ZIP Code 07042 — Demographics & Housing Data 2023

Overview

If you’re considering a move, investment, or business opportunity in ZIP 07042, located in Montclair, New Jersey, this demographic and housing snapshot offers a clear picture of the area in 2023. With a population of over 27,000 and a median household income exceeding $127,000, this ZIP code reflects a vibrant, affluent community with diverse residents and robust housing dynamics. Whether you’re a homebuyer, real estate investor, small-business owner, or data analyst, these insights can guide your next steps with confidence.

Population & Households

ZIP 07042 is home to 27,173 residents, making it a moderately sized community with a strong residential presence. These individuals are distributed across 11,067 households, indicating an average household size of roughly 2.5 people. This balance suggests a mix of families, couples, and singles, offering a diverse social fabric. For those eyeing this area, the population size supports a stable demand for housing, services, and local businesses, while the household count hints at opportunities for targeted offerings in family- or individual-focused markets.

Income & Housing Costs

Financially, ZIP 07042 stands out with a median household income of $127,083, well above national averages. This signals a high-earning community with significant purchasing power, which can be a draw for businesses and investors alike. On the housing front, the median home value is $733,100, reflecting a premium real estate market that aligns with the area’s income levels. For renters, the median monthly rent is $2,017, indicating a competitive rental landscape. With 11,682 total housing units, there’s a tight supply relative to demand, which could mean limited availability for buyers or renters but potential value growth for property owners.

Race & Ethnicity

The demographic makeup of ZIP 07042 showcases a diverse community, which adds to its cultural richness and appeal. The racial composition includes 48.28% White, 24.34% Black, 5.64% Asian, and 13.03% Hispanic residents. This diversity can be a significant asset for businesses aiming to cater to varied customer bases or for families seeking an inclusive environment. It also suggests a community with a broad range of perspectives, which can enrich local culture and social interactions.

Key Facts

• Total population: 27,173 residents, offering a sizable market for goods and services.
• Total households: 11,067, indicating a strong residential base.
• Median household income: $127,083, reflecting high earning potential.
• Median home value: $733,100, pointing to a premium housing market.
• Median rent: $2,017 per month, suggesting a competitive rental sector.
• Diverse demographics: 48.28% White, 24.34% Black, 5.64% Asian, 13.03% Hispanic.
• Total housing units: 11,682, showing limited inventory relative to population.

What This Means for You

For homebuyers, ZIP 07042 offers a high-quality living environment with a median home value of $733,100, but be prepared for a competitive market given the limited housing units. The high median income suggests neighbors with financial stability, often correlating with well-maintained properties and strong community resources. Investors and real estate agents will find opportunity in the area’s elevated property values and tight supply, which could drive future appreciation, though high entry costs like the $2,017 median rent may require careful tenant or buyer targeting. Small-business owners can leverage the diverse population and substantial household income to offer tailored products or services, especially in sectors like retail, dining, or professional services that cater to affluent, varied demographics. Analysts can use these metrics as a benchmark to compare with surrounding areas or track trends over time, ensuring data-driven decisions.

Run This Study Yourself

• Visit ZipcodeGPT to access powerful tools for demographic and housing analysis tailored to any ZIP code.
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• Use the generated data to make informed decisions for buying, investing, or launching a business with confidence.