ZIP 60638 - 860Z200US60638 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 60638, located in the Chicago area, this demographic and housing snapshot offers a clear picture of the community in 2023. With a population of over 58,000 and a diverse cultural makeup, this area presents unique opportunities and challenges for homebuyers, real estate investors, small-business owners, and analysts. Drawing from the latest data, this article breaks down key metrics on population, income, housing, and ethnicity to help you make informed decisions.

Population & Households

ZIP 60638 is home to 58,250 residents, making it a sizable community within the broader Chicago metropolitan region. These individuals are distributed across 20,805 households, reflecting a mix of family structures and living arrangements. The total number of housing units stands at 21,636, indicating a slight surplus of available homes compared to occupied households. This could suggest opportunities for buyers or renters looking to settle in the area, as well as potential inventory for investors to consider.

Income & Housing Costs

The median household income in ZIP 60638 is $89,191, a figure that positions the area as a relatively stable economic environment for families and individuals. This income level supports a housing market where the median home value is $283,500, offering a balance between affordability and investment potential compared to other parts of Chicago. For renters, the median monthly rent is $1,327, which aligns with the income levels and suggests a manageable cost of living for those not ready to buy. These figures provide a solid foundation for understanding the financial landscape of the area, whether you’re planning to purchase a home or assess market viability for business.

Race & Ethnicity

The demographic composition of ZIP 60638 reflects a vibrant and diverse community. The largest ethnic group is Hispanic, accounting for 59.59% of the population, followed by White residents at 36.1%. Black residents make up 2.3% of the population, while Asian residents represent 0.84%. This diversity shapes the cultural fabric of the area, influencing everything from local businesses to community events. For business owners and investors, understanding this mix can help tailor offerings or marketing strategies to resonate with the majority Hispanic population and other groups.

Key Facts

• Total population: 58,250 residents, offering a substantial market for businesses and services.
• Total households: 20,805, indicating a strong base of family and individual units.
• Total housing units: 21,636, with a small surplus suggesting potential availability for buyers or renters.
• Median household income: $89,191, reflecting economic stability for many residents.
• Median home value: $283,500, a competitive price point in the Chicago area.
• Median rent: $1,327 per month, aligning with local income levels for affordability.
• Ethnic diversity: Predominantly Hispanic (59.59%), with significant White (36.1%) representation.

What This Means for You

For homebuyers, ZIP 60638 offers a promising mix of affordability and community size. With a median home value of $283,500 and a slight surplus of housing units, you may find opportunities to secure a property at a reasonable price compared to other Chicago neighborhoods. The median income of $89,191 also suggests a stable economic environment to support homeownership.

For investors and real estate agents, the data points to potential in both rental and sales markets. The median rent of $1,327 indicates a steady demand for rental properties, while the diversity of the population could guide targeted marketing or property development strategies to appeal to the majority Hispanic demographic.

For small-business owners, the large population of 58,250 and the cultural diversity provide a robust customer base. Tailoring products or services to the needs and preferences of the Hispanic community, which forms nearly 60% of the population, could be a key to success. Additionally, the solid median income suggests disposable income for local spending.

For analysts, these metrics offer a snapshot of a dynamic area with a balanced housing market and diverse population, ideal for deeper studies on economic trends or cultural impacts in urban settings like Chicago.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 60638? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic data.
• Enter any ZIP code to access detailed reports on population, housing, income, and more, tailored to your specific needs.
• Use the insights to make data-driven decisions for buying, investing, or launching a business with confidence.