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Affordable Housing Analysis in Zip Code 44124: Gates Mills Villa's Impact
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 44124, located in Pepper Pike, Ohio, contains a total of 191 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units are all designated as low-income units. The zip code covers an area of 15.09 square miles and had a population of 39,315 in 2022. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 15,063 units. The LIHTC funded affordable housing represents about 1.27% of the estimated housing inventory in this zip code.
The LIHTC program has invested $334,025 in tax credits for affordable housing projects in zip code 44124. This equates to an average federal funding of $1,749 per unit. This zip code accounts for 0.08% of the total LIHTC funding allocated to the state of Ohio. The sole LIHTC funded project in this zip code is Gates Mills Villa, which was completed in 2005. This project has been providing affordable housing in the area for nearly two decades. Gates Mills Villa consists of 191 units, with 152 one-bedroom and 39 two-bedroom apartments, serving various household sizes within the low-income community.
Over the past decade, zip code 44124 has experienced demographic changes. The population increased from 37,034 in 2020 to 39,315 in 2022, indicating a growing demand for housing. The median income has fluctuated, reaching $83,871 in 2022, up from $83,152 in 2020. This increase in median income may suggest a potential need for more affordable housing options to maintain economic diversity in the area.
Racial demographics in zip code 44124 have also changed, with the white population decreasing from 75% in 2020 to 71% in 2022. There has been a slight increase in other racial groups, particularly in the Black and multiracial populations. This demographic shift could indicate a growing need for diverse and inclusive housing options.
The LIHTC funded affordable housing in zip code 44124 plays an important role in providing low-income housing options, although it covers a small percentage of the estimated housing inventory. Gates Mills Villa, the single project in this zip code, has been serving the community for almost two decades. The area has experienced population growth and income fluctuations, while racial demographic shifts suggest a potential need for more diverse housing options. These trends highlight the ongoing importance of affordable housing initiatives in maintaining a balanced and inclusive community in zip code 44124.
