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Affordable Housing Analysis: Zip Code 19002's LIHTC Program in Spring House, Pennsylvania
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Spring House, Pennsylvania, zip code 19002, has a population of 34,191 as of 2022. This zip code contains 61 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, with 7 designated as low-income units. LIHTC-funded affordable housing represents approximately 0.47% of the estimated 13,100 housing units in the zip code.
The LIHTC projects in zip code 19002 have received $369,181 in tax credits, averaging about $6,052 per unit in federal funding. This zip code accounts for 0.06% of Pennsylvania's total LIHTC funding allocation.
Affordable housing in this zip code spans three decades, with the earliest project completed in 1989 and the most recent in 2001. The 1990s and early 2000s saw the most affordable housing development activity in this area.
The unit breakdown shows a majority of LIHTC-funded units are one-bedroom apartments (52 units), followed by two-bedroom units (8 units), and a single three-bedroom unit. This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, the population in zip code 19002 has remained relatively stable, with minor fluctuations. The median income has increased significantly, rising from $113,195 in 2013 to $127,887 in 2022. This upward trend in income might indicate a decreasing need for additional affordable housing in recent years.
Racial demographics have shifted slightly. The white population has decreased from 82% in 2013 to 76% in 2022, while the Asian population has increased from 6% to 11% during the same period. Black and Hispanic populations have remained relatively stable at around 5% and 4% respectively.
The LIHTC-funded affordable housing in zip code 19002 represents a small portion of the overall housing inventory. The projects were primarily developed between the late 1980s and early 2000s, with a focus on one-bedroom units. While the population has remained stable, the area has seen a significant increase in median income over the past decade, potentially impacting the demand for affordable housing. The racial composition has also shifted, with an increase in the Asian population and a decrease in the white population.
