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Affordable Housing Analysis in Lake Butler, Florida Zip Code 34786: A Two-Decade Perspective
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lake Butler, Florida, zip code 34786, has 340 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units constitute approximately 1.88% of the estimated 18,114 housing units in the zip code, based on the 2022 population of 47,278 and the national average household size. The LIHTC funded housing in this area consists of two projects: Buena Vista Place and Buena Vista Place II.
The affordable housing projects in zip code 34786 were developed in the late 1990s. Buena Vista Place was completed in 1999, followed by Buena Vista Place II in 2000. These projects have provided affordable housing options in the area for over two decades. The unit distribution includes 72 one-bedroom units, 36 two-bedroom units, and 25 three-bedroom units, accommodating various family sizes and needs.
Zip code 34786 has experienced significant population growth over the past decade. The population increased from 29,918 in 2013 to 47,278 in 2022. Despite this growth, no new LIHTC projects have been developed since 2000. The median income in the area has remained relatively high, ranging between $104,469 and $128,183 during this period.
The racial demographics of zip code 34786 have shifted over the past decade. The white population decreased from 71% in 2013 to 59% in 2022. Conversely, the Hispanic population increased from 12% to 20% during the same period. The Asian population also saw a slight increase from 7% to 10%.
In summary, zip code 34786 contains two LIHTC funded affordable housing projects with 340 low-income units, representing about 1.88% of the estimated housing inventory. These projects were completed in 1999 and 2000. Despite significant population growth and demographic changes over the past decade, no new LIHTC projects have been developed. The area has maintained a high median income, which may affect the perceived need for additional affordable housing. However, the changing racial composition and continued population growth may indicate evolving housing needs that could be addressed in future housing policy considerations.
