ZIP 60623 - 860Z200US60623 — Demographic Snapshot (2023)

Overview

If you’re considering ZIP code 60623 for a home purchase, investment opportunity, or business venture, understanding the local demographics and housing landscape is essential. Located in the heart of Chicago, this area offers a unique blend of cultural diversity and urban opportunity. This snapshot, based on 2023 data, provides a clear picture of the population, income levels, housing costs, and racial composition in 60623. Whether you’re a homebuyer, real estate investor, small-business owner, or analyst, these insights will help you make informed decisions tailored to your goals.

Population & Households

ZIP code 60623 is home to a substantial population of 77,061 residents, making it a densely populated urban area with a vibrant community. This population is distributed across 27,450 households, reflecting a mix of family structures and living arrangements. With 31,300 total housing units in the area, there’s a notable presence of both occupied and vacant properties, which could signal opportunities for investors or buyers looking for availability in a competitive market. The ratio of households to population suggests an average household size of roughly 2.8 people, indicating a community with a mix of families and smaller living units.

Income & Housing Costs

The median household income in ZIP 60623 stands at $44,040, which is an important figure for understanding the economic profile of the area. This income level suggests a working-class community where affordability is a key concern for many residents. On the housing front, the median home value is $221,400, which may present a relatively accessible entry point for buyers in the Chicago area, though prices can vary widely by neighborhood within the ZIP code. For renters, the median rent is $1,054 per month, reflecting a significant portion of household budgets dedicated to housing costs. These figures are critical for assessing affordability and investment potential in 60623.

Race & Ethnicity

ZIP code 60623 is a culturally rich and diverse area, with a racial and ethnic composition that shapes its community identity. The largest demographic group is Hispanic, comprising 68.38% of the population, followed by Black residents at 26.25%. White residents make up 4.01% of the population, while Asian residents account for just 0.52%. This diversity offers a unique cultural tapestry, influencing local businesses, schools, and community events. For businesses and investors, this mix can translate into opportunities to cater to specific cultural needs or preferences, while homebuyers may appreciate the vibrant, multicultural environment.

Key Facts

• Total population: 77,061 residents, indicating a sizable urban community.
• Total households: 27,450, with an average household size of approximately 2.8 people.
• Total housing units: 31,300, suggesting potential availability for buyers or investors.
• Median household income: $44,040, reflecting a working-class economic base.
• Median home value: $221,400, a potentially accessible price point in Chicago.
• Median rent: $1,054, an important consideration for renters and landlords.
• Dominant demographic: Hispanic at 68.38%, contributing to a culturally diverse area.

What This Means for You

For homebuyers, ZIP 60623 offers a chance to enter the Chicago housing market at a median value of $221,400, which may be more attainable compared to other parts of the city. However, with a median household income of $44,040, budgeting for ongoing costs like property taxes and maintenance will be key. Investors and real estate agents should note the 31,300 housing units and the gap between total units and occupied households, which could indicate opportunities for rental properties or fixer-uppers, especially with a median rent of $1,054. Small-business owners can leverage the area’s diversity—particularly the large Hispanic population of 68.38%—to tailor products or services to cultural preferences, potentially tapping into an underserved market. Analysts can use these metrics to benchmark 60623 against neighboring ZIP codes for deeper market studies or trend analysis.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into 60623? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
• Enter any ZIP code to access up-to-date insights on population, income, housing costs, and more, tailored to your specific needs.
• Use the detailed reports to inform your next home purchase, investment decision, or business strategy with confidence.