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Affordable Housing Analysis in Zip Code 92595: Two Decades of LIHTC Impact in Wildomar, California
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 92595, located in Wildomar, California, has a population of 33,986 as of 2022. This area has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing a total of 176 units, with 175 of these designated as low-income units. Based on the estimated 13,021 housing units in the zip code, the LIHTC-funded affordable housing covers approximately 1.35% of the area's housing inventory.
The LIHTC program has allocated $373,789 in tax credits to this zip code, which represents about 0.01% of California's total LIHTC funding. On average, this translates to $2,124 in federal funding per unit. The sole LIHTC project in this area, Wildomar Senior Leisure Living, was completed in 2000, marking over two decades of affordable housing presence in the zip code.
The project consists of 14 one-bedroom units and 35 two-bedroom units, catering primarily to smaller households. This distribution suggests a focus on accommodating senior citizens or small families within the affordable housing stock.
Over the past decade, the population in this zip code has grown from 29,730 in 2013 to 33,986 in 2022, indicating a steady increase in residents. Concurrently, the median income has risen from $75,440 in 2013 to $85,534 in 2022, suggesting an overall improvement in economic conditions for the area's residents.
The racial demographics have also shifted during this period. The Hispanic population has increased from 33% in 2013 to 41% in 2022, while the white population has decreased from 54% to 41%. The Asian population has remained relatively stable at around 6%, and the Black population has slightly decreased from 5% to 4%. These changes reflect a growing diversity within the community.
Despite these demographic shifts and the rising median income, no new LIHTC projects have been developed in the last decade. This could be due to various factors, including changes in local housing policies, land availability, or shifts in prioritization of affordable housing needs in other areas of the state.
Zip code 92595 in Wildomar, California, has a single LIHTC-funded affordable housing project that has been serving the community for over 20 years. This project provides 176 units of affordable housing, representing a small fraction of the estimated housing inventory in the area. The community has experienced population growth, increased median income, and shifts in racial demographics over the past decade. Despite these changes, there has been no new LIHTC-funded affordable housing development in recent years. This analysis provides insight into the current state of LIHTC-funded affordable housing in the zip code and its relationship to the area's changing demographics.
