ZIP 07470 - 860Z200US07470 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 07470, located in Wayne, New Jersey, this demographic and housing snapshot offers a clear picture of the area in 2023. With a robust population, strong income levels, and a diverse community, this ZIP code presents unique opportunities for homebuyers, real estate investors, small-business owners, and analysts. Let’s break down the key metrics to help you make informed decisions about living, working, or investing here.

Population & Households

ZIP 07470 is home to a substantial population of 54,131 residents as of 2023. This sizable community is distributed across 18,697 households, indicating a vibrant and active area with a strong residential base. The total number of housing units stands at 19,396, suggesting a slight surplus of available properties relative to occupied households. For families or individuals looking to settle down, this could mean a reasonable chance of finding a home, while investors might see potential in the unoccupied units for rental or resale opportunities.

Income & Housing Costs

One of the standout features of ZIP 07470 is its impressive median household income of $151,561. This figure reflects a financially stable community, which can be a strong draw for businesses targeting higher-income consumers or for homebuyers seeking a prosperous neighborhood. On the housing front, the median home value is $596,700, positioning this area as a premium market. For renters, the median rent is $2,126 per month, which aligns with the higher cost of living and suggests a demand for quality rental properties. These numbers indicate that while entry into this market may require significant capital, the potential for long-term value appreciation is notable.

Race & Ethnicity

The demographic makeup of ZIP 07470 reflects a diverse yet predominantly white community. As of 2023, the racial composition is 72.45% white, 12.49% Hispanic, 8.82% Asian, and 2.77% Black. This diversity can be a significant asset for businesses aiming to cater to a variety of cultural preferences or for families seeking an inclusive environment. Understanding the community’s composition can also help real estate agents and investors tailor their strategies to meet the needs of different demographic groups in the area.

Key Facts

• Total population: 54,131 residents, indicating a sizable and active community.
• Total households: 18,697, supporting a strong residential foundation.
• Total housing units: 19,396, with some availability for new occupants or investors.
• Median household income: $151,561, reflecting a high-earning population.
• Median home value: $596,700, positioning this as a premium real estate market.
• Median rent: $2,126, indicative of strong demand for quality rentals.
• Racial diversity: 72.45% white, 12.49% Hispanic, 8.82% Asian, and 2.77% Black.

What This Means for You

For homebuyers, ZIP 07470 offers a stable, affluent community with a median home value of $596,700. While the price point is high, the area’s strong median income of $151,561 suggests a neighborhood with economic stability and potential for property value growth. Families will appreciate the diversity and size of the community, which could translate to good schools and amenities.

For investors and real estate agents, the slight gap between total housing units (19,396) and households (18,697) hints at opportunities for rentals or flips. The high median rent of $2,126 also points to a lucrative rental market, especially for properties catering to higher-income tenants.

For small-business owners, the affluent demographic and diverse population provide a promising customer base. With a median household income well above the national average, there’s potential for businesses offering premium products or services. Additionally, the cultural diversity can inspire tailored offerings to meet varied community needs.

For analysts, these metrics provide a foundation for deeper market studies, whether assessing real estate trends, consumer behavior, or economic forecasts in ZIP 07470.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 07470? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
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