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Affordable Housing Analysis in Zip Code 27519: LIHTC Projects and Demographic Shifts
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 27519 in Cary, North Carolina, has a population of 57,991 as of 2022 and contains several Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects. The LIHTC program has contributed to the development of 173 total units, with 137 designated as low-income units. Based on the estimated housing inventory of 22,219 units, the LIHTC-funded affordable housing comprises approximately 0.78% of the zip code's housing stock.
The LIHTC projects in zip code 27519 have received $1,214,007 in tax credits, averaging about $7,017 per unit. This zip code holds 0.28% of the total state LIHTC funding. Affordable housing has been present in the area for over two decades, with the first project, Westwood Park Apartments, completed in 1999, and the most recent, Willow Creek, finished in 2015.
The 2000s saw the most affordable housing development activity, with projects like The Grove At Cary Park completed in 2003. The LIHTC-funded inventory in this zip code includes a mix of unit types, with 39 one-bedroom, 70 two-bedroom, 48 three-bedroom, and 16 four-bedroom units, catering to diverse household sizes.
Over the past decade, zip code 27519 has experienced significant population growth, increasing from 37,540 in 2013 to 57,991 in 2022. During this period, the median income has also risen substantially, from $133,054 in 2013 to $144,871 in 2022. This growth may indicate a changing demographic landscape and potentially increased demand for affordable housing options.
The racial composition of zip code 27519 has shifted notably, with the Asian population increasing from 24% in 2013 to 39% in 2022, while the white population decreased from 64% to 45% during the same period. This diversification could impact the need for culturally sensitive affordable housing solutions.
Zip code 27519 in Cary, North Carolina, has a modest LIHTC-funded affordable housing inventory, representing less than 1% of the estimated housing stock. The area has seen consistent population growth and rising median incomes over the past decade, along with significant shifts in racial demographics. While LIHTC projects have contributed to the affordable housing supply since 1999, the most recent development was completed in 2015. The changing demographics and economic landscape of the zip code may warrant continued attention to affordable housing needs in the future.
