From 2010 to 2022, the population in zip code 07747 increased from 30,699 to 31,733. The median income rose from $107,137 in 2013 to $118,539 in 2022. The racial composition remained relatively stable, with a slight decrease in the white population from 71% in 2013 to 70% in 2022. Small increases occurred in the Black and Hispanic populations, while the Asian population slightly decreased.

The introduction of LIHTC-funded affordable housing in 2018 coincides with population growth and rising median incomes. This suggests that the affordable housing projects were implemented to address the growing need for affordable options in an increasingly expensive housing market.

Zip code 07747 in Matawan, New Jersey, has seen the development of LIHTC-funded affordable housing since 2018, with two projects providing 82 affordable units for families and seniors. These units represent a small percentage of the estimated housing inventory but play a crucial role in providing affordable options in an area experiencing population growth and rising median incomes. The allocation of LIHTC funding to this zip code reflects efforts to maintain housing affordability in a changing demographic landscape.