Loading Content...
Affordable Housing Analysis in Zip Code 60048: Liberty Towers' Two-Decade Presence
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 60048, located in Libertyville, Illinois, encompasses an area of 29.63 square miles with a population of 33,657 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded one affordable housing project in this zip code, resulting in 121 total units, including 12 designated as low-income. This LIHTC-funded affordable housing represents approximately 0.94% of the zip code's estimated 12,895 housing units.
The single LIHTC project in zip code 60048 received $293,348 in tax credits, averaging $2,425 per unit. This funding accounts for 0.04% of the total LIHTC allocation for Illinois. The project, named Liberty Towers, was completed in 1999, indicating a two-decade presence of affordable housing in the area.
Liberty Towers' housing mix consists of 114 one-bedroom units and 7 two-bedroom units. This composition suggests a focus on accommodating smaller households or individuals. The project's long-standing presence contributes to the area's housing diversity, albeit representing a small portion of the overall housing stock.
Zip code 60048's population has shown minimal change over the past decade, increasing slightly from 32,351 in 2019 to 33,657 in 2022. The median income has experienced significant growth, rising from $146,582 in 2019 to $148,259 in 2022, indicating an affluent area.
Racial demographics in the zip code have remained relatively stable. The white population decreased slightly from 84% in 2019 to 80% in 2022. The Hispanic population increased from 5% to 7%, while the Asian population remained at 8%. These figures demonstrate a predominantly white demographic profile with modest increases in diversity.
The high median income and stable population in zip code 60048 suggest that additional LIHTC projects may not have been prioritized in recent years. The economic profile of the area might not align with typical affordable housing needs. However, the existing Liberty Towers project continues to provide some affordable housing options in this otherwise affluent area.
In summary, zip code 60048 contains one LIHTC-funded project, Liberty Towers, which has provided affordable housing since 1999. While this project contributes to the area's housing diversity, it represents a small fraction of the overall housing stock. The zip code's high median income and stable demographics indicate a limited demand for additional affordable housing through the LIHTC program in recent years.
