ZIP 60647 - 860Z200US60647 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 60647, located in the vibrant heart of Chicago, this demographic and housing snapshot offers a clear picture of the area in 2023. Covering key metrics like population, income, housing costs, and racial composition, this analysis equips homebuyers, real estate investors, small-business owners, and analysts with actionable insights. Let’s dive into the data to understand what makes this ZIP code unique and how it can align with your goals.

Population & Households

ZIP 60647 is home to a substantial population of 85,589 residents as of 2023, making it a bustling urban area with a strong community presence. This population is distributed across 38,440 households, reflecting a dense and active residential landscape. With 41,975 total housing units in the area, there’s a slight surplus of units over households, which could indicate some availability for new residents or investors looking to enter the market. For those eyeing this area, the sheer size of the population suggests a robust local economy and potential customer base.

Income & Housing Costs

The median household income in ZIP 60647 stands at $102,851, a figure that points to a relatively affluent community compared to national averages. This income level supports a strong purchasing power, which is crucial for small businesses and service providers. On the housing front, the median home value is $557,300, reflecting a premium real estate market that could appeal to investors seeking long-term appreciation. For renters, the median rent is $1,714 per month, indicating a competitive rental market that aligns with the area’s higher income and property values. These figures suggest that while entry costs are high, the financial stability of residents could make this a worthwhile investment or relocation spot.

Race & Ethnicity

ZIP 60647 boasts a diverse cultural fabric, with a racial and ethnic composition that enriches the community. As of 2023, the population is 48.87% White, 37.08% Hispanic, 5.72% Black, and 4.61% Asian, with the remaining percentage comprising other or mixed-race individuals. This diversity creates a dynamic social environment, offering opportunities for businesses to cater to varied cultural preferences and for residents to enjoy a multicultural lifestyle. For investors and business owners, this mix can translate into a broad customer base with unique needs and tastes.

Key Facts

• Total population: 85,589 residents, indicating a sizable urban community.
• Total households: 38,440, reflecting a dense residential area.
• Total housing units: 41,975, suggesting some availability for new occupants.
• Median household income: $102,851, pointing to strong local purchasing power.
• Median home value: $557,300, a premium price for a competitive market.
• Median rent: $1,714, aligning with the area’s higher income and property costs.
• Racial diversity: 48.87% White, 37.08% Hispanic, 5.72% Black, 4.61% Asian, fostering a vibrant cultural mix.

What This Means for You

For homebuyers, ZIP 60647 offers a thriving, diverse community with a higher median income, suggesting financial stability among neighbors, though the $557,300 median home value means you’ll need to budget for a premium purchase. Investors and real estate agents will find opportunity in the slight surplus of housing units (41,975 vs. 38,440 households), which could indicate room for rentals or flips, especially given the strong rental market at $1,714 median rent. Small-business owners can leverage the large population of 85,589 and the area’s diversity to target a wide range of customers, while the $102,851 median income suggests residents have disposable income for goods and services. Analysts can use these metrics to benchmark ZIP 60647 against other urban areas, noting its blend of affluence and cultural richness as key differentiators.

Run This Study Yourself

• Curious about another ZIP code or want to dive deeper into ZIP 60647? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
• Enter any ZIP code to access up-to-date metrics on population, income, housing, and more, tailored to your needs.
• Use the insights to make informed decisions, whether you’re buying a home, investing, or planning a business venture.