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Affordable Housing Analysis in Zip Code 43440: Marblehead Commons and LIHTC Impact
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 43440, located in Marblehead, Ohio, contains 142 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units comprise 8.59% of the estimated housing inventory in the area. The zip code spans 16.17 square miles and had a population of 4,314 in 2022. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 1,653 units.
The LIHTC program has invested $354,662 in project tax credits for affordable housing in zip code 43440. This equates to an average federal funding of $2,497 per unit. This zip code accounts for 0.08% of Ohio's total LIHTC funding. The affordable housing in this area is represented by a single project, Marblehead Commons, which was completed in 2003.
Marblehead Commons consists of 142 units, including 6 two-bedroom units and 82 three-bedroom units. This unit distribution suggests a focus on accommodating families or larger households. All 142 units in this project are designated as low-income units.
The population in zip code 43440 has decreased from 4,681 in 2014 to 4,314 in 2022. Despite this decline, the median income has increased from $52,630 in 2014 to $60,639 in 2022. This trend indicates an overall improvement in economic conditions for residents.
The racial composition of zip code 43440 has remained relatively stable. The white population has consistently represented 95-98% of residents. There has been a slight increase in Hispanic representation, growing from 1% in 2014 to 3% in 2022.
The stable racial composition and increasing median income, combined with the declining population, suggest that the current LIHTC-funded affordable housing inventory has been sufficient to meet the community's needs over the past decade. The single LIHTC project in zip code 43440, while modest compared to the state total, plays an important role in providing affordable housing options to the local community.
