ZIP 60016 - 860Z200US60016 — Demographic Snapshot (2023)

Overview

If you’re considering ZIP code 60016 for a home purchase, investment opportunity, or business location, understanding the area’s demographic and housing landscape is essential. Located in a dynamic part of Illinois, this ZIP code offers a blend of suburban appeal and economic vitality. With a population of over 60,000 and a diverse community, 60016 presents unique opportunities for homebuyers, real estate investors, small-business owners, and analysts. This snapshot, based on 2023 data, breaks down key metrics to help you make informed decisions about living, investing, or operating in this area.

Population & Households

ZIP code 60016 is home to a substantial population of 60,520 residents, making it a vibrant and active community. These individuals are distributed across 23,847 households, reflecting a mix of family structures and living arrangements. The total number of housing units in the area stands at 25,613, indicating a slight surplus of available properties relative to occupied households. This could suggest opportunities for prospective buyers or renters looking to settle in a well-populated yet accessible area. For businesses, this population size offers a sizable customer base, while investors might note the potential for rental demand given the household-to-unit ratio.

Income & Housing Costs

The financial profile of ZIP 60016 is equally compelling. The median household income here is $84,044, which points to a relatively strong economic foundation for many residents. This income level supports a housing market where the median home value is $300,700—a figure that reflects a solid investment potential for buyers and real estate professionals. For renters, the median monthly rent is $1,406, which aligns with the area’s income levels and suggests a balanced rental market. These figures provide a clear picture for homebuyers assessing affordability and for investors evaluating return on investment in this ZIP code.

Race & Ethnicity

One of the standout features of ZIP 60016 is its diverse population. The racial and ethnic composition includes 51.81% White, 22.27% Asian, 16.68% Hispanic, and 5.44% Black residents, among others. This diversity creates a culturally rich environment, which can be a significant draw for families seeking an inclusive community or businesses aiming to cater to varied customer preferences. For analysts and investors, this mix highlights the potential for broad market appeal, whether in real estate or retail. Understanding this demographic makeup can help tailor strategies to meet the needs of a multifaceted population.

Key Facts

• Total population in ZIP 60016: 60,520 residents, offering a robust community base.
• Total households: 23,847, indicating a mix of family and individual living arrangements.
• Total housing units: 25,613, suggesting some availability for new occupants or investors.
• Median household income: $84,044, reflecting economic stability for many residents.
• Median home value: $300,700, a competitive figure for potential buyers and investors.
• Median rent: $1,406 per month, aligning with local income levels for renters.
• Diverse demographics: 51.81% White, 22.27% Asian, 16.68% Hispanic, and 5.44% Black.

What This Means for You

For homebuyers, ZIP 60016 offers a promising mix of affordability and value with a median home price of $300,700 and a supportive median income of $84,044. The slight surplus of housing units could mean less competition in certain segments of the market. Real estate investors and agents will find the area’s population size and diversity appealing for both rental and resale opportunities, especially given the balanced rent-to-income ratio. Small-business owners can leverage the sizable and varied customer base of over 60,000 residents to build a loyal clientele, particularly in industries that thrive on cultural diversity. Analysts can use these metrics to identify trends, forecast demand, or advise clients on strategic moves in this ZIP code. Whether you’re buying, investing, or operating, 60016 provides a solid foundation for growth and opportunity.

Run This Study Yourself

• Curious about diving deeper into ZIP 60016 or exploring another area? Start by visiting ZipcodeGPT for a user-friendly platform to analyze demographic and housing data.
• Enter any ZIP code to access up-to-date metrics on population, income, housing costs, and more, tailored to your needs.
• Use the insights to make data-driven decisions for your home purchase, investment, or business strategy with confidence.