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Affordable Housing Analysis in Wayne, Pennsylvania: Zip Code 19087's Unique LIHTC Development
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 19087, located in Wayne, Pennsylvania, contains 50 affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program. This represents approximately 0.37% of the estimated 13,376 total housing units in the zip code. The LIHTC program has invested $195,808 in tax credits for affordable housing projects in this area, averaging $3,916 per unit in federal funding. This investment accounts for 0.03% of the total LIHTC funding allocated to Pennsylvania.
Highland Homes Apartments, completed in 2002, is the sole LIHTC-funded project in zip code 19087. This development has provided affordable housing options for over two decades, consisting of 24 two-bedroom units and 26 three-bedroom units to accommodate various family sizes.
The population in zip code 19087 has increased from 32,671 in 2013 to 34,911 in 2022. Concurrently, the median income has risen from $129,115 to $137,516, indicating growing affluence in the area. Racial demographics have shifted, with the white population decreasing from 85% to 73%, while Asian, Black, and Hispanic populations have increased. The Asian population experienced the most significant growth, from 7% to 13%.
Despite demographic changes, no new LIHTC projects have been developed in zip code 19087 over the last decade. This lack of development may be attributed to the area's high median income and relatively stable population, which may not indicate a pressing need for additional affordable housing through this specific program.
Zip code 19087 in Wayne, Pennsylvania, relies on a single LIHTC-funded affordable housing project, Highland Homes Apartments, which has served the community since 2002. This project provides 50 units of affordable housing, representing a small portion of the estimated total housing inventory in the area. The zip code has experienced moderate population growth, a significant increase in median income, and increasing racial diversity over the past decade. These demographic trends, particularly the high median income, may explain the absence of new LIHTC developments in recent years. It is important to note that other affordable housing programs not covered in this analysis may be addressing additional housing needs in the area.
