01940 Zip Code Income, Population and Demographics
Are you tired of spending 10+ hours searching for demographic and population data for the 01940 zip code? We have all of the data you need by state, county, city, and zip code that will save you many hours of research!
In this article, we'll explore most of the 190+ data points we have for 01940, covering popular demographics statistics like household income, race, age and gender, educational attainment, poverty, housing, and transportation.
01940 is a zip code in Essex County and Middlesex County, Massachusetts, which covers Lynn, Lynnfield, Peabody, and Wakefield, with a total population of 13,429 people.
The data on this page is from the 2020 American Community Survey (ACS) 5-Year survey from the US Census Bureau.
Median Household Income
According to the latest ACS 5-year survey in 2020, the median household income in 01940 is $136,023.00.
The chart below shows the average household income by age in 01940.
25 to 44$192,262.00
45 to 64$148,141.00
65 and over$66,840.00
Average Household Income
A very commonly asked question is "what is the average household income in the 01940 zip code?". The official term for the average household income is the mean household income. The mean household income is the total income of all households divided by the number of households.
The average (or mean) household income in 01940 is $176,518.00.
33.18% of households in the 01940 zip code are classed as high income households (making $200,000+ per year).
The difference between a median and an average income
The difference between a median and mean household income is that the median income is the middle point of the set of numbers whereas the mean income is an average of all numbers.
Both metrics are important when looking at the income statistics for 01940 but because the median value doesn't depend on other numbers in the dataset, it doesn't change as much when some of the values are extremely low or extremely high.
Household Income Tiers for 01940
We can also look at the household income tiers. This lets you see how many households fall into each of the earnings brackets and what percentage that bracket is of the total number of households.
The chart below shows the household income brackets to see which age groups have the highest median income. The actual data is more granular than these brackets, but we've simplified them into bigger categories to make reviewing the data for the 01940 zip code easier to view.
You can purchase the raw data above, which will have the full income tiers with smaller jumps in household income.
Less than $24,9999.51%
$25,000 to $49,99910.56%
$50,000 to $74,99911.96%
$75,000 to $99,9996.96%
$100,000 to $149,99916.02%
$150,000 to $199,99911.81%
$200,000 or more33.18%
Per Capita Income
The per capita income is the average income of all people in the 01940 zip code. This is calculated by dividing the total income of all people in 01940 by the total number of people in 01940.
It differs from the average or mean household income because it includes all people in 01940 and not just the people who earn an income (i.e. children, retirees, unemployed, etc.).
The per capita income in the 01940 zip code is $64,564.00.
Population in 01940 by Race and Ethnicity
The total population in 01940 is currently 13,429 people.
The race and ethnicity of the population in 01940 can be very important for social research, economics, and marketing to a multi-culturial society.
Whether you want to target products or services to a particular race or ethnicity, or provide housing and new businesses to improve areas with a larger ethnic minority population, this data is very valuable for discovering suitable areas.
The chart below breaks down the population and percentage for each race and ethnicity in the 01940 zip code.
2.30% Black/African American305
0.00% Hawaiian/Pacific Islander0
4.60% Two or more races621
Population of 01940 by Age and Gender
Another very important demographics statistic for the 01940 zip code is the age and gender of the population. The age and gender of the population can be used to track trends in population growth or decline, and for businesses, the data can be used to identify people important to you and your business need.
In the table below, we show age groups at a 10 year granularity for ease of use. The raw data, which can be purchased above, includes age and gender at a 5 year granularity.
|0 to 9 Years||1,014||1,154|
|10 to 19 Years||887||796|
|20 to 29 Years||488||655|
|30 to 39 Years||720||824|
|40 to 49 Years||994||1,057|
|50 to 59 Years||852||1,098|
|60 to 69 Years||645||826|
|70 Years and over||607||812|
Educational attainment is a very useful statistic that can give insights into other data such as the average household income, unemployment levels, and literacy.
What this means is that it is likely for areas that have higher levels of education to have higher average household incomes, lower unemployment rates, and higher literacy rates.
The chart below shows the educational attainment of the population in the 01940 zip code.
Master's degree or higher25.97%
Some college or associate's degree6.04%
High school diploma or equivalent21.68%
Less than high school diploma1.09%
The unemployment rate is the percentage of the population that is actively looking for work but is unable to find a job. The unemployment rate is a very important statistic for 01940 because it can show how many people are actively looking for work and how many people are unable to find a job.
Lower levels of unemployment is generally seen as a positive sign for the economy. It also makes the government in 01940 look good because it shows that they are doing a good job of creating jobs, working to capacity, being efficient, and keeping the economy strong.
The unemployment rate is calculated using the total population in the 01940 zip code that are over the age of 16.
The current population in 01940 that are over the age of 16 is 10,205 people.
The unemployment rate in 01940 is 3.70%, which means 2,897 people are unemployed.
Median Age in 01940
The median age is an interesting metric because it gives us an idea of the age distribution of people in the 01940 zip code. You know when you see a median age that it is the age where half of the population is older and half is younger than it.
For demographic studies, this can be used to infer and compare date to things such as birth rates, the age of parents, and so on.
An increasing median age can be a sign of an aging population, which can be a sign of a declining population. This is because older people tend to have fewer children and die more often than younger people.
The median age in 01940 is 41.1 years old.
We can also look at the median age by gender to compare the see how each group compares to the total median age:
Median age by gender in 01940
Households and Families
There are a total of 4,868 households in 01940, and the average household size is 2.76 people.
For families, the total number is 3,733, and the average family size is 3.24 people.
3.50% of those families in the 01940 zip code are living below the poverty line.
The table below shows the poverty thresholds for 01940 in 2022.
|Household Size||Poverty Threshold|
Please note that the poverty thresholds shown above are from 2022, while the latest demographics data we have is from 2020.
Households and Families by Marital Status
There are four types of household and family, as defined by the Census Bureau:
- Male householder, no spouse present
- Female householder, no spouse present
- Nonfamily household
In the table below, you can see the total households and families in the 01940 zip code for each type, as well as the average sizes.
|Average Household Size||3.36||3.07||2.69||1.14|
|Average Household Size||3.36||2.73||2.67||0|
Housing Data in 01940
There are total of 5,158 housing units in the 01940 zip code. Of those units, 4,868 (94.38%) are occupied, and 290 (5.62%) are vacant.
Of the 5,158 housing units in 01940, 893 (17.31%) are occupied by renters. The median rent paid by renters is $1,815.00.
Owner occupied housing units make up the remaining 76.72% of housing units, with 3,957 housing units in total.
The table below breaks down how much rent is paid by renters in the 01940 zip code.
No rent paid18
Less than $500101
$500 to $99989
$1,000 to $1,499135
$1,500 to $1,999193
$2,000 to $2,499214
$2,500 to $2,99964
$3,000 or more97
The median value of a property in 01940 is $699,100.00.
The table below breaks down the range of valuations for all properties in 01940.
Less than $50,0000
$50,000 to $99,99915
$100,000 to $149,9990
$150,000 to $199,99954
$200,000 to $299,99941
$300,000 to $499,999495
$500,000 to $999,9992,653
$1,000,000 or more699
We can also look at the number of properties built in a given year to see the spread of property age in the 01940 zip code.
1939 or earlier550
1940 to 1949246
1950 to 19591,123
1960 to 1969893
1970 to 1979559
1980 to 1989509
1990 to 1999345
2000 to 2009425
2010 to 2013216
2014 or later292
Vehicles Available per Household
Finally, we have data on how many vehicles each household in 01940 has. The table below breaks down the number of vehicles available per household.
No vehicles available217
1 vehicle available1,141
2 vehicles available2,513
3 or more vehicles available997
Commuting to Work in 01940
The time and means of commuting to work are useful metrics to look at because they can be correlated against other data such as income and education level.
Does a longer commuting time indicate a higher average income? If so, has the huge increase in home working during the pandemic changed this?
Using these metrics, we can get a better understanding of the demographics of the 01940 zip code, how they commute, and how that correlates to other data points.
The average travel time is 33 minutes, and the chart below covers the range of travel times across the population of 01940.
Less than 5 minutes101
5 to 9 minutes340
10 to 14 minutes486
15 to 19 minutes612
20 to 24 minutes842
25 to 29 minutes341
30 to 34 minutes982
35 to 39 minutes351
40 to 44 minutes292
45 to 59 minutes789
60 to 89 minutes869
90 or more minutes136
We can also look at the means of transport in 01940 to see which modes of transport people are using to commute to work.
Worked from home802
Hopefully this article has given you the demographics data you were looking for in the 01940 zip code.
If you need more demographics data, or you need the data listed above in spreadsheet form with more granular grouping, head back to the top of this page where you can purchase the complete demographics data for 01940.
Link To or Reference This Page
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"01940 Zip Code Income, Population and Demographics". NameCensus.com. Accessed on December 2, 2023. https://namecensus.com/demographics/massachusetts/01940/.
"01940 Zip Code Income, Population and Demographics". NameCensus.com, https://namecensus.com/demographics/massachusetts/01940/. Accessed 2 December, 2023
01940 Zip Code Income, Population and Demographics. NameCensus.com. Retrieved from https://namecensus.com/demographics/massachusetts/01940/.