According to the United States Census Bureau, the CDP has a total area of 1.1 square miles (2.8 km²), of which, 0.9 square miles (2.4 km²) of it is land and 0.2 square miles (0.4 km²) of it (15.60%) is water.
There were 658 households out of which 23.4% had children under the age of 18 living with them, 49.4% were married couples living together, 9.1% had a female householder with no husband present, and 38.8% were non-families. 32.2% of all households were made up of individuals and 14.1% had someone living alone who was 65 years of age or older. The average household size was 2.16 and the average family size was 2.73.
In the CDP the population was spread out with 19.0% under the age of 18, 7.4% from 18 to 24, 26.3% from 25 to 44, 28.9% from 45 to 64, and 18.5% who were 65 years of age or older. The median age was 43 years. For every 100 females there were 88.1 males. For every 100 females age 18 and over, there were 88.0 males.
The median income for a household in the CDP was $33,250, and the median income for a family was $36,908. Males had a median income of $32,112 versus $29,943 for females. The per capita income for the CDP was $19,108. About 11.2% of families and 17.3% of the population were below the poverty line, including 20.6% of those under age 18 and 13.1% of those age 65 or over.
In 2000, 2.0% of Espy residents identified as being of Egyptian heritage. This was the highest percentage of Egyptian Americans of any place in the country, although in raw numbers this is dwarfed by neighborhoods in Jersey City, New Jersey and Queens, New York.