 total vs. 9,952 households) could mean less competition for properties, potentially easing the buying process. The median income of $94,351 also suggests a stable community where neighbors are likely to maintain property values.

For real estate investors and agents, the combination of a solid median income and reasonable rental rates ($1,471 median rent) points to a viable market for both long-term rentals and property appreciation. The diversity of the population may also attract a wide range of tenants or buyers, broadening your market reach.

For small-business owners, the diverse demographic profile and strong household income indicate a customer base with varied needs and disposable income. Whether you’re opening a retail store, restaurant, or service-based business, ZIP 01602’s cultural mix and economic stability could support a thriving operation.

For analysts, these metrics provide a foundation for deeper research into market trends, housing demand, or economic growth potential in this Worcester area. The data reflects a balanced community with room for strategic planning and investment.

Run This Study Yourself

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