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Affordable Housing Analysis in Zip Code 64057: LIHTC Impact and Demographic Shifts
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 64057 in Independence, Missouri, contains 124 total units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 43 units designated as low-income. The 2022 population of 17,217 and estimated 6,597 housing units indicate that LIHTC funded affordable housing comprises approximately 1.88% of the zip code's estimated housing inventory.
LIHTC projects in zip code 64057 have received $429,948 in project tax credits, averaging $3,467 per unit across all LIHTC funded projects. This zip code accounts for 0.12% of Missouri's total LIHTC funding allocation. Affordable housing has been present in this zip code since 1999, with the most recent project completed in 2006. Brookstone Village, built in 1999, was the first project, and Regency Manor II, completed in 2006, was the last. The 2000s experienced the most affordable housing development activity in this area.
The LIHTC funded housing inventory in zip code 64057 includes 58 one-bedroom units, 54 two-bedroom units, and 12 three-bedroom units. No efficiencies or four-bedroom units are reported in these projects.
The population in zip code 64057 has remained relatively stable over the past decade, fluctuating between 16,000 and 17,300 residents. The median income has increased from $68,375 in 2013 to $73,619 in 2022. This rise in median income may partially explain the lack of new LIHTC projects in recent years.
Racial demographics in zip code 64057 have shifted slightly. The white population has decreased from 82% in 2013 to 76% in 2022. The Black population has increased from 6% to 13% during this period, while other racial groups have remained relatively stable. These demographic changes could influence future affordable housing needs in the area.
The LIHTC program has contributed to the affordable housing stock in zip code 64057, providing 124 units, of which 43 are designated as low-income. This represents a small percentage of the estimated housing inventory. The zip code has seen no new LIHTC projects since 2006, which could be related to the rising median income in the area. As demographic shifts continue, particularly with the increase in the Black population, future affordable housing needs may evolve, potentially warranting reassessment of housing strategies in zip code 64057.
