ZIP Code 20906 — Demographics & Housing Data 2023

Overview

If you’re considering a move, investment, or business opportunity in ZIP 20906, located in Maryland’s Montgomery County, this demographic and housing snapshot offers a clear picture of the area in 2023. With a sizable population, diverse community, and robust housing market, this ZIP code presents unique opportunities and considerations for homebuyers, real estate investors, small-business owners, and analysts. Let’s break down the latest data to help you understand what makes this area tick and how it aligns with your goals.

Population & Households

ZIP 20906 is home to 71,216 residents, making it a vibrant and densely populated community. This population is spread across 26,242 households, reflecting a mix of family sizes and living arrangements. The total number of housing units stands at 27,423, indicating a slight surplus of available homes relative to occupied households. This balance suggests a stable housing market with potential opportunities for buyers or renters looking to settle in the area.

Income & Housing Costs

The median household income in ZIP 20906 is $92,964, pointing to a relatively affluent community with solid earning power. This income level supports a strong local economy, which can be a draw for businesses and investors. On the housing front, the median home value is $440,600, reflecting a competitive real estate market that may appeal to those seeking long-term value appreciation. For renters, the median rent is $1,945 per month, which aligns with the area’s higher cost of living but also signals demand for rental properties. These figures provide a benchmark for assessing affordability and investment potential in this ZIP code.

Race & Ethnicity

ZIP 20906 stands out for its cultural diversity, which shapes the community’s character and economic dynamics. The racial and ethnic composition includes 32.05% Hispanic, 25.57% White, 24.64% Black, and 11.39% Asian residents. This mix fosters a multicultural environment that can be a significant asset for businesses catering to varied customer bases or for families seeking an inclusive place to call home. Understanding this diversity is key for tailoring services, marketing strategies, or community engagement efforts in the area.

Key Facts

• Total population: 71,216 residents, indicating a sizable and active community.
• Total households: 26,242, showing a strong base of local families and individuals.
• Total housing units: 27,423, suggesting availability for new residents or investors.
• Median household income: $92,964, reflecting economic stability and purchasing power.
• Median home value: $440,600, pointing to a valuable real estate market.
• Median rent: $1,945, indicating a premium rental market with steady demand.
• Diverse demographics: 32.05% Hispanic, 25.57% White, 24.64% Black, 11.39% Asian, highlighting a multicultural population.

What This Means for You

For homebuyers, ZIP 20906 offers a competitive yet promising housing market with a median home value of $440,600. The slight surplus of housing units (27,423 vs. 26,242 households) could mean less intense bidding wars, but the price point reflects the area’s desirability and proximity to economic hubs in Montgomery County. The diverse community also ensures a welcoming environment for families of varied backgrounds.

For investors and real estate agents, the data suggests potential in both buying and renting markets. With a median rent of $1,945, rental properties could yield consistent returns, especially given the area’s strong median income of $92,964, which supports tenants’ ability to pay. The diversity and population size also indicate a steady demand for housing.

For small-business owners, the multicultural population of 71,216 offers a broad customer base. Tailoring products or services to Hispanic, White, Black, and Asian demographics can help you tap into niche markets. The solid household income level further supports consumer spending, making this ZIP code a viable spot for retail, dining, or service-based ventures.

For analysts, these metrics provide a foundation for deeper research into economic trends, housing turnover, or community needs in ZIP 20906. The balance of income, housing costs, and diversity offers rich ground for modeling future growth or identifying gaps in local services.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 20906? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
• Enter any ZIP code to access up-to-date stats on population, income, housing, and more, tailored to your specific interests.
• Use the insights to inform your next move, investment, or business decision with confidence and precision.