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Affordable Housing Analysis in Zip Code 83642: LIHTC Investments and Population Growth
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 83642 in Meridian, Idaho contains 168 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 150 designated as low-income units. This represents approximately 0.76% of the estimated 22,046 housing units in the zip code. The LIHTC projects have received $1,086,434 in tax credits, averaging about $6,467 per unit and accounting for 1.35% of Idaho's total LIHTC allocation.
Affordable housing has been present in this zip code since 2003, with the completion of the Tramore Senior project. The most recent development, Washington Square, was completed in 2017, spanning a 14-year period of LIHTC-funded housing development. The 2000s saw the most activity in affordable housing construction, with two projects completed during this decade.
The LIHTC-funded housing stock in zip code 83642 offers a diverse range of unit types. There are 61 one-bedroom units, 66 two-bedroom units, 6 three-bedroom units, and 8 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the last decade, zip code 83642 has experienced significant population growth, increasing from 38,123 in 2013 to 57,540 in 2022. Median income has also risen substantially, from $72,058 in 2013 to $89,749 in 2022. The racial composition has remained relatively stable, with a slight decrease in the white population from 89% to 84% and small increases in Asian, Black, and Hispanic populations.
The completion of the Washington Square project in 2017 aligns with this period of population growth and increasing median income, suggesting a continued need for affordable housing options even as the overall economic indicators improved.
Zip code 83642 has a modest but notable LIHTC-funded affordable housing presence, representing about 0.76% of the estimated housing inventory. The area has seen consistent investment in affordable housing over a 14-year period, with projects catering to various household sizes. Despite strong population and income growth over the past decade, the continued development of LIHTC projects indicates an ongoing need for affordable housing options in this rapidly growing area.
