Loading Content...
Affordable Housing Analysis in West Bend, Wisconsin Zip Code 53095: LIHTC Investment Spans Three Decades
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 53095 in West Bend, Wisconsin, encompasses a 71.56 square mile area with a diverse affordable housing inventory funded through the Low-Income Housing Tax Credit (LIHTC) program. The zip code contains 339 units in LIHTC-funded projects, with 214 designated as low-income units. Based on the 2022 population of 27,919 and the national average household size of 2.61, an estimated 10,697 housing units exist in the zip code. LIHTC-funded affordable housing units comprise approximately 3.17% of the estimated housing inventory in this area.
The LIHTC program has invested $2,298,497 in tax credits in this zip code, averaging about $6,780 per unit in LIHTC-funded projects. This zip code accounts for 0.97% of the total LIHTC funding allocated to Wisconsin, indicating substantial investment in affordable housing for the area.
Affordable housing development in this zip code spans over two decades. The first LIHTC project, Paradise Place, was completed in 1991, and the most recent, Auxiliary Court, in 2012. This 21-year period demonstrates consistent commitment to affordable housing development. The 2010s saw the most activity, with three projects completed: River Bluff Townhomes and Arbor Trace Apartments in 2011, followed by Auxiliary Court in 2012.
The LIHTC-funded housing stock in zip code 53095 offers various unit types: 127 one-bedroom units, 173 two-bedroom units, 15 three-bedroom units, and 24 four-bedroom units, accommodating diverse household sizes and needs.
Over the past decade, the population in zip code 53095 has remained relatively stable, fluctuating between 27,667 and 28,354. The median income has shown an upward trend, increasing from $67,210 in 2013 to $72,302 in 2022, with a notable spike to $80,869 in 2021. This overall increase in median income may suggest a growing need for affordable housing options to maintain economic diversity in the area.
The racial composition of zip code 53095 has remained predominantly white, consistently above 90% throughout the decade. However, there has been a slight increase in diversity, with the Hispanic population growing from 1% in 2013 to 3% in 2022, and the percentage of residents identifying as two or more races increasing from 1% to 2% over the same period.
Zip code 53095 has benefited from consistent LIHTC investment over the past three decades, resulting in a diverse affordable housing inventory. While the LIHTC-funded units represent a small percentage of the estimated housing stock, they play a crucial role in providing affordable options in an area with rising median incomes. The variety of unit types suggests an effort to accommodate different household sizes and needs. As the area continues to experience subtle demographic shifts, ongoing monitoring of affordable housing needs will be important to ensure a balanced housing market for all residents.
