The population in zip code 55331 has grown steadily over the past decade, increasing from 17,358 in 2013 to 18,088 in 2022. Concurrently, the median income has risen from $128,269 in 2013 to $151,790 in 2022, suggesting an overall increase in affluence in the area.

The racial distribution has remained relatively stable, with a slight decrease in the white population from 95% in 2013 to 91% in 2022. There has been a minor increase in diversity, with small growth in Asian, Black, and multiracial populations.

Despite population growth and rising median income, no new LIHTC projects have been developed in zip code 55331 in the last decade. This may be attributed to the area's high median income, potentially reducing the perceived need for additional affordable housing units.

Zip code 55331 in Shorewood, Minnesota, contains one LIHTC-funded affordable housing project, South Shore Park, providing 67 low-income units. This represents a small portion of the estimated housing inventory but has been a consistent presence since 2006. The area has experienced population growth and significant increases in median income over the past decade, potentially influencing the perceived need for additional affordable housing development. The racial composition has remained predominantly white, with slight increases in diversity. These demographic trends, particularly the high median income, may explain the absence of new LIHTC projects in recent years.