ZIP Code 07002 — Demographics & Housing Data 2023

Overview

If you’re considering a move, investment, or business opportunity in ZIP 07002, understanding the local demographics and housing landscape is essential. Located in a dynamic area, this ZIP code offers a blend of diversity, economic stability, and housing options that appeal to a wide range of interests. With a population of over 70,000 and a median household income of $81,285, this area presents unique opportunities for homebuyers, real estate investors, small-business owners, and analysts. Let’s dive into the key metrics for 2023 to help you make informed decisions about ZIP 07002.

Population & Households

ZIP 07002 is home to a substantial population of 70,468 residents, making it a vibrant and active community. This sizable population supports a diverse local economy and offers a strong customer base for businesses. The area comprises 28,325 households, reflecting a mix of family structures, singles, and professionals. With 30,161 total housing units, there’s a slight surplus of homes compared to households, which could indicate availability for new residents or investors looking to enter the market.

Income & Housing Costs

The median household income in ZIP 07002 stands at $81,285, suggesting a relatively strong economic foundation for many residents. This income level supports a comfortable lifestyle and indicates purchasing power for local businesses to tap into. On the housing front, the median home value is $446,100, positioning this area as a higher-end market with potential for long-term value appreciation. For renters, the median rent is $1,593 per month, reflecting a significant but manageable cost for those not ready to buy. These figures highlight ZIP 07002 as a place where both owning and renting come with notable financial commitments, but also potential rewards.

Race & Ethnicity

ZIP 07002 boasts a diverse cultural makeup, which enriches the community and offers unique opportunities for businesses and social engagement. The racial composition includes 43.58% White, 10.62% Black, 10.24% Asian, and 31.31% Hispanic residents. This diversity fosters a multicultural environment, making the area attractive to those who value inclusivity and varied perspectives. For businesses, this mix can translate into a broad customer base with diverse needs and preferences, while homebuyers may appreciate the cultural vibrancy of the neighborhood.

Key Facts

• Total population: 70,468 residents, indicating a sizable and active community.
• Total households: 28,325, reflecting a mix of family and individual living arrangements.
• Total housing units: 30,161, suggesting some availability for new residents or investors.
• Median household income: $81,285, pointing to solid economic stability.
• Median home value: $446,100, indicative of a higher-end real estate market.
• Median rent: $1,593, a notable but feasible cost for renters.
• Diverse demographics: 43.58% White, 31.31% Hispanic, 10.62% Black, and 10.24% Asian.

What This Means for You

For homebuyers, ZIP 07002 offers a chance to invest in a community with a median home value of $446,100, which could appreciate over time given the area’s economic strength and diversity. The slight surplus of housing units (30,161 vs. 28,325 households) might provide some negotiating room, though the higher price point requires careful financial planning. Real estate investors and agents can see potential in this market, as the population size and income levels suggest demand for both rentals and purchases—especially with a median rent of $1,593 attracting a steady tenant pool. Small-business owners will find a diverse customer base of over 70,000 people, with a median household income that supports discretionary spending; tailoring offerings to the multicultural population could be a winning strategy. Analysts can use these metrics to benchmark ZIP 07002 against other areas, noting its blend of affordability challenges and investment potential.

Run This Study Yourself

• Curious about diving deeper into ZIP 07002 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.
• Use the insights to make informed decisions, whether you’re buying a home, investing in property, or planning a business venture in any location.