Over the past decade, Lakewood has experienced demographic shifts. The population has decreased from 854 in 2013 to 650 in 2022, a decline of about 23.9%. Despite this population decrease, the median income has shown an overall increase, rising from $21,490 in 2013 to $32,353 in 2022, representing a 50.5% increase.

The racial composition of Lakewood has also undergone changes. The Black population has decreased from 83% in 2013 to 52% in 2022, while the Asian population has increased from 13% to 20% during the same period. The White population has also seen an increase from 3% to 8%. The Hispanic population, which was not represented in earlier years, now comprises 10% of the neighborhood's population as of 2022.

These demographic shifts, particularly the decrease in population and increase in median income, may partially explain why no new LIHTC projects have been developed in Lakewood over the past decade. The rising median income could indicate a reduced need for additional affordable housing units.

Lakewood's LIHTC-funded affordable housing inventory consists of 4 units across two projects, all completed in 1988. While this represents a small portion (1.61%) of the estimated housing inventory, other affordable housing programs may also be present in the neighborhood. The demographic trends over the past decade, including a decreasing population, rising median income, and shifting racial composition, provide context for understanding the affordable housing landscape in Lakewood. These factors may influence future decisions regarding affordable housing development in the neighborhood.