Over the past decade, Sheffield's population has fluctuated, decreasing from 2,734 in 2019 to 2,095 in 2022. Despite this population decline, the median income has increased from $19,971 in 2018 to $30,269 in 2022, suggesting improving economic conditions for some residents.

The racial composition of Sheffield has remained diverse but has experienced some shifts. The Hispanic population has consistently been the largest demographic group, ranging from 52% to 67% over the past decade. The Black population has increased from 6% in 2017 to 19% in 2022, while the White population has remained relatively stable around 20-26%. These demographic changes, particularly the increase in median income, may influence the ongoing need for affordable housing in the neighborhood. However, with over half the population being Hispanic and a growing Black population, cultural sensitivity in housing provision remains important.

Sheffield's LIHTC funded affordable housing inventory, established in the late 1980s, continues to play a significant role in the neighborhood's housing landscape. With 196 low-income units, primarily consisting of one-bedroom apartments, it addresses approximately 24.4% of the estimated housing needs. While the population has decreased recently, the rising median income and evolving racial composition suggest a changing but ongoing need for affordable housing options. The long-standing presence of these LIHTC projects demonstrates a sustained commitment to affordable housing in Sheffield over the past three decades.