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Affordable Housing Analysis in Zip Code 60622: LIHTC Funding and Demographic Shifts in Wicker Park, Chicago
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 60622 in Chicago, Illinois, encompassing the Wicker Park neighborhood, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area comprises 313 total affordable housing units, with 307 designated as low-income units. LIHTC funded affordable housing constitutes approximately 1.5% of the total housing stock, based on an estimated 20,494 housing units in the zip code.
The LIHTC projects in zip code 60622 have received $3,410,937 in tax credits, averaging $10,898 per unit. This zip code accounts for 0.42% of Illinois' total LIHTC funding, representing a modest portion of the state's affordable housing investment. Affordable housing has been present in this zip code for over three decades, with the earliest project completed in 1988 and the most recent in 2013.
The LIHTC funded housing in zip code 60622 offers a range of unit types. The 313 total units consist of 62 efficiencies, 73 one-bedroom, 71 two-bedroom, 66 three-bedroom, and 23 four-bedroom units. This variety accommodates different household sizes and needs within the community.
Over the past decade, zip code 60622 has experienced demographic changes. The population has remained relatively stable, fluctuating between 52,000 and 55,000 residents. However, the median income has increased significantly, rising from $80,784 in 2013 to $110,114 in 2022, indicating potential gentrification in the area.
Racial demographics in zip code 60622 have also shifted. The white population increased from 58% in 2013 to 63% in 2022, while the Hispanic population decreased from 28% to 21% during the same period. The Black population decreased slightly from 8% to 5%. These changes may signify evolving housing needs and affordability challenges in the area.
Zip code 60622 maintains a modest LIHTC funded affordable housing inventory, comprising about 1.5% of the estimated total housing stock. The area has received consistent investment in affordable housing over three decades, with the most significant development occurring in the 2000s. Despite this, the rising median income and changing racial demographics suggest ongoing gentrification, which may impact the future need for affordable housing. The diverse range of unit types in LIHTC projects demonstrates an effort to accommodate various household sizes and needs within the community.
