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Affordable Housing Analysis in Zip Code 19462: Plymouth Meeting's LIHTC-Funded Units
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Plymouth Meeting, located in Pennsylvania's zip code 19462, contains 67 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This represents approximately 1.06% of the estimated 6,294 housing units in the zip code, based on 2022 population data and national average household size. All 67 units are designated as low-income units.
The LIHTC program has invested $1,621,353 in project tax credits in this zip code, averaging about $24,199 per unit. Zip code 19462 accounts for 0.27% of Pennsylvania's total LIHTC funding, indicating a moderate concentration of affordable housing investment in the area.
Affordable housing has been present in this zip code for over three decades. The first LIHTC project, "1057 Belvoir Road," was completed in 1990, and the most recent addition, "Whitemarsh Senior Village," was finished in 2015. This 25-year span demonstrates a sustained commitment to affordable housing in the area. The 2010s saw the most significant development with the completion of Whitemarsh Senior Village.
The LIHTC-funded housing in zip code 19462 primarily consists of one-bedroom units, with 58 such units available. There are also 4 two-bedroom units, providing a mix of housing options for different household sizes.
Over the past decade, the zip code has experienced slight population growth, increasing from 15,260 in 2013 to 16,428 in 2022. The median income has shown substantial growth, rising from $91,144 in 2013 to $104,022 in 2022, with a peak of $119,371 in 2021.
The racial composition of the area has remained relatively stable. The white population decreased slightly from 80% in 2013 to 76% in 2022. Asian, Black, and Hispanic populations each grew by about 1-3 percentage points over the decade.
The completion of Whitemarsh Senior Village in 2015 aligns with a period of population growth and increasing median income in the area. This suggests that the LIHTC project may have been developed in response to growing housing needs and to maintain affordability in an increasingly affluent area.
The LIHTC program has contributed to providing affordable housing in Plymouth Meeting's 19462 zip code, with 67 low-income units across two projects spanning 25 years. These units represent a small percentage of the estimated housing stock but contribute to the area's housing diversity. The zip code has experienced moderate population growth and significant income increases over the past decade, potentially indicating an ongoing need for affordable housing options in this evolving community.
