ZIP Code 02906 — Demographics & Housing Data 2023

Overview

If you’re considering a move, investment, or business opportunity in ZIP 02906, located in Providence, Rhode Island, this demographic and housing snapshot offers a clear picture of the area in 2023. With a population of over 26,000 and a robust median household income, this ZIP code presents a dynamic community with strong economic indicators and diverse housing options. Whether you’re a homebuyer, real estate investor, small-business owner, or analyst, these insights will help you make informed decisions about living or working in 02906.

Population & Households

ZIP 02906 is home to 26,327 residents, making it a moderately sized community with a vibrant local presence. These individuals are distributed across 12,434 households, reflecting a mix of family units, singles, and shared living arrangements. With 13,468 total housing units in the area, there’s a slight surplus of homes compared to households, which could indicate availability for new residents or investors looking to enter the market. This balance suggests a stable residential environment with room for growth or turnover.

Income & Housing Costs

The median household income in ZIP 02906 stands at an impressive $102,796, pointing to a relatively affluent community with strong earning potential. This income level supports a housing market where the median home value is $582,700, reflecting a premium on real estate in the area. For renters, the median monthly rent is $1,729, which aligns with the higher cost of living and suggests a competitive rental market. These figures indicate that 02906 is a desirable location for those with the financial capacity to invest in property or sustain higher living expenses.

Race & Ethnicity

The demographic makeup of ZIP 02906 showcases a diverse yet predominantly white population. Approximately 71.58% of residents identify as white, while 10.83% are Asian, 7.82% are Hispanic, and 3.0% are Black. This mix contributes to a culturally rich environment, offering a blend of perspectives and experiences. For businesses and investors, this diversity can translate into varied consumer needs and opportunities to cater to different cultural preferences in this community.

Key Facts

• Total population: 26,327 residents in 2023, indicating a sizable community.
• Total households: 12,434, showing a strong base of local families and individuals.
• Total housing units: 13,468, suggesting potential availability for new occupants.
• Median household income: $102,796, reflecting economic strength.
• Median home value: $582,700, indicative of a high-value real estate market.
• Median rent: $1,729 per month, pointing to a competitive rental landscape.
• Racial composition: 71.58% white, 10.83% Asian, 7.82% Hispanic, 3.0% Black, highlighting diversity.

What This Means for You

For homebuyers, ZIP 02906 offers a premium housing market with a median home value of $582,700, ideal for those seeking a long-term investment in a prosperous area. The higher median income of $102,796 suggests neighbors with financial stability, often correlating with well-maintained properties and community amenities. Investors and real estate agents will find opportunities in the slight surplus of housing units (13,468) over households (12,434), which may indicate potential for flipping properties or rentals, though the high median rent of $1,729 signals strong competition. Small-business owners can leverage the diverse population and solid income levels to target a range of customers, from families to young professionals, with tailored products or services. Analysts can use these metrics to benchmark 02906 against other ZIP codes for market studies or investment portfolios, noting the area’s economic and cultural diversity as key drivers.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into 02906? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic data.
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