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Affordable Housing Analysis in Zip Code 64016: Stagnant Development and Rising Incomes
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 64016 in Independence, Missouri, encompasses an area of 34.63 square miles with a population of 5,440 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 58 affordable housing units in this zip code, all of which are designated as low-income units. These LIHTC-funded units represent approximately 2.78% of the estimated 2,084 housing units in the zip code.
The LIHTC program has allocated $6,403 in tax credits for affordable housing projects in zip code 64016, resulting in an average of $110.40 in federal funding per unit. Two LIHTC-funded projects exist in this area: Little Village Apartments and 205 W Jefferson St. The older project was completed in 1989, while the most recent one was finished in 1994, indicating that affordable housing has been present in the area for over three decades.
The 1990s marked the peak of affordable housing development in this zip code, with both projects completed during this period. Little Village Apartments, completed in 1994, consists of 34 units, including 4 one-bedroom and 22 two-bedroom apartments. The 205 W Jefferson St project, completed in 1989, comprises 24 two-bedroom units. In total, the LIHTC-funded projects in this zip code offer 4 one-bedroom and 46 two-bedroom units, primarily serving small families or individuals.
The population in zip code 64016 has experienced a slight increase over the past decade, growing from 5,243 in 2013 to 5,440 in 2022. Concurrently, the median income has risen significantly, from $61,954 in 2013 to $80,796 in 2022, representing a 30.4% increase. This substantial income growth may suggest a reduced need for additional affordable housing in recent years.
The racial composition of zip code 64016 has remained relatively stable, with the white population consistently comprising over 90% of residents. A small increase in diversity has occurred, with the Hispanic population growing from 2% in 2013 to 4% in 2022, and the two or more races category increasing from 1% to 3% during the same period.
Zip code 64016 in Independence, Missouri, maintains a modest LIHTC-funded affordable housing inventory, covering about 2.78% of the estimated housing stock. The area experienced affordable housing development in the late 1980s and early 1990s, with two projects providing a total of 58 low-income units. The majority of these units are two-bedroom apartments, indicating a focus on small families or individuals. Over the past decade, the area has experienced population growth and a significant increase in median income, which may have influenced the lack of recent LIHTC-funded projects. While the racial composition remains predominantly white, there has been a slight increase in diversity in recent years.
