ZIP 02720 - 860Z200US02720 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 02720, located in Fall River, Massachusetts, this demographic and housing snapshot offers a clear picture of the area based on 2023 data. With a population of over 31,000 and a diverse community, this ZIP code presents a mix of opportunities and challenges for homebuyers, real estate investors, small-business owners, and analysts. Let’s break down the key metrics to help you make informed decisions about living, working, or investing here.

Population & Households

ZIP 02720 is home to 31,063 residents, making it a moderately sized community with a strong local presence. These individuals are distributed across 14,300 households, reflecting a blend of family and individual living arrangements. The total number of housing units stands at 14,940, indicating a slight surplus of available properties compared to occupied households. This could suggest opportunities for buyers or renters looking to settle in the area, as well as potential inventory for investors to consider.

Income & Housing Costs

The median household income in ZIP 02720 is $62,907, which provides a solid economic foundation for many residents. This income level supports a range of lifestyles and spending capacities, which is valuable information for businesses targeting local consumers. On the housing front, the median home value is $361,800, reflecting a competitive real estate market that may appeal to buyers seeking long-term value or investors looking for appreciation potential. For renters, the median rent is $1,177 per month, offering a more accessible entry point into the community compared to purchasing a home. These figures highlight the balance between affordability and investment potential in this area.

Race & Ethnicity

The demographic makeup of ZIP 02720 showcases a predominantly white population at 75.47%, with smaller but significant representation from other groups. Black residents account for 6.0% of the population, while Asian residents make up 2.66%. Additionally, 10.51% of the population identifies as Hispanic, adding to the cultural diversity of the area. This mix can influence community dynamics, local businesses, and cultural offerings, making it an important consideration for anyone looking to integrate into or serve this community.

Key Facts

• Total population: 31,063 residents in 2023.
• Total households: 14,300, indicating a mix of family and solo living.
• Total housing units: 14,940, with a slight surplus over occupied households.
• Median household income: $62,907, supporting a stable local economy.
• Median home value: $361,800, reflecting a competitive housing market.
• Median rent: $1,177, offering rental affordability compared to buying.
• Racial composition: 75.47% white, 10.51% Hispanic, 6.0% Black, 2.66% Asian.

What This Means for You

For homebuyers, ZIP 02720 offers a competitive yet attainable housing market with a median home value of $361,800. The slight surplus of housing units (14,940 total vs. 14,300 households) could mean more options to choose from, potentially easing the search for your ideal property. Renters can also find value with a median rent of $1,177, which is reasonable given the area’s income levels.

For investors and real estate agents, the data points to potential in both rental and purchase markets. The median income of $62,907 suggests residents have the financial capacity to support rental properties or future home purchases, while the home value indicates room for appreciation in a growing market.

For small-business owners, the population of 31,063 and diverse demographic makeup provide a sizable and varied customer base. The median income level supports discretionary spending, which could benefit retail, dining, or service-based businesses tailored to local needs.

For analysts, these metrics offer a foundation for deeper research into economic trends, housing demand, and community development in ZIP 02720, helping to inform broader market or policy decisions.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 02720? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
• Enter any ZIP code to access up-to-date metrics on population, income, housing costs, and more, tailored to your needs.
• Use the insights to make informed decisions, whether you’re buying a home, investing, or planning a business venture in the area.