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Affordable Housing Analysis in Zip Code 62034: LIHTC Funded Project in Glen Carbon, Illinois
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 62034 in Glen Carbon, Illinois, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 103 total units in LIHTC-funded projects, with 83 designated as low-income units. Based on the 2022 population of 15,287 and estimated 5,857 housing units, LIHTC-funded affordable housing represents approximately 1.76% of the total housing inventory in this zip code.
The LIHTC program has invested $666,077 in tax credits for affordable housing projects in zip code 62034. This equates to an average federal funding of $6,467 per unit. This zip code accounts for 0.08% of the total LIHTC funding allocated to Illinois. The affordable housing inventory in this zip code consists of a single project, Cambridge House of Maryville, completed in 2006. This project has provided affordable housing options for over 15 years. The housing mix includes 1 one-bedroom unit and 3 two-bedroom units, with the majority of units likely being efficiencies or other configurations not specifically detailed.
Zip code 62034 has experienced population fluctuations over the past decade, with an increase from 14,020 in 2020 to 15,287 in 2022. The median income has shown an overall upward trend, rising from $81,259 in 2013 to $90,106 in 2022, with a peak of $109,828 in 2021. This indicates a generally improving economic situation for residents in the area.
Racial demographics in zip code 62034 have remained relatively stable, with the white population consistently representing the majority (around 84-87% from 2013 to 2022). The Black population decreased slightly from 8% in 2013 to 7% in 2022, while the Asian and Hispanic populations have remained relatively constant at around 2-3% each. The stability in racial demographics and the increasing median income may partially explain why no additional LIHTC projects have been developed in the past decade. However, other factors and housing programs not captured in this data could also influence the affordable housing landscape in this zip code.
Zip code 62034 in Glen Carbon, Illinois, has a modest LIHTC-funded affordable housing presence, with one project providing 103 units, 83 of which are designated as low-income. This represents about 1.76% of the estimated housing inventory. The area has experienced population growth and increasing median incomes over the past decade, with relatively stable racial demographics. While the LIHTC program has contributed to affordable housing in this zip code, a comprehensive understanding of the area's affordable housing needs would require consideration of additional factors and potential housing programs beyond the scope of this analysis.
