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Affordable Housing Dynamics in Wicker Park: A Single-Project Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Wicker Park, a neighborhood in Chicago, Illinois, has a distinct affordable housing profile. The area's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 61 units, all designated as low-income. This represents 1.32% of the estimated 4,607 housing units in the neighborhood, based on the 2022 population of 12,024 and the national average household size of 2.61.
The LIHTC program has invested $671,499 in Wicker Park's affordable housing, averaging $11,008 per unit in federal funding. The neighborhood's LIHTC-funded housing is concentrated in a single project, Wicker Park Renaissance, completed in 2008. This project initiated LIHTC-funded affordable housing in the area, establishing over a decade of affordable housing presence in Wicker Park.
The Wicker Park Renaissance project consists of 61 units, including 57 efficiencies and 4 one-bedroom units, primarily serving single individuals or small households. This composition reflects a specific approach to addressing affordable housing needs in the neighborhood, focusing on smaller living spaces.
Wicker Park has experienced demographic shifts over the past decade. The population has remained relatively stable, with a slight decrease from 12,110 in 2015 to 12,024 in 2022. The median income has increased significantly, rising from $101,480 in 2015 to $138,158 in 2022, a 36% increase.
Racial demographics have also changed. The white population increased from 67% in 2015 to 72% in 2022. The Hispanic population decreased from 16% to 10%, and the Black population declined from 8% to 5% during the same period. The Asian population increased from 5% to 7%.
These demographic trends, particularly the rising median income and shifts in racial composition, may impact the neighborhood's affordable housing needs. The absence of new LIHTC projects in recent years could be related to these changing demographics, potentially indicating a shift in the area's overall housing market dynamics.
Wicker Park's LIHTC-funded affordable housing inventory, limited to one project, provides 61 low-income units, primarily efficiencies. This represents a small but significant portion of the neighborhood's estimated housing stock. The area has experienced substantial income growth and demographic shifts over the past decade, which may influence future affordable housing needs and development. The Wicker Park Renaissance project, completed in 2008, remains a key component of the area's affordable housing landscape, reflecting the neighborhood's approach to addressing housing needs for lower-income residents.
