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Affordable Housing Analysis in Zip Code 78702: Long-standing LIHTC Investments Amid Changing Demographics
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 78702 in Austin, Texas, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This area has 1,270 units in LIHTC-funded projects, with 767 designated as low-income units. LIHTC-funded affordable housing comprises approximately 13% of the total housing stock in this zip code, based on an estimated housing inventory of 9,771 units.
The LIHTC projects in zip code 78702 have received $1,072,039 in tax credits, averaging about $844 per unit in federal funding. This zip code accounts for 0.92% of the total LIHTC funding allocated to Texas, indicating a substantial concentration of affordable housing investment in the area.
The affordable housing presence in zip code 78702 spans several decades. The earliest LIHTC projects were completed in 1988, including properties such as Waterloo Apartments and several scattered-site developments. The most recent project with a known completion date is Villas on Sixth, finished in 2006. The 1980s saw the highest number of affordable housing projects completed, with 17 projects built between 1988 and 1989.
The LIHTC-funded housing stock in zip code 78702 offers a diverse range of unit types. There are 12 efficiency units, 262 one-bedroom units, 245 two-bedroom units, 192 three-bedroom units, and 27 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, zip code 78702 has experienced significant demographic changes. The population has grown from 21,660 in 2013 to 25,503 in 2022, an increase of about 17.7%. Concurrently, the median income has risen substantially from $43,936 in 2013 to $72,668 in 2022, representing a 65.4% increase.
The racial composition of zip code 78702 has also shifted. The Hispanic population decreased from 55% in 2013 to 34% in 2022, while the White population increased from 27% to 47% during the same period. The Black population remained relatively stable, decreasing slightly from 14% to 12%.
These demographic changes in zip code 78702, particularly the rising median income and shifting racial composition, suggest ongoing gentrification in the area. This trend may explain the lack of new LIHTC projects in recent years, as the area's economic profile has changed.
Zip code 78702 in Austin has a substantial LIHTC-funded affordable housing inventory, representing about 13% of its estimated housing stock. The area saw significant affordable housing development in the late 1980s and early 1990s, with a diverse range of unit types available. Over the past decade, the zip code has experienced notable demographic shifts, including population growth, rising median income, and changes in racial composition. These trends suggest gentrification, which may have implications for future affordable housing needs and development in the area.
