Housing Insights for ZIP Code 20723 (Laurel, MD)

Housing Summary for ZIP Code 20723

Homeowners

The median home value in ZIP Code 20723 (Laurel, MD) is $406,800. Approximately 69.2% of homes in this region are owner-occupied units, and the estimated homeowner vacancy rate is currently 0.0%.

The average occupancy of owner-occupied units in ZIP Code 20723 is 3.08 occupants, while owner-occupied units have an aggregate average size of 3.18 bedrooms per housing unit.

Renters

In the 20723 ZIP Code, an estimated 30.8% of all housing units are occupied by renters. This ZIP-defined region has is an estimated rental vacany rate of 4.8%.

Among renter-occupied units in this ZIP, the average occupancy is 2.97 occupants, while renters in this Howard County region spend an average of 0% of their income on housing rental costs.

Housing Stats for ZIP Code 20723

See the table below for a regional snapshot of data related to both owner-occupied housing and rentals in ZIP Code 20723.

ZIP 20723 Maryland U.S.
Median Home Value $406,800 $430,752 $361,498
Owner-Occupied Housing Units 69.2% 66.9% 64.0%
Homeowner Vacancy Rate 0.0% 1.7% 1.6%
Average Size of Owner-Occupied Unit 3.08 2.75 2.70
Average # of Bedrooms Per Unit 3.18 2.97 2.75
Median Housing Rent $0 $1,392 $1,062
Renter-Occupied Housing Units 30.8% 33.1% 36.0%
Rental Vacancy Rate 4.8% 6.0% 6.0%
Average Size of Renter-Occupied Unit 2.97 2.50 2.49
Percent of Income Spent on Rent 0% 30.05% 29.83%

Home Values in ZIP Code 20723 (Laurel, MD)

The median home value in ZIP Code 20723 is $406,800. That median value is about 29% higher than the median home value of $314,800 in Maryland overall, and is 87% higher than the $217,500 the median home value in the entire U.S. An estimated 40.5% of homes in ZIP Code 20723 are valued $300,000 to $499,999. That is 23% higher than in the state of Maryland, in which 32.8% of homes are valued at $300,000 to $499,999, and is about 110% higher than in the U.S. overall (19.3% of homes valued at $300,000 to $499,999). The home value range that the smallest portion of ZIP Code 20723 homes fall into is $50,000 to $99,999 (0.7% of homes).

Home Values in ZIP Code 20723

This chart visualizes the breakdown of home values in ZIP Code 20723, Maryland, and also in the U.S. overall.

A bar chart visualizing the breakdown of home values in ZIP Code 20723 vs. home values in both the state of Maryland and in the U.S. overall.

Home Values in ZIP Code 20723

See the table below for a regional comparison of home values in ZIP Code 20723.

Home Value ZIP 20723 Maryland U.S.
Less than $50,000 1.9% 2.7% 6.9%
$50,000 to $99,999 0.7% 3.7% 12.0%
$100,000 to $149,999 1.4% 6.3% 13.3%
$150,000 to $199,999 4.2% 9.9% 14.0%
$200,000 to $299,999 18.4% 24.4% 19.6%
$300,000 to $499,999 40.5% 32.8% 19.3%
$500,000 to $999,999 31.9% 17.1% 11.4%
$1,000,000 or more 0.9% 3.1% 3.4%

Home Ages in ZIP Code 20723 (Laurel, MD)

Approximately 25.4% of homes in this Laurel, MD region were built in 1980 to 1989. This amount of homes built in 1980 to 1989 in ZIP Code 20723 is about 66% higher than percentage of homes built in this time period in Maryland overall (15.3% of homes), and is 90% higher the percentage (13.4% of homes) in the U.S. as a whole. Additionally, an esimated 21.3% of local homes were built in 1990 to 1999. On the other end of the scale, just 0.5% of homes in this Howard County ZIP Code were built in 1940 to 1949 in ZIP Code 20723. In comparison, 5.2% of homes in Maryland overall were built in 1940 to 1949, while 4.9% of all U.S. homes were built in this time period.

Home Ages in ZIP Code 20723

A detailed regional comparison of home ages in ZIP Code 20723.

Year Built ZIP 20723 Maryland U.S.
2014 or later 3.4% 2.3% 2.5%
2010 to 2013 8.0% 2.6% 2.7%
2000 to 2009 18.3% 11.4% 14.0%
1990 to 1999 21.3% 14.3% 13.9%
1980 to 1989 25.4% 15.3% 13.4%
1970 to 1979 13.2% 14.1% 15.2%
1960 to 1969 3.2% 11.5% 10.6%
1950 to 1959 5.0% 11.4% 10.3%
1940 to 1949 0.5% 5.2% 4.9%
1939 or earlier 1.7% 11.8% 12.6%

Age of Homes in ZIP Code 20723

See the chart below for details on the age of homes in ZIP Code 20723, Maryland, and also in the U.S. overall. Data here refers to years that homes were built.

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Housing FAQs for ZIP Code 20723

Frequently asked questions about housing in this Laurel, MD ZIP Code. Answers to questions about both owner-occupied housing and rental housing in 20723.

1

What is the average home value ZIP Code 20723?

The median home value in ZIP Code 20723 (Laurel, MD) is $406,800.
2

Are homes expensive in ZIP Code 20723?

The median home value in 20723 ($406,800) is an estimated 29% higher than the aggregate median value of $314,800 in Maryland, and is 87% higher than the $217,500 the median home value in the U.S. overall.
3

What are owner-occupied vacancy rates like in ZIP Code 20723?

The vacacy rate for owner-occupied housing in ZIP Code 20723 is 0.0%. This rate is 100% lower than the overall Maryland owner-occupied vacancy rate of 1.7%. Additionally, the 20723 vacancy rate is 100% lower than the entire U.S. vacancy rate of 1.6%.
4

Does ZIP Code 20723 have older homes or newer construction?

In ZIP Code 20723, about 25.4% of homes were built in 1980 to 1989. That time range includes the most home construction. Also, 21.3% of homes in the region were built in 1990 to 1999. In contrast, 0.5% of homes in 20723 were built in 1940 to 1949.
5

What is the housing breakdown in ZIP Code 20723? Are there more rentals or owner-occupied units?

There is more owner-occupied housing in 20723 than renter-occupied housing. Owner-occupied units make up 69.2% of housing, compared to 30.8% for renter-occupied units.
6

Are rental vacancy rates high in ZIP Code 20723?

The vacacy rate for rental units in ZIP Code 20723 is 4.8%. This rate is 20% lower than the overall Maryland vacancy rate of 6.0%. Additionally, the 20723 vacancy rate is 20% lower than the entire U.S. vacancy rate of 6.0%.