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Affordable Housing Analysis: Zip Code 07701 in Red Bank, New Jersey and Its LIHTC-funded Housing Stock
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 07701, located in Red Bank, New Jersey, has a population of 26,114 as of 2022. This area has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 209 total units, with 173 designated as low-income units. The LIHTC-funded affordable housing comprises approximately 2.09% of the zip code's estimated housing stock of 10,005 units.
The LIHTC projects in zip code 07701 have received $1,304,663 in project tax credits, averaging about $6,242 per unit. This funding represents 0.17% of New Jersey's total LIHTC credits. Affordable housing has been present in this zip code for at least three decades, with the earliest project completed in 1992 and the most recent known completion in 2012. The 1990s saw the highest number of affordable housing projects completed.
The LIHTC-funded housing in zip code 07701 offers a range of unit types, including 8 efficiencies, 62 one-bedroom units, and 31 two-bedroom units. This distribution suggests a focus on accommodating smaller households and individuals.
Over the past decade, zip code 07701 has experienced slight fluctuations in population, with a general upward trend from 24,823 in 2020 to 26,114 in 2022. The median income has also shown an overall increase, rising from $104,119 in 2020 to $106,390 in 2022, with a peak of $117,667 in 2021.
Racial demographics in zip code 07701 have remained relatively stable, with the white population consistently representing the majority at around 73-78% over the past decade. The Hispanic population has seen a slight decrease from 19% in 2018 to 15% in 2022, while other racial groups have maintained relatively consistent percentages.
The absence of new LIHTC projects in recent years, despite population growth and income increases in zip code 07701, may suggest that other affordable housing initiatives or market conditions are addressing low-income housing needs in the area.
Zip code 07701 in Red Bank, New Jersey, has a modest but significant LIHTC-funded affordable housing presence, covering about 2.09% of the estimated housing stock. The area has demonstrated a long-term commitment to affordable housing, with projects spanning from 1992 to 2012. The LIHTC funding has provided a mix of unit types, primarily catering to smaller households. While demographic trends show population growth and income increases, the area has not seen new LIHTC projects in recent years, which may warrant further investigation into current affordable housing needs and strategies in the community.
