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Affordable Housing Analysis in Cambridge, Massachusetts Zip Code 02138: LIHTC Funded Units and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 02138 in Cambridge, Massachusetts, home to Harvard University, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 225 total LIHTC units, with 193 designated as low-income units. These units represent approximately 1.58% of the estimated 14,262 housing units in the zip code.
The LIHTC projects in zip code 02138 have received $1,476,796 in tax credits, averaging $6,563 per unit. This allocation constitutes 0.61% of the total LIHTC funding for Massachusetts, indicating a substantial investment in affordable housing for this area.
Affordable housing has been present in zip code 02138 for at least two decades. The first recorded LIHTC project, Neville Place Assisted Living, was completed in 2001, while the most recent project, Briston Arms, was finished in 2017. The 2010s saw the most recent affordable housing development activity in this area.
The LIHTC funded housing inventory in zip code 02138 offers a range of unit types. There are 50 efficiencies, 77 one-bedroom units, 91 two-bedroom units, and 7 three-bedroom units. This distribution accommodates various household sizes, from individuals to small families.
Over the past decade, the population in zip code 02138 has grown from 34,935 in 2013 to 37,224 in 2022, indicating increased housing demand. Median income has risen from $85,096 in 2013 to $103,350 in 2022, potentially impacting affordable housing needs.
The racial composition of zip code 02138 has remained relatively stable, with a decrease in the white population from 70% in 2013 to 62% in 2022, and increases in Asian (12% to 17%) and Hispanic (7% to 9%) populations. This gradual diversification may influence demand for various affordable housing options.
Zip code 02138 in Cambridge, Massachusetts, has a modest but significant LIHTC funded affordable housing inventory, covering about 1.58% of the estimated total housing units. The area has seen consistent investment in affordable housing over two decades, with projects catering to various household sizes. Population growth, rising median income, and gradual racial diversification may continue to influence affordable housing demand in this zip code.
