ZIP 62703 - 860Z200US62703 — Demographic Snapshot (2023)

Overview

If you’re considering a move, investment, or business opportunity in ZIP 62703, located in the Springfield, Illinois area, this demographic and housing snapshot offers a clear picture of the community. With data from 2023, we’ll break down key metrics like population, income, housing values, and racial composition to help you make informed decisions. Whether you’re a homebuyer, real estate investor, small-business owner, or analyst, understanding ZIP 62703’s profile can guide your next steps.

Population & Households

ZIP 62703 is home to a population of 28,820 residents, making it a moderately sized community with a mix of urban and suburban characteristics. These residents are distributed across 12,368 households, reflecting a diverse range of family structures and living arrangements. With 14,320 total housing units in the area, there’s a noticeable gap between occupied and available homes, which could signal opportunities for buyers or investors looking to enter the market.

Income & Housing Costs

The median household income in ZIP 62703 stands at $44,580, which is below the national average but reflects the local cost of living and economic conditions in this part of Illinois. For those evaluating affordability, this income level provides context for housing costs. The median house value in the area is $93,100, offering a relatively accessible entry point for first-time homebuyers or investors seeking value-driven properties. Meanwhile, the median rent is $971 per month, which aligns with the income levels and suggests a balanced rental market for tenants and landlords alike.

Race & Ethnicity

The demographic makeup of ZIP 62703 is diverse, with a racial composition that includes 53.19% White, 35.06% Black, 0.93% Asian, and 4.86% Hispanic residents. This mix contributes to a culturally rich community, which can be a draw for families, businesses, and investors looking for an inclusive environment. Understanding this diversity can also help small-business owners tailor their offerings to meet the needs of different cultural groups within the area.

Key Facts

• Total population: 28,820 residents in ZIP 62703 as of 2023.
• Total households: 12,368, indicating a variety of family and living arrangements.
• Total housing units: 14,320, with some vacancy that could present opportunities.
• Median household income: $44,580, reflecting local economic conditions.
• Median house value: $93,100, an affordable option for many buyers.
• Median rent: $971, suggesting a stable rental market.
• Racial diversity: Predominantly White (53.19%) and Black (35.06%), with smaller Hispanic (4.86%) and Asian (0.93%) populations.

What This Means for You

For homebuyers, ZIP 62703 offers an affordable housing market with a median home value of $93,100, well below many national benchmarks. This could be an ideal spot for first-time buyers or those seeking a lower-cost area to settle down. The diversity of the community also means a welcoming environment for families of varied backgrounds.

For real estate investors and agents, the gap between total housing units (14,320) and occupied households (12,368) suggests potential for flipping properties or filling vacancies with tenants. The median rent of $971 indicates a steady demand for rentals, which could translate to consistent returns on investment properties.

For small-business owners, the population of nearly 29,000 and diverse demographic profile provide a solid customer base. Tailoring products or services to reflect the cultural mix—especially the significant White and Black populations—could help you connect with local needs. Additionally, the median income of $44,580 suggests focusing on value-driven offerings to match residents’ purchasing power.

For analysts, these metrics offer a baseline for deeper research into economic trends, housing demand, and community growth in ZIP 62703. The data points to a stable, if not affluent, area with room for targeted development or investment.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into ZIP 62703? Start by visiting ZipcodeGPT for a user-friendly way to access detailed demographic and housing data.
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• Use the insights to make data-driven decisions for buying, investing, or launching a business in any area of interest.