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Affordable Housing in Zip Code 34986: Analysis of LIHTC Projects in Port St. Lucie
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 34986 in Port St. Lucie contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 548 units. These units are distributed across 2 LIHTC-funded projects, all designated as low-income units. The estimated total housing units in this zip code is approximately 11,198, based on the 2022 population of 29,228 and using the national average household size. LIHTC-funded affordable units represent about 4.9% of the estimated housing inventory in this zip code.
The LIHTC-funded projects in zip code 34986 were developed between 2001 and 2003. Sanctuary At Winterlakes, completed in 2001, was the first project, followed by Peacock Run in 2003. This indicates that affordable housing through the LIHTC program has been present in the zip code for over two decades. The early 2000s witnessed the most LIHTC development activity in this zip code, with both projects completed during this period. Peacock Run offers 264 units, while Sanctuary At Winterlakes provides 284 units.
The unit types in these LIHTC projects are distributed as follows: 156 one-bedroom units, 126 two-bedroom units, and 14 three-bedroom units. This distribution suggests a focus on smaller households, with a significant number of units suitable for individuals or small families. The presence of these affordable housing options contributes to the area's housing diversity, though it may not fully meet the typical target of 15-20% affordable housing stock.
Zip code 34986 has experienced population growth over the past decade, increasing from 24,395 in 2013 to 29,228 in 2022. This growth of nearly 20% may indicate an increasing demand for housing, including affordable options. The median income in the area has fluctuated, starting at $71,380 in 2013, decreasing to $61,687 in 2018, and then increasing to $68,395 in 2022. These changes could influence the need for affordable housing in the area.
Racial demographics in zip code 34986 have shown shifts over the past decade. The white population decreased from 67% in 2013 to 61% in 2022, while the Black population increased from 10% to 15%, and the Hispanic population grew from 13% to 16%. This increasing diversity might suggest changing housing needs and preferences in the community.
In summary, zip code 34986 in Port St. Lucie has a modest LIHTC-funded affordable housing inventory, with 548 low-income units across two projects. These units, developed in the early 2000s, represent about 4.9% of the estimated housing stock. The area has experienced population growth and demographic shifts over the past decade, which could influence future affordable housing needs. The existing LIHTC projects offer a mix of unit types, primarily catering to smaller households. As the community continues to evolve, ongoing assessment of affordable housing needs will be crucial to ensure adequate housing options for all residents.
