Cary's population has experienced slight fluctuations over the past decade, decreasing from 22,271 in 2010 to 21,590 in 2022. The median income has remained relatively stable at approximately $110,000 per year. The city has maintained a predominantly white population, consistently above 80% throughout the decade. The Hispanic population has shown a slight increase from 6% in 2017 to 11% in 2022. The Asian population has remained stable at around 1-2%, while other racial groups represent small percentages of the population.

The introduction of the LIHTC funded project in 2017 coincides with a period of relative demographic stability in the city. The consistent high median income and predominantly white population suggest that while there may be a limited need for affordable housing, the LIHTC project addresses a specific segment of the population requiring such housing options.

Cary's LIHTC funded affordable housing inventory, while modest in scale, provides an important housing resource for low-income residents. The single project offers a mix of unit sizes to accommodate various household needs. While the LIHTC funded units represent a small percentage of the city's estimated housing stock, they play a role in diversifying housing options in a community characterized by high median incomes and demographic stability. The allocation of LIHTC funding to Cary reflects a targeted approach to addressing specific affordable housing needs within the community.