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Affordable Housing Analysis in Zip Code 43125: Limited LIHTC Development Amidst Population Growth
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 43125, located in Groveport, Ohio, has a population of 13,863 as of 2022 and covers an area of 30.68 square miles. The Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory in this zip code consists of 5 total affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 5,311 units, the LIHTC funded affordable housing covers approximately 0.09% of the zip code's housing stock.
The LIHTC projects in this zip code have received $869,825 in tax credits for affordable housing development. With 5 total units funded, this translates to an average federal funding of $173,965 per unit. This zip code holds 0.2% of the total state LIHTC funding, indicating a relatively small portion of Ohio's affordable housing investment is concentrated here.
The LIHTC funded affordable housing in this zip code is represented by two projects: Groveport Senior Village and Groveport Senior Village 1. Groveport Senior Village, completed in 2015, marks the most recent addition to the affordable housing stock in the area. This project accounts for all 5 of the low-income units, which are all two-bedroom units.
Over the past decade, the zip code has experienced population growth, increasing from 12,037 in 2013 to 13,863 in 2022. The median income has also risen significantly, from $60,305 in 2013 to $70,551 in 2022. This upward trend in income might suggest a decreasing need for affordable housing, potentially explaining the limited LIHTC development in recent years.
Racial demographics have shown some shifts, with the white population decreasing from 75% in 2013 to 70% in 2022, while the Black population increased from 15% to 21% during the same period. The Hispanic population also saw a slight increase from 2% to 5%. These changes in racial composition might indicate evolving housing needs in the community.
The LIHTC funded affordable housing in zip code 43125 represents a small fraction of the overall housing stock. With only 5 low-income units in two projects, the most recent completed in 2015, the area has seen limited LIHTC development. The zip code has experienced population growth and rising median incomes over the past decade, which may influence the perceived need for affordable housing. Changes in racial demographics suggest a diversifying community, which could impact future housing requirements. While LIHTC funding plays a role in providing affordable housing options, it is important to note that other programs may also contribute to the overall affordable housing inventory in this area.
