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Affordable Housing Analysis in Zip Code 92590: LIHTC Investments and Demographic Shifts
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 92590 in Temecula, California, contains 236 units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. Of these, 232 are designated as low-income units. Based on the 2022 population of 6,200 and an estimated 2,375 housing units, LIHTC-funded affordable housing comprises approximately 9.9% of the zip code's estimated housing inventory.
The LIHTC program has invested $896,591 in tax credits for affordable housing projects in this zip code, averaging $3,799 per unit. This investment represents 0.03% of California's total LIHTC funding. Affordable housing has been present in this community for over two decades, with the first LIHTC project, Mission Village Apartments, completed in 2000. The most recent addition, Portola Terrace, was finished in 2013.
The LIHTC-funded housing in this zip code offers various unit types, with 114 one-bedroom units, 53 three-bedroom units, and 42 two-bedroom units. This distribution caters to different household sizes and needs. One project, Creekside Apartments, completed in 2011, targets the "At-Risk" population, addressing the needs of individuals or families facing housing insecurity.
Over the past decade, zip code 92590 has experienced significant population growth, increasing from 4,264 in 2010 to 6,200 in 2022. This 45% population increase may have contributed to the need for additional affordable housing options, as reflected in the LIHTC projects completed during this period.
Median income in the area has fluctuated, reaching $81,668 in 2013 before stabilizing around $80,323 in 2022. This relatively high median income might explain why the percentage of LIHTC-funded housing remains modest compared to the total housing stock.
Racial demographics have shifted, with the Hispanic population increasing from 35% in 2013 to 42% in 2022, while the white population decreased from 53% to 43% during the same period. This demographic change may influence future affordable housing needs and development in the area.
Zip code 92590 in Temecula, California, has an established presence of LIHTC-funded affordable housing, covering nearly 10% of the estimated housing inventory. The area has seen consistent development of affordable housing projects over two decades, with a focus on diverse unit types to accommodate various household sizes. The significant population growth and demographic shifts observed in the past decade may continue to shape the demand for affordable housing in this community.
