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Affordable Housing Analysis in Zip Code 07002: Bayonne's Decade of Change
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 07002 in Bayonne, New Jersey contains 121 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 114 designated as low-income units. Based on the 2022 population of 70,842 and an estimated 27,143 housing units, LIHTC funded affordable housing represents approximately 0.45% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 07002 have received $1,256,334 in project tax credits, averaging about $10,383 per unit. This funding represents 0.17% of New Jersey's total LIHTC allocation, indicating a modest investment in affordable housing for this area.
The affordable housing presence in zip code 07002 spans over a decade, with the earliest project completed in 2002 and the most recent finished in 2013. The 2000s saw the most activity, with three projects completed in 2002 alone, including Senior Horizons At Bayonne and its associated developments.
Over the past decade, the population in zip code 07002 has grown from 64,354 in 2013 to 70,842 in 2022, an increase of about 10%. During this same period, the median income rose from $63,611 to $73,086, showing a modest improvement in economic conditions.
The racial composition of zip code 07002 has shifted significantly. The white population decreased from 60% in 2013 to 41% in 2022, while the Hispanic population increased from 21% to 35%. The Asian population increased from 7% to 10%, and the Black population remained relatively stable around 9-11%. This demographic shift suggests a growing diversity in the area, which may influence future affordable housing needs.
No new LIHTC projects have been recorded in zip code 07002 since 2013, despite the population growth and demographic changes. This could indicate that other affordable housing initiatives or programs may be addressing the evolving needs of the community.
Zip code 07002 in Bayonne has a small but established LIHTC-funded affordable housing inventory, primarily developed in the early 2000s. While these projects represent a small percentage of the total estimated housing stock, they provide crucial low-income housing options. The area has experienced significant population growth and demographic shifts over the past decade, which may influence future affordable housing needs. The lack of recent LIHTC developments, coupled with rising median incomes, suggests that the affordable housing landscape in this zip code may be evolving, potentially being addressed through other means or programs beyond LIHTC.
