Loading Content...
Demographic Analysis of Zip Code 02554: Racial Composition and Economic Trends
CATEGORY
Demographics
DATA
Population
Median Income
Racial Distributions
Loading Content...
Demographics
Population
Median Income
Racial Distributions
The zip code 02554 in Nantucket, Massachusetts, had a racial composition of 71% white in 2022, categorized as having a "White Majority". The area has undergone moderate demographic changes over the past decade, moving towards increased diversity while maintaining a strong economic profile. The median income in 2022 was $117,476, which is above the national average, indicating an affluent community that has experienced population growth and economic prosperity.
Nantucket has shifted from a "Low Diversity" community to one approaching "Moderate Diversity" over the past decade. The white population decreased from 80% in 2013 to 71% in 2022. The Hispanic population increased from 10% in 2013 to 15% in 2022, while the Black population grew from 5% to 9% during this period. These changes suggest that Nantucket is becoming a "Transitional Community".
The demographic shifts in Nantucket have occurred alongside substantial economic growth. The median income increased from $95,385 in 2013 to $117,476 in 2022, a 23% increase over nine years. This growth in income has outpaced inflation, indicating real economic gains for the community. The population also grew significantly, from 10,223 in 2013 to 14,065 in 2022, a 37.5% increase.
The correlation between increasing diversity and rising incomes is notable. It suggests that the influx of new residents from various racial backgrounds has not negatively impacted the area's economic prosperity. Instead, it may have contributed to economic growth by bringing in new skills, businesses, or investment.
The demographic shifts in Nantucket align with broader national trends towards increasing diversity, particularly in suburban and urban areas. However, the rate of change in Nantucket appears to be more rapid than the national average, especially considering its starting point as a predominantly white community.
The economic growth in Nantucket is particularly impressive when compared to national trends. While many areas have struggled with income stagnation, Nantucket has seen substantial income growth. This suggests that the area has been successful in attracting high-earning individuals or fostering economic opportunities that benefit a broad range of residents.
Nantucket represents a community in transition, moving from "Low Diversity" towards "Moderate Diversity" while maintaining its status as an affluent area. The simultaneous increase in diversity, population, and median income suggests a dynamic and prosperous community that has successfully integrated demographic changes with economic growth. As this trend continues, it will be interesting to observe how the community's character and socio-economic landscape further evolve.
