ZIP 06516 - 860Z200US06516 — Demographic Snapshot (2023)

Overview

If you’re considering ZIP code 06516 for your next home, investment property, or business location, understanding the area’s demographic and housing landscape is essential. Located in Connecticut, this ZIP code offers a diverse community and a range of housing opportunities. With data from 2023, this snapshot provides a clear picture of population trends, income levels, housing costs, and racial composition. Whether you’re a homebuyer, real estate investor, small-business owner, or analyst, these insights will help you make informed decisions about ZIP 06516.

Population & Households

ZIP 06516 is home to a substantial population of 55,147 residents as of 2023. This sizable community is spread across 20,730 households, indicating a mix of family and individual living arrangements. The total number of housing units in the area stands at 21,884, suggesting a slight surplus of available homes relative to occupied households. This could point to opportunities for buyers or investors looking for properties in a populated yet accessible market. Understanding the balance between population and housing units is key to gauging demand and potential growth in this area.

Income & Housing Costs

The median household income in ZIP 06516 is $73,566, reflecting a solid economic base for many residents. This income level supports a housing market where the median house value is $265,200, making it a potentially attainable option for middle-income buyers or investors seeking properties with room for appreciation. For renters, the median rent is $1,389 per month, which aligns with the income levels but may require careful budgeting for some households. These figures provide a realistic view of affordability and financial dynamics for anyone considering a move or investment in this ZIP code.

Race & Ethnicity

ZIP 06516 boasts a diverse population, with a racial and ethnic composition that reflects a vibrant community. White residents make up 46.65% of the population, followed by Hispanic or Latino residents at 26.48%, Black or African American residents at 18.17%, and Asian residents at 4.68%. This diversity can be a significant draw for businesses looking to serve a wide customer base or for families seeking a culturally rich environment. Understanding the demographic makeup of an area like ZIP 06516 helps in assessing community dynamics and market needs.

Key Facts

• Total population in ZIP 06516: 55,147 residents.
• Total households: 20,730, indicating a mix of family and solo living.
• Total housing units: 21,884, suggesting some availability of homes.
• Median household income: $73,566, supporting a stable local economy.
• Median house value: $265,200, a reasonable entry point for buyers.
• Median rent: $1,389, reflecting rental market trends.
• Diverse community: 46.65% White, 26.48% Hispanic, 18.17% Black, 4.68% Asian.

What This Means for You

For homebuyers, ZIP 06516 offers a diverse and populated community with median home values at $265,200, which could be within reach for many given the median household income of $73,566. The slight surplus of housing units (21,884 versus 20,730 households) might mean less competition for available properties, potentially giving buyers an edge. Investors and real estate agents will find value in the area’s diversity and economic stability, which could drive demand for both rental and purchase properties—especially with a median rent of $1,389 indicating a viable rental market. Small-business owners can leverage the area’s sizable population of over 55,000 and cultural diversity to tap into varied customer needs, from retail to services. Analysts can use these metrics to benchmark ZIP 06516 against other areas for deeper market studies. This data equips you with a grounded perspective to navigate opportunities in this Connecticut ZIP code.

Run This Study Yourself

• Dive deeper into ZIP 06516 or explore other areas by accessing detailed demographic and housing data tailored to your needs.
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• Use the platform’s tools to compare metrics, spot trends, and make data-driven decisions with confidence.