ZIP 20902 - 860Z200US20902 — Demographic Snapshot (2023)

Overview

If you’re considering ZIP code 20902 for your next home, investment, or business venture, this demographic and housing snapshot offers a clear, data-driven look at the area. Located in Montgomery County, Maryland, ZIP 20902 encompasses communities like Silver Spring and Wheaton, known for their proximity to Washington, D.C., and suburban appeal. With a population of over 53,000 and a diverse cultural makeup, this area presents unique opportunities and considerations for homebuyers, real estate investors, small-business owners, and analysts. Let’s break down the key metrics from 2023 to help you make informed decisions.

Population & Households

ZIP 20902 is home to 53,170 residents, making it a sizable community with a vibrant local presence. These individuals are distributed across 17,982 households, reflecting a mix of family structures and living arrangements. The total number of housing units stands at 18,759, indicating a slight surplus of available homes compared to occupied households. This could suggest opportunities for buyers or renters looking to move into the area, as well as potential inventory for investors to consider.

Income & Housing Costs

Financially, ZIP 20902 stands out with a median household income of $111,408, which is notably higher than many national averages. This suggests a relatively affluent community with strong purchasing power—an important factor for businesses targeting local consumers or investors assessing rental demand. On the housing front, the median home value is $531,200, reflecting a competitive real estate market that aligns with the area’s proximity to urban centers like D.C. For renters, the median rent is $2,088 per month, indicating a significant cost for leasing in this ZIP code. These figures highlight the need for careful budgeting, whether you’re buying, renting, or investing.

Race & Ethnicity

One of the defining characteristics of ZIP 20902 is its diversity. The racial and ethnic composition includes 38.51% Hispanic or Latino residents, making this the largest demographic group in the area. White residents account for 31.96%, while Black or African American individuals make up 18.14%, and Asian residents comprise 7.5%. This cultural richness can be a draw for families seeking inclusive communities, businesses aiming to serve varied customer bases, and investors looking at long-term demographic trends. Understanding this mix is key to tailoring your approach, whether you’re opening a shop or choosing a neighborhood to call home.

Key Facts

• Total population: 53,170 residents in ZIP 20902.
• Total households: 17,982, with diverse family and living arrangements.
• Total housing units: 18,759, suggesting some availability for new occupants.
• Median household income: $111,408, indicating strong local earning power.
• Median home value: $531,200, reflecting a robust real estate market.
• Median rent: $2,088 per month, a significant cost for renters.
• Diverse demographics: 38.51% Hispanic, 31.96% White, 18.14% Black, 7.5% Asian.

What This Means for You

For homebuyers, ZIP 20902 offers a diverse and dynamic community with a higher-than-average median home value of $531,200. The strong median income of $111,408 suggests neighbors with financial stability, which can contribute to a secure investment in property. However, be prepared for competitive pricing and ensure your budget aligns with these costs. Investors and real estate agents will find potential in the slight gap between housing units and households, which may indicate room for rental or resale opportunities. The high median rent of $2,088 also points to a strong rental market for those considering income properties. Small-business owners can leverage the area’s diversity and income levels to target a wide range of customers, particularly by offering products or services that resonate with Hispanic, White, Black, and Asian communities. Finally, analysts can use these metrics to track demographic shifts and economic trends in a key suburban area near D.C., providing valuable insights for broader market studies.

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