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Affordable Housing in Zip Code 60504: A Decade of Stagnation Amidst Demographic Shifts
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 60504 in Aurora, Illinois, contains 442 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all designated as low-income. This represents approximately 3.1% of the estimated 14,246 total housing units in the zip code. The LIHTC program has invested $2,479,354 in project tax credits in this area, averaging about $5,609 per affordable unit. This zip code accounts for 0.31% of the total LIHTC funding allocated to Illinois.
Affordable housing development in this zip code spans from 1997 to 2001. The first LIHTC project, Fox Pointe Apts, was completed in 1997, while the most recent, Alden Horizon Sen Living Comm/Waterford, was finished in 2001. The early 2000s saw the most significant affordable housing development activity in this zip code. The LIHTC funded inventory consists of 179 one-bedroom units, 191 two-bedroom units, and 72 three-bedroom units, accommodating various household sizes within the low-income population.
The zip code has experienced demographic changes over the past decade. The population increased from 35,979 in 2015 to 37,182 in 2022. Concurrently, the median income rose from $90,140 in 2015 to $100,034 in 2022, indicating overall economic improvement. The racial composition has also shifted, with the Asian population increasing from 14% to 20%, the white population decreasing from 54% to 41%, and the Hispanic population remaining relatively stable, moving from 19% to 21%.
Despite these demographic changes, no new LIHTC projects have been developed in zip code 60504 in the last decade. This lack of new affordable housing development could be attributed to the rising median income, which may have reduced the perceived need for additional affordable housing in the area. The existing LIHTC funded affordable housing stock, developed between 1997 and 2001, continues to serve the community with its diverse range of unit sizes.
This analysis of zip code 60504 in Aurora, Illinois, reveals a modest LIHTC funded affordable housing inventory that comprises about 3.1% of the estimated total housing stock. The area received significant federal investment through the LIHTC program during its period of affordable housing development. While the zip code has experienced population growth, substantial increases in median income, and shifts in racial composition over the past decade, the affordable housing landscape has remained static. This stagnation in LIHTC development contrasts with the dynamic demographic changes observed in the area, providing insights into the current status of affordable housing within the context of evolving community characteristics.
