ZIP 07108 - 860Z200US07108 — Demographic Snapshot (2023)

Overview

If you're considering ZIP code 07108 for your next home, investment, or business venture, understanding the local demographics and housing landscape is essential. Located in Newark, New Jersey, this area offers a unique blend of urban density and diverse community dynamics. With data from 2023, this snapshot provides a clear picture of population, 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 and uncover what makes ZIP 07108 distinct.

Population & Households

ZIP 07108 is home to a population of 28,317 residents, making it a moderately sized urban community. This area supports 11,414 households, reflecting a vibrant residential base. With 12,862 total housing units, there’s a mix of occupied and vacant properties, which could signal opportunities for investors or buyers looking to enter the market. The ratio of households to population suggests an average household size of roughly 2.5 people, indicating a community of small families or shared living arrangements common in urban settings.

Income & Housing Costs

The median household income in ZIP 07108 stands at $33,960, which is notably lower than many national and state averages. This figure suggests that affordability is a key consideration for residents and potential newcomers. On the housing front, the median home value is $326,900, reflecting a significant investment for buyers in this market. For renters, the median rent is $1,098 per month, which aligns with the income levels but may still pose a challenge for some households. These metrics highlight the importance of budgeting and financial planning for anyone looking to settle or invest here.

Race & Ethnicity

The racial and ethnic composition of ZIP 07108 is predominantly African American, with 75.78% of the population identifying as Black. Hispanic or Latino residents make up 18.98% of the community, while White and Asian populations are smaller, at 0.85% and 0.71%, respectively. This diversity shapes the cultural fabric of the area, offering a rich community experience for residents and a unique customer base for businesses. Understanding these demographics can help tailor services, marketing, or community engagement strategies to resonate with the majority population.

Key Facts

• Total population: 28,317 residents in ZIP 07108 as of 2023.
• Total households: 11,414, supporting a community of small to medium-sized families.
• Total housing units: 12,862, with potential availability for new occupants or investors.
• Median household income: $33,960, indicating a need for affordable housing options.
• Median home value: $326,900, a significant but accessible price point for urban buyers.
• Median rent: $1,098 per month, reflecting rental costs in line with income levels.
• Racial majority: 75.78% Black, with a notable Hispanic presence at 18.98%.

What This Means for You

For homebuyers, ZIP 07108 offers a chance to enter an urban market with median home values at $326,900. While the median income of $33,960 suggests affordability challenges, careful financial planning can make homeownership viable, especially with potential for property value growth in a developing area. Real estate investors and agents should note the gap between total housing units (12,862) and households (11,414), which may indicate vacant properties or untapped rental demand—ideal for fixer-uppers or rental portfolios. Small-business owners can leverage the diverse, predominantly Black and Hispanic population to offer culturally relevant products or services, tapping into a community of over 28,000 potential customers. Analysts will find value in tracking income-to-housing cost ratios and demographic trends to predict future market shifts. Across all groups, understanding local dynamics is key to success in ZIP 07108.

Run This Study Yourself

• Curious about other ZIP codes or want deeper insights into 07108? Start by visiting ZipcodeGPT to access powerful demographic and housing data tools.
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• Use the insights to make data-driven decisions for buying, investing, or launching a business in any area.