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Affordable Housing Impact on Demographic Shifts in Milwaukee's Haymarket 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
The Haymarket neighborhood in Milwaukee, Wisconsin, features a single Low-Income Housing Tax Credit (LIHTC) funded project, Haymarket Lofts. This development provides 54 units, including 6 designated as low-income. Based on the 2022 population of 641 and using the national average household size, the neighborhood is estimated to have approximately 246 housing units. The LIHTC-funded affordable housing comprises about 22% of the estimated housing inventory.
Haymarket Lofts received $791,814 in tax credits, averaging approximately $14,663 per unit in federal funding. Completed in 2017, it represents the only LIHTC development in the neighborhood. The project offers a diverse mix of unit types, including 14 one-bedroom, 29 two-bedroom, 2 three-bedroom, and 9 four-bedroom units, accommodating various household sizes.
Over the past decade, Haymarket has experienced significant demographic changes. The population increased from 476 in 2013 to 641 in 2022, a 35% growth. This expansion coincides with the introduction of the LIHTC project in 2017, suggesting a potential correlation between affordable housing availability and population growth.
The neighborhood's median income has shown a general upward trend, rising from $17,093 in 2015 to $21,135 in 2022. This modest increase indicates an ongoing need for affordable housing options in the area.
Racial demographics in Haymarket have also evolved. The Black population, while remaining the majority, decreased from 78% in 2013 to 63% in 2022. Simultaneously, the Hispanic population increased from 5% to 10%, and those identifying as two or more races rose from 1% to 10%. This diversification occurred alongside the introduction of LIHTC housing, potentially indicating that affordable housing has contributed to increased diversity in the area.
The Haymarket neighborhood's affordable housing landscape is characterized by the Haymarket Lofts LIHTC project, which significantly contributes to the area's housing inventory. The project's diverse unit mix aligns with the neighborhood's changing demographics. The introduction of LIHTC housing in 2017 coincides with population growth and increased racial diversity, suggesting a possible relationship between affordable housing availability and community demographics. Ongoing monitoring of affordable housing needs will be crucial as the neighborhood continues to evolve.
