ZIP 60402 - 860Z200US60402 — Demographic Snapshot (2023)

Overview

If you're considering ZIP code 60402 for your next home, investment property, or business location, understanding the local demographics and housing landscape is essential. Located in a dynamic area, this ZIP code offers a blend of diversity, affordability, and opportunity. With a population of over 63,000 and a median household income of $73,993, this community presents a compelling profile for homebuyers, real estate investors, small-business owners, and analysts. In this snapshot, we’ll break down the key metrics for 2023, providing clear insights to help you make informed decisions about living or investing in 60402.

Population & Households

ZIP code 60402 is home to a substantial population of 63,867 residents, making it a vibrant and active community. These individuals are distributed across 23,143 households, reflecting a mix of family structures and living arrangements. The area also has 25,111 total housing units, indicating a slight surplus of available homes compared to occupied households. This could suggest opportunities for buyers or investors looking to enter the market, as well as potential for growth in housing demand over time.

Income & Housing Costs

Financially, ZIP 60402 offers a solid foundation for residents and businesses alike. The median household income stands at $73,993, which supports a comfortable standard of living for many families and individuals. When it comes to housing, the median home value is $277,800, positioning this area as a relatively accessible market for homebuyers compared to pricier nearby regions. For renters, the median monthly rent is $1,168, offering a more affordable alternative to homeownership while still providing access to the community’s amenities. These figures highlight 60402 as a balanced market for both owning and renting, catering to a range of budgets and preferences.

Race & Ethnicity

One of the standout features of ZIP code 60402 is its diverse population, which enriches the cultural fabric of the area. The racial and ethnic composition includes 60.65% Hispanic residents, making this the predominant demographic group. White residents account for 27.33% of the population, while Black residents represent 7.16%, and Asian residents make up 3.71%. This diversity can be a significant draw for businesses seeking a broad customer base and for families looking for an inclusive community to call home.

Key Facts

• Total population: 63,867 residents, indicating a sizable and active community.
• Total households: 23,143, reflecting a mix of family and individual living arrangements.
• Total housing units: 25,111, suggesting potential availability for new residents or investors.
• Median household income: $73,993, supporting a stable economic environment.
• Median home value: $277,800, offering a competitive entry point for homebuyers.
• Median rent: $1,168 per month, providing affordable rental options.
• Diverse demographics: 60.65% Hispanic, 27.33% White, 7.16% Black, and 3.71% Asian.

What This Means for You

For homebuyers, ZIP 60402 presents an attractive opportunity to purchase a property at a median value of $277,800, which is reasonable compared to many surrounding areas. The slight surplus of housing units (25,111 total units versus 23,143 households) may also mean less competition in the market, potentially giving buyers an edge. Investors and real estate agents will find value in the area’s diversity and steady median income of $73,993, which supports long-term rental demand and property appreciation potential. Small-business owners can benefit from the large, diverse population of 63,867, offering a wide customer base for products and services tailored to varied cultural preferences. Analysts studying market trends will appreciate the balanced housing costs and demographic mix as indicators of a stable, growing community. Whether you’re looking to settle down, invest, or start a business, 60402 offers a promising foundation to build on.

Run This Study Yourself

• Curious about diving deeper into ZIP code 60402 or exploring another area? Start by visiting ZipcodeGPT for a user-friendly platform to analyze local demographics and housing data.
• Enter any ZIP code to access up-to-date metrics on population, income, housing costs, and more, tailored to your specific interests.
• Use the insights to make informed decisions, whether you’re buying a home, investing in property, or planning a business venture in a new location.