ZIP 20783 - 860Z200US20783 — Demographic Snapshot (2023)

Overview

If you’re considering ZIP code 20783 for your next home, investment property, or business location, understanding the area’s demographics and housing landscape is essential. Located in Maryland, this ZIP code offers a diverse community and a range of opportunities for different stakeholders. Using the latest 2023 data, this snapshot provides a clear picture of population trends, income levels, housing costs, and cultural 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 20783.

Population & Households

ZIP 20783 is home to a substantial population of 50,893 residents, making it a vibrant and active community. This area supports 13,852 households, reflecting a mix of family sizes and living arrangements. With 14,389 total housing units, there’s a slight surplus of available homes compared to occupied households, which could indicate opportunities for buyers or renters looking to move in. The population density suggests a bustling environment, ideal for businesses seeking foot traffic or investors eyeing rental demand.

Income & Housing Costs

The median household income in ZIP 20783 stands at $87,052, indicating a solid economic base for many residents. This income level supports a comfortable lifestyle relative to housing costs in the area. The median house value is $400,400, which positions this ZIP code as a potentially accessible entry point for homebuyers in the Maryland market, especially compared to higher-priced neighboring areas. For renters, the median rent is $1,701 per month, reflecting a significant but manageable cost for those not ready to buy. These figures suggest a balanced market for both owning and renting, appealing to a range of financial situations.

Race & Ethnicity

ZIP 20783 boasts a richly diverse population, with a cultural makeup that stands out. The largest demographic group is Hispanic, comprising 68.28% of residents, followed by Black or African American at 22.14%. White residents account for 5.45%, while Asian residents make up 2.73%. This diversity creates a dynamic community atmosphere, offering unique cultural experiences and business opportunities catering to varied tastes and needs. For small-business owners, this mix can translate into a broad customer base, while homebuyers may appreciate the inclusive environment.

Key Facts

• Total population: 50,893 residents in ZIP 20783.
• Total households: 13,852, with diverse family structures.
• Total housing units: 14,389, suggesting some availability for new occupants.
• Median household income: $87,052, supporting a stable local economy.
• Median house value: $400,400, a competitive price in the region.
• Median rent: $1,701, reflecting rental market trends.
• Dominant ethnicity: Hispanic at 68.28%, contributing to cultural richness.

What This Means for You

For homebuyers, ZIP 20783 offers a promising market with a median house value of $400,400, which could be within reach for many, especially with a median household income of $87,052. The slight surplus of housing units may also mean less competition when searching for a home. Investors and real estate agents will find potential in the rental market, where a median rent of $1,701 indicates steady demand, particularly given the area’s large and diverse population of over 50,000. The cultural diversity, with a significant Hispanic majority, suggests niche opportunities for targeted property investments or developments. Small-business owners can leverage the vibrant community and diverse customer base to offer products or services that resonate with local needs, from culturally specific goods to everyday essentials. Finally, analysts can use these metrics to benchmark ZIP 20783 against other areas, identifying trends in housing affordability and demographic shifts for deeper market studies.

Run This Study Yourself

• Curious about diving deeper into ZIP 20783 or comparing it with another area? Start by visiting ZipcodeGPT for a user-friendly platform to explore detailed demographic and housing data.
• Input any ZIP code to access up-to-date metrics on population, income, housing costs, and more, tailored to your specific interests.
• Use the insights to make data-driven decisions, whether you’re buying a home, investing, or planning a business venture in any location.