ZIP 23116 - 860Z200US23116 — Demographic Snapshot (2023)

Overview

If you're considering a move, investment, or business opportunity in ZIP 23116, located in the heart of Virginia's Hanover County, this demographic and housing snapshot offers a clear picture of the area in 2023. With a population of over 34,000 and a strong median household income, this ZIP code presents a stable and affluent community. Whether you're a homebuyer, real estate investor, small-business owner, or data analyst, understanding the makeup of ZIP 23116 can guide your next steps. Let’s break down the key metrics around population, income, housing, and diversity to help you make informed decisions.

Population & Households

ZIP 23116 is home to 34,058 residents, making it a moderately sized community with a suburban feel. These individuals are distributed across 12,035 households, reflecting a solid base of family and individual units. The total number of housing units stands at 12,246, indicating a slight surplus of available homes relative to occupied households. This balance suggests a stable housing market with room for growth or turnover, which could be appealing to buyers or investors looking for opportunities in a well-established area.

Income & Housing Costs

One of the standout features of ZIP 23116 is its robust median household income of $139,029, which points to a financially secure population. This figure places the area well above national averages, signaling strong purchasing power among residents—a key consideration for businesses eyeing this market. On the housing front, the median home value is $405,900, reflecting a premium market that aligns with the high income levels. For renters, the median rent is $1,983 per month, indicating that leasing in this area also comes at a significant cost. These numbers underscore ZIP 23116 as a high-value location for real estate and economic activity.

Race & Ethnicity

The demographic composition of ZIP 23116 offers insight into the community's cultural makeup. The population is predominantly White at 83.21%, with smaller but notable representation from Black (6.87%), Asian (2.45%), and Hispanic (2.22%) residents. This distribution suggests a relatively homogenous area with pockets of diversity. For businesses and investors, understanding this breakdown can help tailor services, marketing, or community engagement strategies to resonate with the majority while addressing the needs of minority groups.

Key Facts

• Total population in ZIP 23116: 34,058 residents as of 2023.
• Total households: 12,035, supporting a strong community base.
• Total housing units: 12,246, with a small surplus over occupied homes.
• Median household income: $139,029, indicating significant local wealth.
• Median home value: $405,900, reflecting a premium real estate market.
• Median rent: $1,983 per month, a notable cost for renters.
• Racial composition: 83.21% White, 6.87% Black, 2.45% Asian, 2.22% Hispanic.

What This Means for You

For homebuyers, ZIP 23116 offers a prosperous community with high-quality housing, though the median home value of $405,900 means you'll need to budget for a premium price tag. The strong median income suggests neighbors with financial stability, often correlating with well-maintained properties and good schools. Real estate investors and agents should note the slight surplus of housing units (12,246 vs. 12,035 households), which could signal opportunities for flipping or renting, especially given the high median rent of $1,983. Small-business owners can leverage the area's $139,029 median income to target a clientele with disposable income—think premium services, dining, or retail. Analysts will find this data a useful benchmark for tracking suburban growth trends or comparing ZIP 23116 to neighboring areas. Across all groups, the demographic homogeneity (83.21% White) may influence community dynamics or marketing approaches, so plan accordingly.

Run This Study Yourself

Want to dive deeper into ZIP 23116 or analyze another area? Follow these steps to get tailored insights:

• Visit ZipcodeGPT to access a powerful tool for demographic and housing analysis.
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• Use the insights to inform your homebuying, investment, or business decisions with confidence.