The population in zip code 95121 has fluctuated over the past decade, reaching a peak of 38,102 in 2017 and declining to 35,344 by 2022. Despite these population changes, the median income has demonstrated a significant upward trend, increasing from $98,425 in 2013 to $118,383 in 2022.

The racial composition of the area has also undergone changes. The Asian population has increased from 53% in 2013 to 61% in 2022, while the Hispanic population has decreased from 31% to 24% during the same period. The Black population has remained relatively stable at approximately 3%, and the White population has slightly decreased from 10% to 8%.

These demographic shifts, particularly the rising median income, may indicate changing housing needs in the area. The absence of new LIHTC projects in the last decade could be attributed to the overall increase in household incomes, potentially reducing the demand for additional low-income housing units.

Zip code 95121 in San Jose, California, has a single LIHTC funded affordable housing project, Casa Real Apartments, which has been serving the community since 2006. While the project provides 179 low-income units, it represents a small fraction of the estimated housing inventory in the area. The zip code has experienced notable demographic changes over the past decade, including a rising median income and shifts in racial composition, which may influence future affordable housing needs and development in the area.