Loading Content...
Affordable Housing in North Olmsted: LIHTC Funded Units and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Olmsted, Ohio, had a population of 32,244 in 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 34 units, all designated as low-income. This represents approximately 0.28% of the city's estimated 12,354 housing units.
North Olmsted has two LIHTC-funded projects. The "Apts At St Richard," completed in 2013, contains all 34 of the city's LIHTC-funded units, consisting of 26 one-bedroom units and 8 two-bedroom units. The 2010s saw the most affordable housing development activity in North Olmsted, with the completion of this project.
Over the past decade, North Olmsted's population has remained relatively stable, with a slight decrease from 32,500 in 2013 to 32,244 in 2022. The median income has increased from $65,628 in 2013 to $74,161 in 2022. This rise in median income may indicate a reduced need for additional affordable housing units.
North Olmsted has maintained a predominantly white population, although there has been a slight decrease from 90% in 2013 to 85% in 2022. The Hispanic population has shown the most significant increase, from 3% in 2013 to 7% in 2022. Other racial groups have remained relatively stable over this period.
North Olmsted's LIHTC-funded affordable housing inventory provides 34 low-income units to the community. The city saw its only LIHTC project completion in 2013, which may reflect the demographic and economic trends of the area. The rising median income and stable population suggest that the demand for additional affordable housing may not have increased significantly in recent years. However, the growing Hispanic population and the overall demographic shifts might warrant ongoing assessment of affordable housing needs in the future.
