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Affordable Housing Analysis in Zip Code 60031: LIHTC Investments 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 60031, located in Gurnee, Illinois, demonstrates a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 799 units in LIHTC-funded projects, with 679 designated as low-income units. Based on the 2022 population of 36,118 and using the national average household size, an estimated 13,838 housing units exist in this zip code. LIHTC-funded affordable housing represents approximately 5.8% of the estimated housing inventory, indicating a substantial contribution to the area's affordable housing stock.
The LIHTC projects in zip code 60031 have received $15,647,938 in tax credits, averaging about $19,584 per unit. This investment represents 1.93% of the state's total LIHTC funding, a considerable allocation for a single zip code. Affordable housing has been present in this community for nearly three decades, with the earliest projects completed in 1994 and the most recent ones finished in 2012.
The 1990s marked the initiation of affordable housing in this area, with three projects completed between 1994 and 1995. The 2010s brought renewed focus, with two projects completed in 2012. This pattern suggests periodic efforts to address affordable housing needs in the zip code. The LIHTC-funded projects in zip code 60031 offer a diverse range of unit types, including 33 efficiencies, 264 one-bedroom units, 360 two-bedroom units, and 16 three-bedroom units. This distribution caters to various household sizes, with an emphasis on one and two-bedroom apartments.
Over the past decade, the population in zip code 60031 has remained relatively stable, fluctuating between 35,500 and 36,500 residents. The median income has shown a general upward trend, increasing from $98,015 in 2013 to $106,069 in 2022, with a peak of $114,934 in 2021. This rising income trend may suggest a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics in zip code 60031 have shown slight shifts over the years. The white population has decreased from 64% in 2013 to 60% in 2022, while the Asian population has increased from 10% to 13% during the same period. The Black and Hispanic populations have remained relatively stable at around 8% and 15-16% respectively. These changes, though modest, indicate a gradually diversifying community, which may influence future affordable housing needs and planning.
Zip code 60031 demonstrates a significant commitment to affordable housing through its LIHTC-funded projects. With 799 total units, of which 679 are designated as low-income, these projects play a crucial role in providing affordable housing options. The area has seen periodic development of affordable housing over nearly three decades, with investments totaling over $15 million. While the LIHTC-funded units represent about 5.8% of the estimated housing inventory, they contribute substantially to the area's affordable housing stock. The diverse unit types cater to various household sizes, reflecting an effort to meet different housing needs. As the area continues to experience demographic shifts and income growth, ongoing assessment of affordable housing needs will be crucial to maintain a balanced and inclusive community.
