Carthage has experienced demographic changes over the past decade. The population decreased slightly from 4,014 in 2015 to 3,858 in 2022. During this period, the median income increased overall, rising from $45,904 in 2015 to $51,530 in 2022, despite some fluctuations.

Regarding racial distribution, Carthage has maintained a predominantly white population, with a slight decrease from 93% in 2015 to 88% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 1% to 5% and the proportion of residents identifying as two or more races increasing from 4% to 5% during this period.

The absence of new LIHTC projects in the past decade may be attributed to the relatively stable population and increasing median income, potentially indicating reduced demand for additional affordable housing units.

Carthage's LIHTC-funded affordable housing inventory provides 36 units to the community, with half of these designated as low-income units. The existing projects offer a mix of one-bedroom and two-bedroom apartments, serving smaller households and families. Despite demographic changes, including a slight population decrease and an increase in median income, the village has maintained its existing LIHTC housing stock. The gradual increase in diversity and income levels may influence future affordable housing needs and strategies in Carthage.