ZIP 40502 - 860Z200US40502 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 40502, located in the heart of Lexington, Kentucky, this demographic and housing snapshot offers a clear picture of the area. With data from 2023, we’ll break down population trends, household dynamics, income levels, housing costs, and racial composition to help you make informed decisions. Whether you’re a homebuyer, real estate investor, small-business owner, or analyst, these insights provide a foundation for understanding the community and its potential.

Population & Households

ZIP 40502 is home to a population of 26,593 residents as of 2023. This area supports 13,080 households, reflecting a vibrant community with a mix of family and individual living arrangements. The total number of housing units stands at 14,232, indicating a slight surplus of available homes compared to occupied households. This gap could signal opportunities for buyers or investors looking to enter the market, as well as potential rental demand for property owners.

Income & Housing Costs

The median household income in ZIP 40502 is $73,939, suggesting a relatively stable economic base for many residents. This income level supports a housing market where the median home value reaches $483,600, positioning the area as a higher-end market within the region. For renters, the median monthly rent is $1,068, which is notable but more accessible compared to homeownership costs. These figures highlight a community where affordability varies widely depending on whether you’re buying or renting, offering distinct entry points for different budgets.

Race & Ethnicity

The demographic makeup of ZIP 40502 shows a predominantly White population at 85.26%, with smaller but significant representation from other groups. Black residents account for 3.76%, Asian residents make up 4.07%, and Hispanic individuals comprise 4.32% of the population. This composition reflects a community with moderate diversity, which may influence cultural amenities, local businesses, and community dynamics. For business owners or investors, understanding this mix can help tailor offerings or marketing strategies to resonate with the area’s residents.

Key Facts

• Total population: 26,593 residents in 2023, indicating a mid-sized community.
• Total households: 13,080, showing active residential engagement.
• Total housing units: 14,232, suggesting potential availability for new occupants.
• Median household income: $73,939, reflecting a solid economic foundation.
• Median home value: $483,600, positioning this as a premium housing market.
• Median rent: $1,068 per month, offering a more accessible option for non-buyers.
• Racial composition: 85.26% White, 3.76% Black, 4.07% Asian, 4.32% Hispanic.

What This Means for You

For homebuyers, ZIP 40502 presents a higher-end market with a median home value of $483,600. This suggests that entering as a homeowner requires substantial financial readiness, but the area’s stable median income of $73,939 indicates a community with economic staying power, potentially supporting long-term property value growth. If buying isn’t feasible, renting at a median of $1,068 per month could be a practical way to join the community while saving for a future purchase.

For investors and real estate agents, the surplus of housing units (14,232 total versus 13,080 households) hints at opportunities for rental properties or flipping homes, especially given the area’s desirable median income and home values. The rental market also appears viable with consistent demand reflected in the median rent figures.

For small-business owners, the population of over 26,000 and a moderately diverse demographic profile offer a solid customer base. The income levels suggest disposable income for discretionary spending, which could benefit retail, dining, or service-based businesses. Tailoring offerings to the predominantly White population while being inclusive of smaller but growing minority groups could maximize reach.

For analysts, these metrics provide a baseline for deeper studies into economic trends, housing turnover, or demographic shifts in ZIP 40502. The data points to a stable, somewhat affluent area with room for growth in housing occupancy.

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