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Affordable Housing Analysis in Zip Code 27612: LIHTC-Funded Projects and Demographic Trends
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 27612 in Raleigh, North Carolina, encompasses an area of 16.42 square miles and has a population of 38,086 as of 2022. This zip code contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing, totaling 165 units, with 164 designated as low-income units. The LIHTC-funded affordable housing represents approximately 1.13% of the zip code's estimated housing inventory of 14,592 units.
The LIHTC projects in zip code 27612 have received $819,272 in tax credits, with an average of $4,965 per unit. This funding constitutes 0.19% of the total LIHTC credits allocated to North Carolina, indicating a moderate investment in affordable housing for this area. Affordable housing has been present in this zip code since at least 2005, with the completion of Windsor Spring Congregate Care For Seniors. The most recent project, Raleigh Gardens, was completed in 2011.
The 2010s saw the most affordable housing activity in this zip code, with Raleigh Gardens being the largest project, providing 126 units. The housing mix in these LIHTC projects includes 29 one-bedroom units, 60 two-bedroom units, 24 three-bedroom units, and 25 four-bedroom units, offering a range of options for different household sizes.
The population in zip code 27612 has grown steadily over the past decade, increasing from 34,151 in 2013 to 38,086 in 2022, representing an 11.5% growth. This increase may indicate a rising demand for housing, including affordable options.
Median income in the zip code has also increased, from $78,640 in 2013 to $89,890 in 2022, a 14.3% rise. Despite this growth, the presence of LIHTC projects suggests a continued need for affordable housing options, possibly due to rising housing costs in the area.
The racial composition of zip code 27612 has remained relatively stable, with a slight decrease in the white population from 74% in 2013 to 73% in 2022, and a small increase in diversity. The Hispanic population grew from 5% to 6%, while the Asian population remained at 4%. The Black population decreased slightly from 15% to 13%. This gradual diversification may influence the need for varied affordable housing options to serve different community needs.
Zip code 27612 in Raleigh, North Carolina, has a moderate LIHTC-funded affordable housing presence, covering about 1.13% of the estimated housing stock. The area has experienced steady population growth and increasing median incomes over the past decade, alongside a gradual increase in racial diversity. While the LIHTC projects provide a range of unit sizes to accommodate various household needs, the growing population and rising incomes suggest a potential ongoing demand for affordable housing options in this zip code.
