ZIP 07055 - 860Z200US07055 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP code 07055, understanding the local demographics and housing landscape is essential. Located in Passaic, New Jersey, this area offers a diverse community and a range of housing options. This snapshot, based on 2023 data, breaks down population stats, household income, housing costs, and racial composition to help homebuyers, real estate investors, small-business owners, and analysts make informed decisions. Let’s dive into the numbers for ZIP 07055 and uncover what they mean for you.

Population & Households

ZIP code 07055 is home to a substantial population of 69,651 residents. This sizable community is spread across 20,434 households, indicating a dense and active area with a strong residential base. The total number of housing units stands at 21,019, suggesting a slight surplus of available properties relative to occupied households. For those eyeing this area, whether for personal residence or investment, these figures point to a vibrant locale with opportunities for growth and engagement.

Income & Housing Costs

The median household income in ZIP 07055 is $56,780, reflecting a moderate earning capacity for many families and individuals in the area. When it comes to housing, the median home value is $406,500, which positions this ZIP code as a relatively high-value market, especially for a region with this income level. For renters, the median monthly rent is $1,392, indicating a significant cost for those not ready to buy. These numbers suggest that while homeownership may require careful financial planning, the area holds potential for value appreciation, making it an intriguing option for investors and buyers alike.

Race & Ethnicity

The demographic makeup of ZIP 07055 is notably diverse, with a strong Hispanic presence at 73.04% of the population. White residents account for 14.6%, while Black and Asian populations make up 6.29% and 4.67%, respectively. This rich cultural tapestry offers a unique community dynamic, which can be a draw for families seeking an inclusive environment or businesses aiming to cater to a varied customer base. Understanding this diversity is key to tailoring real estate strategies or business plans to the local context.

Key Facts

• Total population: 69,651 residents, indicating a robust community in ZIP 07055.
• Total households: 20,434, showing a dense residential presence.
• Total housing units: 21,019, with a small surplus of available properties.
• Median household income: $56,780, reflecting moderate earning levels.
• Median home value: $406,500, suggesting a high-value housing market.
• Median rent: $1,392 per month, a notable cost for renters.
• Hispanic population: 73.04%, highlighting significant cultural diversity.

What This Means for You

For homebuyers, ZIP 07055 offers a diverse community with a median home value of $406,500, which may appeal to those looking for long-term value in a culturally rich area. However, with a median income of $56,780, affordability could be a challenge, so budgeting for mortgage costs or exploring financing options is crucial. Investors and real estate agents will find potential in the slight surplus of housing units (21,019 total) compared to households (20,434), which may signal opportunities for rentals or flips, especially given the high median rent of $1,392. Small-business owners can leverage the large, diverse population of 69,651, particularly the dominant Hispanic demographic (73.04%), to offer targeted products or services that resonate with local needs. Analysts can use these metrics to benchmark ZIP 07055 against nearby areas for deeper market insights. Across all groups, the data underscores a dynamic area with both challenges and opportunities.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 07055? Start by visiting ZipcodeGPT for a user-friendly way to access detailed demographic and housing data.
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