ZIP 08016 - 860Z200US08016 — Demographic Snapshot (2023)

Overview

If you’re considering ZIP code 08016 for a home purchase, investment opportunity, or business venture, 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 cater to a variety of needs. This 2023 snapshot provides a clear, data-driven look at population trends, income levels, housing costs, and racial composition to help you make informed decisions. Whether you're a homebuyer, real estate investor, small-business owner, or analyst, these insights will guide your next steps in ZIP 08016.

Population & Households

ZIP 08016 is home to a substantial population of 34,801 residents as of 2023. This sizable community is distributed across 12,972 households, indicating a robust residential base. With 13,842 total housing units in the area, there’s a slight surplus of homes compared to occupied households, which could suggest opportunities for buyers or investors looking for available properties. The average household size can be inferred as approximately 2.7 people, pointing to a mix of families and smaller households in this region.

Income & Housing Costs

Economic stability is a key factor for anyone considering a move or investment in ZIP 08016, and the median household income of $92,560 reflects a strong earning capacity among residents. This income level supports a comfortable lifestyle and suggests a market with purchasing power for local businesses. On the housing front, the median house value stands at $308,000, offering a mid-range price point that may appeal to first-time buyers or those seeking value in a competitive market. For renters, the median rent is $1,343 per month, which aligns with the income levels and indicates a balanced rental market for potential landlords or tenants.

Race & Ethnicity

Diversity is a defining characteristic of ZIP 08016, with a racial composition that reflects a vibrant, multicultural community. White residents make up 43.81% of the population, followed by Black residents at 33.38%. Hispanic individuals account for 9.15%, while Asian residents comprise 6.96%. This mix fosters a culturally rich environment, which can be a draw for families seeking inclusive neighborhoods or businesses aiming to serve a varied customer base. Understanding this demographic breakdown is crucial for tailoring real estate strategies or marketing efforts in this area.

Key Facts

• Total population in ZIP 08016: 34,801 residents.
• Total households: 12,972, with an average size of about 2.7 people.
• Total housing units: 13,842, indicating potential availability for new occupants.
• Median household income: $92,560, signaling strong local earning power.
• Median house value: $308,000, a competitive price for buyers.
• Median rent: $1,343, reflecting a stable rental market.
• Racial diversity: 43.81% White, 33.38% Black, 9.15% Hispanic, 6.96% Asian.

What This Means for You

For homebuyers, ZIP 08016 offers a promising mix of affordability and community diversity. With a median house value of $308,000 and a slight surplus of housing units, you may find opportunities to secure a property at a reasonable price in a culturally rich area. Investors and real estate agents can leverage the stable median income of $92,560 and balanced rental rates of $1,343 to target both buyers and renters, potentially filling vacant units with ease. Small-business owners will appreciate the sizable population of 34,801 and diverse demographic makeup, which supports a broad customer base for goods and services. Analysts can use this data to identify trends in housing demand or economic growth, positioning ZIP 08016 as a market worth watching for future opportunities.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 08016? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
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