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Affordable Housing in Zip Code 33411: LIHTC's Impact on West Palm Beach
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 33411 in West Palm Beach, Florida, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 1,317 total units in LIHTC-funded projects, with 1,029 designated as low-income units. Based on the 2022 population of 73,214 and an estimated 28,051 housing units, LIHTC-funded affordable housing comprises approximately 4.7% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 33411 have received $831,044 in project tax credits, averaging about $631 per unit in federal funding. This represents 0.12% of Florida's total LIHTC funding, indicating a modest but notable investment in affordable housing for this area.
The earliest LIHTC projects in the zip code, Madison Chase and Colony Park, were completed in 2002. The most recent project with available data, Woodlake, was completed in 2015. This 13-year span demonstrates a sustained commitment to affordable housing development in the area. The 2000s saw the most affordable housing projects completed in this zip code.
The LIHTC-funded projects in zip code 33411 primarily consist of multi-bedroom units, with 184 two-bedroom units and 236 three-bedroom units. There are also 56 one-bedroom units, suggesting a focus on accommodating families of various sizes.
Over the past decade, zip code 33411 has experienced steady population growth, increasing from 63,439 in 2013 to 73,214 in 2022. This 15.4% population increase may have contributed to the need for affordable housing options.
Median income in zip code 33411 has risen from $77,732 in 2013 to $84,135 in 2022, representing an 8.2% increase. Despite this growth, the continued presence of LIHTC projects suggests an ongoing need for affordable housing options.
The racial demographics of zip code 33411 have shifted over the past decade. The white population decreased from 56% in 2013 to 46% in 2022, while the Hispanic population increased from 17% to 22%. The black population remained relatively stable, increasing slightly from 20% to 23%. These changes in racial composition may reflect broader demographic shifts in the area and could influence future affordable housing needs.
Zip code 33411 in West Palm Beach has a notable LIHTC-funded affordable housing presence, with over 1,300 units contributing to the area's housing diversity. The steady development of LIHTC projects from 2002 to 2015 demonstrates a consistent effort to address affordable housing needs. While the area has experienced population growth and rising median incomes, the continued presence of LIHTC projects suggests an ongoing demand for affordable housing options. The changing racial demographics of the zip code may also influence future affordable housing needs and development strategies.
