Wayland has experienced demographic changes over the past decade. The population decreased from 3,309 in 2015 to 2,735 in 2022, a decline of approximately 17.5%. Despite this population decrease, the median income has shown an overall increase, rising from $44,977 in 2015 to $46,675 in 2022, with some fluctuations in between.

The racial composition of Wayland has remained relatively stable. The white population consistently represents the vast majority (96-98%) of residents. There has been a slight increase in Hispanic representation, from 0% in 2015 to 1% in 2022, and a small increase in residents identifying as two or more races, from 1% to 2% over the same period.

These demographic trends, particularly the declining population and increasing median income, may indicate changing housing needs in the village. However, no new LIHTC projects have been recorded in the past decade, suggesting that other factors or housing programs might be addressing the community's affordable housing needs.

Wayland has a small LIHTC-funded affordable housing inventory, consisting of 6 one-bedroom units across two projects. These units represent a small percentage of the village's estimated housing stock but have been providing affordable housing options for over 30 years. The village has experienced a population decline and an increase in median income over the past decade, which may influence future affordable housing needs. Despite these changes, the racial composition has remained relatively stable, with a slight increase in diversity. The analysis of LIHTC projects in Wayland provides insights into the affordable housing landscape, though it is important to consider that other housing programs may also contribute to meeting the community's affordable housing needs.