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Affordable Housing Analysis in Zip Code 08053: Marlton's Limited LIHTC Inventory
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 08053, located in Marlton, New Jersey, has a population of 47,004 as of 2022. This area has 64 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 53 of these designated as low-income units. Based on the estimated housing inventory of 18,009 units, the LIHTC funded affordable housing covers approximately 0.35% of the zip code's housing stock.
The LIHTC projects in this zip code have received $3,993,340 in tax credits, averaging about $62,396 per unit. This funding represents 0.53% of New Jersey's total LIHTC allocation, indicating a relatively small but notable investment in affordable housing for this area.
The zip code has three LIHTC funded projects. Two of these, Sharp Road and Sharp Road Family Housing, were completed in 2008, marking the beginning of LIHTC-funded affordable housing in the area. The completion year for the third project, Evesham Family Apartments, is not specified. The 2000s decade saw the most affordable housing project completions in this zip code.
Over the past decade, the population in zip code 08053 has grown slightly, from 45,536 in 2013 to 47,004 in 2022. The median income has also increased, rising from $103,692 in 2013 to $110,261 in 2022. This upward trend in income might suggest a growing need for affordable housing options to maintain economic diversity in the area.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 84% in 2013 to 80% in 2022, and small increases in Asian, Black, and Hispanic populations. This gradual diversification could indicate a need for culturally sensitive affordable housing options.
Zip code 08053 in Marlton, New Jersey, has a modest LIHTC-funded affordable housing inventory, covering less than 1% of its estimated housing stock. The area has seen three LIHTC projects, with two completed in 2008. Despite rising median incomes and a slowly diversifying population, the percentage of LIHTC-funded housing remains low compared to typical affordable housing targets. However, it is important to note that other affordable housing programs may be present in the area, contributing to the overall affordable housing inventory beyond what is captured by LIHTC data alone.
