ZIP 62702 - 860Z200US62702 — Demographic Snapshot (2023)

Overview

If you’re considering ZIP code 62702 for your next home, investment property, or business location, understanding the local demographics and housing landscape is essential. Located in the heart of Illinois, this area offers a mix of affordability and diversity that can appeal to a wide range of interests. With data from 2023, this snapshot provides a clear picture of the population, income levels, housing costs, and racial composition in 62702. Whether you’re a homebuyer, real estate investor, small-business owner, or analyst, these insights will help you make informed decisions about this community.

Population & Households

ZIP code 62702 is home to a population of 31,251 residents, making it a moderately sized community with a stable residential base. These individuals are distributed across 14,487 households, reflecting a mix of family and individual living arrangements. With 17,083 total housing units in the area, there’s a notable number of vacant or potentially available properties, which could be of interest to investors or buyers looking for opportunities. This balance of population and housing suggests a community with room for growth or development, depending on your goals.

Income & Housing Costs

The median household income in ZIP 62702 stands at $52,748, which indicates a working-to-middle-class economic profile. This income level supports a housing market that remains relatively affordable compared to national averages. The median house value in this area is $102,300, offering a lower entry point for homebuyers or investors seeking properties with potential for appreciation. For renters, the median rent is $858 per month, which aligns with the income levels and provides an accessible option for those not ready to buy. These figures highlight 62702 as a cost-effective area for both living and investing.

Race & Ethnicity

The demographic makeup of ZIP 62702 reflects a predominantly white population at 72.31%, with a significant Black community comprising 17.22% of residents. Hispanic individuals account for 3.11% of the population, while Asian residents make up a smaller share at 0.6%. This diversity, while not as pronounced as in larger urban centers, still offers a blend of cultural perspectives that can enrich community life. For businesses, this mix may influence customer bases or marketing strategies, while homebuyers might appreciate the varied neighborhood dynamics.

Key Facts

• Total population in ZIP 62702: 31,251 residents.
• Total households: 14,487, indicating a mix of family and solo living.
• Total housing units: 17,083, with potential vacancies for investment.
• Median household income: $52,748, reflecting a working-to-middle-class area.
• Median house value: $102,300, an affordable entry point for buyers.
• Median rent: $858, accessible for renters on moderate incomes.
• Racial composition: 72.31% white, 17.22% Black, 3.11% Hispanic, 0.6% Asian.

What This Means for You

For homebuyers, ZIP 62702 offers an affordable housing market with a median home value of $102,300, making it a practical choice for first-time buyers or those seeking value. The moderate median income of $52,748 suggests a stable community where neighbors are likely to share similar economic priorities. Investors and real estate agents should note the gap between total housing units (17,083) and households (14,487), which may point to opportunities for rental properties or fixer-uppers in a market with reasonable appreciation potential. Small-business owners can benefit from a diverse customer base of over 31,000 residents, tailoring services to a predominantly white but notably mixed demographic. The affordable rent of $858 could also keep overhead low for storefronts or offices. Analysts will find this data a useful benchmark for tracking economic or demographic trends in central Illinois, especially in relation to housing affordability.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into 62702? Start by visiting ZipcodeGPT for a user-friendly platform to explore detailed demographic and housing data.
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