ZIP 02816 - 860Z200US02816 — Demographic Snapshot (2023)

Overview

If you're considering a move, investment, or business opportunity in ZIP 02816, located in Rhode Island, this demographic and housing snapshot offers a clear picture of the area based on 2023 data. With a population of over 33,000 and a robust median household income, this ZIP code presents a stable and potentially rewarding environment 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, investing, or operating in 02816.

Population & Households

ZIP 02816 is home to a population of 33,246 individuals, making it a moderately sized community with a diverse range of needs and opportunities. The area supports 13,667 households, reflecting a strong residential base. With 14,505 total housing units, there’s a slight surplus of homes compared to occupied households, which could indicate availability for new residents or investors looking to enter the market. This balance suggests a community that’s neither overcrowded nor underpopulated, offering a comfortable density for families and businesses alike.

Income & Housing Costs

One of the standout metrics for ZIP 02816 is its median household income of $97,941, which points to a financially stable population with significant purchasing power. This income level can support local businesses and attract investors seeking areas with strong economic foundations. On the housing front, the median home value stands at $317,400, positioning 02816 as a market with attainable yet valuable real estate. For renters, the median rent is $1,168 per month, which is reasonable relative to the income levels and may appeal to those not yet ready to buy. These figures suggest a balanced housing market with opportunities for both buyers and renters.

Race & Ethnicity

The demographic makeup of ZIP 02816 is predominantly White, accounting for 89.76% of the population. Hispanic or Latino residents make up 4.85%, while Asian residents represent 1.06%, and Black or African American residents comprise just 0.12%. This composition reflects a largely homogeneous community with some diversity, which may influence cultural offerings, community dynamics, and business opportunities. Understanding this breakdown can help tailor services, marketing strategies, or community engagement efforts to the area’s primary demographic while addressing the needs of smaller groups.

Key Facts

• Total population: 33,246, indicating a mid-sized community with a stable residential base.
• Total households: 13,667, supporting a strong local economy and consumer market.
• Total housing units: 14,505, suggesting potential availability for new residents or investors.
• Median household income: $97,941, reflecting significant financial stability among residents.
• Median home value: $317,400, offering a competitive yet accessible real estate market.
• Median rent: $1,168, providing a reasonable option for non-homeowners.
• Racial composition: 89.76% White, 4.85% Hispanic, 1.06% Asian, 0.12% Black, showing a predominantly White area with some diversity.

What This Means for You

For homebuyers, ZIP 02816 offers a promising market with a median home value of $317,400, which is within reach for many given the high median income of $97,941. The slight surplus of housing units could mean less competition when searching for a home. Real estate investors and agents might find opportunities in the available housing stock, especially with a financially stable population that can support rental or purchase demand. The median rent of $1,168 also suggests a viable rental market for landlords. Small-business owners can benefit from the area’s strong household income, which indicates disposable income for goods and services, while the population size ensures a sizable customer base. Finally, analysts can use these metrics to benchmark 02816 against other ZIP codes for market studies or investment potential, focusing on the area’s economic and demographic stability.

Run This Study Yourself

• Curious about diving deeper into ZIP 02816 or comparing it with another area? Start by visiting ZipcodeGPT for a user-friendly platform to explore detailed demographic and housing data.
• Enter any ZIP code to access up-to-date metrics on population, income, housing costs, and more, tailored to your specific interests or needs.
• Use the insights to make informed decisions, whether you’re buying a home, investing in property, or planning a business venture in any location.