ZIP 02905 - 860Z200US02905 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 02905, located in Rhode Island, this demographic and housing snapshot offers a clear picture of the area based on 2023 data. With a diverse population, varied income levels, and a mix of housing options, this ZIP code presents unique opportunities and considerations 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 or working in 02905.

Population & Households

ZIP 02905 is home to a total population of 24,780 residents as of 2023. This community supports 9,755 households, indicating a vibrant and active area with a significant number of families and individuals. The total number of housing units stands at 10,361, suggesting a slight surplus of available homes or rentals compared to occupied households. This balance could mean opportunities for prospective buyers or renters looking to settle in the area, as well as for investors eyeing vacant properties.

Income & Housing Costs

The median household income in ZIP 02905 is $57,126, reflecting a moderate earning capacity for residents. This income level can help homebuyers gauge affordability when considering the local housing market. Speaking of housing, the median house value in this area is $322,700, which positions 02905 as a potentially accessible market for first-time buyers or investors seeking properties below some of the higher-priced neighboring regions. For renters, the median rent is $1,103 per month, offering a relatively affordable option compared to larger urban centers, though still a significant expense relative to the median income.

These figures suggest that while homeownership is within reach for many, careful budgeting is essential, especially for those on the lower end of the income spectrum. Investors might find the combination of median home values and rental rates appealing for potential returns on rental properties.

Race & Ethnicity

ZIP 02905 boasts a diverse community, with a racial and ethnic composition that reflects a rich cultural tapestry. The population identifies as 37.56% White, 15.09% Black, 2.72% Asian, and 40.57% Hispanic. This diversity can be a significant draw for families and businesses looking for an inclusive environment. For small-business owners, this mix offers a chance to cater to varied cultural preferences and needs, while homebuyers may appreciate the opportunity to join a multifaceted neighborhood with a broad range of perspectives and traditions.

Key Facts

• Total population in ZIP 02905: 24,780 residents.
• Total households: 9,755, supporting a mix of family and individual living arrangements.
• Total housing units: 10,361, indicating some availability for new occupants.
• Median household income: $57,126, reflecting moderate earning potential.
• Median house value: $322,700, a potentially accessible price point for buyers.
• Median rent: $1,103, offering a reasonable rental market for tenants.
• Diverse demographics: 40.57% Hispanic, 37.56% White, 15.09% Black, and 2.72% Asian.

What This Means for You

For homebuyers, ZIP 02905 offers a housing market with median values at $322,700, which could be attractive if you’re looking for a starter home or a more affordable entry into homeownership. The slight surplus of housing units (10,361 total versus 9,755 households) might also mean less competition in some segments of the market. However, with a median household income of $57,126, ensure your budget aligns with local costs, especially if considering a mortgage.

For investors and real estate agents, the combination of home values and a median rent of $1,103 suggests potential for rental income, particularly given the area’s population size and diversity. The availability of housing units could also point to opportunities for flipping or long-term holding strategies.

For small-business owners, the diverse demographic makeup of 02905—especially the significant Hispanic population at 40.57%—presents a chance to tailor products or services to a wide audience. A median income of $57,126 indicates moderate purchasing power, so consider pricing strategies that match local affordability.

For analysts, these metrics provide a foundation for deeper studies into housing trends, economic stability, or community needs in 02905, especially when paired with historical data or neighboring ZIP code comparisons.

Run This Study Yourself

• Curious about other areas or want to dive deeper into ZIP 02905? 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.