ZIP 62704 - 860Z200US62704 — Demographic Snapshot (2023)

Overview

If you're considering ZIP code 62704 for your next home, investment property, or business location, understanding the local demographics and housing landscape is essential. Located in a vibrant part of Illinois, this area offers a mix of residential stability and economic opportunity. This snapshot, based on 2023 data, provides a clear picture of the population, income levels, housing costs, and racial composition in 62704. Whether you're a homebuyer, real estate investor, small-business owner, or data analyst, these insights can guide your decision-making with confidence.

Population & Households

ZIP code 62704 is home to a population of 39,597 residents as of 2023. This sizable community is spread across 18,720 households, indicating a strong residential base. With 20,706 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. The ratio of households to population suggests an average household size of just over two people, pointing to a mix of families, couples, and individuals shaping the community’s character.

Income & Housing Costs

Economic stability is a key factor for anyone eyeing ZIP 62704. The median household income here stands at $66,352, reflecting a moderate earning capacity that supports a comfortable lifestyle for many residents. On the housing front, the median home value is $166,900, which offers a relatively accessible entry point for homebuyers compared to pricier markets. For renters, the median rent is $924 per month, providing an affordable alternative to ownership. These figures suggest that 62704 strikes a balance between affordability and value, appealing to a range of budgets whether you're buying, renting, or investing.

Race & Ethnicity

The demographic makeup of ZIP 62704 reveals a predominantly white population at 73.68%, with significant representation from other groups as well. Black residents account for 14.61% of the population, while Asian and Hispanic communities make up 3.53% and 3.59%, respectively. This diversity contributes to a multifaceted cultural landscape, which can be a draw for businesses catering to varied customer bases or families seeking an inclusive environment. Understanding this composition helps stakeholders anticipate community needs and preferences.

Key Facts

• Total population in ZIP 62704: 39,597 residents.
• Total households: 18,720, supporting a stable community base.
• Total housing units: 20,706, with potential availability for new occupants.
• Median household income: $66,352, indicating moderate economic strength.
• Median home value: $166,900, offering affordability for buyers.
• Median rent: $924, a competitive rate for renters.
• Racial composition: 73.68% white, 14.61% black, 3.53% Asian, 3.59% Hispanic.

What This Means for You

For homebuyers, ZIP 62704 presents an attractive option with median home values at $166,900 and a median rent of $924, making it feasible to either buy or rent based on your financial goals. The population size and household count suggest a lively yet manageable community, ideal for families or individuals seeking connection without overcrowding. Real estate investors and agents can note the gap between total housing units (20,706) and households (18,720), which may indicate vacant properties or room for development—potentially a chance to flip homes or secure rental income. Small-business owners will appreciate the diverse demographic mix and solid median income of $66,352, pointing to a customer base with purchasing power across varied backgrounds. Analysts can use these metrics as a foundation for deeper market studies, especially in housing trends or economic forecasting for 62704. Tailoring your approach to these realities can maximize your success in this area.

Run This Study Yourself

• Curious about other ZIP codes or want to dive deeper into 62704? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
• Input any ZIP code to access up-to-date metrics on population, income, housing costs, and more, tailored to your needs.
• Use the insights to inform your decisions, whether you're buying a home, investing, or planning a business venture in any location.