ZIP 20602 - 860Z200US20602 — Demographic Snapshot (2023)

Overview

If you’re considering ZIP code 20602 for your next home, investment, or business venture, this demographic and housing snapshot offers a clear picture of the area in 2023. Located in Maryland, ZIP 20602 encompasses a vibrant community with a population of nearly 30,000. Whether you’re a homebuyer, real estate investor, small-business owner, or data analyst, understanding the population dynamics, income levels, housing costs, and cultural diversity here can guide your decisions. Let’s break down the key metrics to help you see the opportunities and challenges in this area.

Population & Households

ZIP 20602 is home to 29,425 residents, making it a moderately sized community with a mix of families, professionals, and individuals. These residents are distributed across 10,659 households, reflecting a strong residential base. With 10,899 total housing units, there’s a small buffer of available properties, suggesting a relatively tight housing market. This balance between population and housing units indicates a stable community, ideal for those looking to settle or invest in a consistent area.

Income & Housing Costs

Financially, ZIP 20602 stands out with a median household income of $108,733, which is notably higher than many national averages. This suggests a community with strong earning potential, appealing to businesses targeting middle- to upper-income customers. On the housing front, the median home value is $360,800, reflecting a robust real estate market that could offer good returns for investors or equity-building opportunities for buyers. For renters, the median rent is $1,803 per month, indicating a premium rental market that aligns with the area’s income levels. These figures point to a financially secure area, though affordability may be a consideration for some.

Race & Ethnicity

The cultural fabric of ZIP 20602 is diverse, with a racial composition that includes 61.81% Black, 18.86% White, 9.25% Hispanic, and 1.85% Asian residents, among others. This diversity creates a rich community environment, offering unique opportunities for businesses catering to varied cultural needs and preferences. For homebuyers and investors, this mix can translate into a welcoming, inclusive neighborhood that appeals to a broad range of people.

Key Facts

• Total population: 29,425 residents in ZIP 20602 as of 2023.
• Total households: 10,659, indicating a strong residential presence.
• Total housing units: 10,899, showing a tight but stable housing market.
• Median household income: $108,733, reflecting strong earning potential.
• Median home value: $360,800, suggesting a valuable real estate market.
• Median rent: $1,803, aligning with the area’s income levels.
• Racial diversity: Predominantly Black (61.81%), with significant White (18.86%) and Hispanic (9.25%) populations.

What This Means for You

For homebuyers, ZIP 20602 offers a stable community with a higher-than-average median home value of $360,800, which could mean long-term value appreciation. However, with a tight housing market (10,899 units for 10,659 households), you may face competition when searching for the right property. The median income of $108,733 suggests neighbors with financial stability, often correlating with well-maintained areas.

For investors and real estate agents, the data points to potential in both buying and renting properties. The median home value and rent ($1,803) indicate strong demand, which could yield solid returns, especially in a market with limited housing stock. The diverse population also means a wide tenant or buyer pool to target.

For small-business owners, the high median income and diverse demographic makeup are promising. You can cater to a financially capable customer base while tapping into varied cultural preferences—think niche food markets, services, or retail that reflect the community’s composition. The population size of 29,425 ensures a sizable local market to serve.

For analysts, these metrics provide a foundation for deeper studies into housing trends, economic stability, or cultural dynamics in ZIP 20602, helping to inform broader regional analyses or investment strategies.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 20602? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
• Enter any ZIP code to access up-to-date metrics on population, income, housing, and more, tailored to your needs.
• Use the insights to make informed decisions, whether you’re buying a home, investing, or planning a business in the area.