ZIP Code 60602 — Demographics & Housing Data 2023

Overview

If you’re considering ZIP code 60602 for your next home, investment, or business venture, this demographic and housing snapshot offers a clear picture of what to expect. Located in the heart of Chicago, this area presents unique opportunities and challenges for homebuyers, real estate investors, small-business owners, and analysts. Using the latest 2023 data, we’ll break down population trends, household dynamics, income levels, housing costs, and racial composition to help you make informed decisions about this urban locale.

Population & Households

ZIP 60602 is home to a compact population of 1,127 residents. This smaller community size reflects the area’s urban density and limited residential space, often characteristic of central city zones. The total number of households stands at 551, which matches the total housing units available, indicating full occupancy with no apparent vacant units in the data. This suggests a tight housing market where demand aligns directly with supply, a critical factor for anyone looking to buy or invest here.

Income & Housing Costs

Financially, ZIP 60602 stands out with a median household income of $123,047, signaling a relatively affluent resident base. This higher income level can support premium pricing for homes and rentals, as well as sustain local businesses catering to a wealthier demographic. On the housing front, the median house value is $383,300, reflecting the premium placed on real estate in this central location. For renters, the median rent is a steep $2,775 per month, underscoring the high cost of living and the need for substantial income to reside here comfortably. These figures are essential for gauging affordability and investment potential in this ZIP code.

Race & Ethnicity

The demographic makeup of ZIP 60602 is notably diverse, offering a multicultural environment that can appeal to a wide range of residents and business owners. Hispanic residents make up the largest group at 44.99%, followed by White residents at 30.61%. Asian individuals account for 21.65% of the population, while Black residents represent 2.75%. This diversity can influence community dynamics, cultural offerings, and market demands, making it a vibrant area for those who value inclusivity and varied perspectives.

Key Facts

• Total population in ZIP 60602: 1,127 residents.
• Total households and housing units: 551 each, indicating full occupancy.
• Median household income: $123,047, reflecting a high-earning community.
• Median house value: $383,300, a significant investment benchmark.
• Median rent: $2,775 per month, among the higher rental costs in urban areas.
• Racial composition: Hispanic (44.99%), White (30.61%), Asian (21.65%), Black (2.75%).

What This Means for You

For homebuyers, ZIP 60602 offers a prestigious urban address, but the high median house value of $383,300 and rent of $2,775 mean you’ll need a robust budget to enter this market. The full occupancy of housing units suggests limited availability, so acting quickly on opportunities is key. Investors and real estate agents will find potential in the affluent demographic and high property values, though the tight market may require creative strategies to secure deals. The diverse population also hints at varied tenant preferences, which could guide property customization or marketing. For small-business owners, the high median income indicates disposable income among residents, ideal for premium or niche offerings, while the cultural diversity supports businesses catering to specific ethnic or cultural needs. Analysts can use these metrics to track urban trends, assess market saturation, or predict future demand in similar ZIP codes. Across all groups, the data points to a competitive, high-value area with distinct opportunities for those prepared to navigate its challenges.

Run This Study Yourself

• Curious about other areas or want to dive deeper into ZIP 60602? Start by visiting ZipcodeGPT for a user-friendly platform to explore demographic and housing data.
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• Use the insights to inform your next move, whether you’re buying a home, investing, or planning a business in a new location.