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Affordable Housing Analysis in Zip Code 27511: LIHTC Developments in Cary, North Carolina
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 27511 in Cary, North Carolina, contains a notable quantity of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area encompasses 303 total units in LIHTC-funded projects, with 195 units specifically designated as low-income. Based on the 2022 population of 32,791 and an estimated 12,564 housing units, the LIHTC-funded affordable housing constitutes approximately 2.4% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 27511 have received $1,569,000 in tax credits, averaging about $5,178 per unit across all LIHTC-funded projects. This zip code accounts for 0.36% of the total LIHTC funding allocated to North Carolina. The affordable housing inventory in this area has been developing since 1994, with the most recent project completed in 2011. The 1990s experienced the highest concentration of affordable housing development, with multiple projects completed in 1994, including West Park St. Apartments and Krendle Woods.
The LIHTC-funded housing stock in zip code 27511 offers a range of unit types. It includes 1 efficiency unit, 135 one-bedroom units, 125 two-bedroom units, and 42 three-bedroom units, accommodating various household sizes and needs.
Over the past decade, zip code 27511 has experienced fluctuations in population, with a slight decrease from 34,528 in 2017 to 32,791 in 2022. Despite this, the median income has shown an upward trend, rising from $83,288 in 2017 to $94,286 in 2022.
The racial composition has remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 66% in 2017 to 68% in 2022, while the Asian population increased from 4% to 5%. The Black population remained steady at 11%, and the Hispanic population decreased slightly from 16% to 12%.
Zip code 27511 in Cary, North Carolina, has an established LIHTC-funded affordable housing inventory, developed primarily in the 1990s. While it represents a small percentage of the overall housing stock, it provides a variety of unit types to meet diverse needs. The area has seen rising median incomes and slight shifts in racial composition over the past decade, factors which may influence future affordable housing needs and development in the area.
