Okawville has experienced population fluctuations over the past decade, with a peak of 1,843 residents in 2016 and a decline to 1,658 by 2022. The median income has shown an overall upward trend, increasing from $53,874 in 2013 to $68,031 in 2022, suggesting improving economic conditions for residents.

Racial demographics have remained relatively stable, with the white population consistently representing over 90% of residents. There have been slight increases in diversity, with small percentages of Black, Hispanic, and multiracial residents over the years.

No new LIHTC projects have been developed in the last decade. This may be attributed to the relatively small size of the community and the gradual increase in median income, potentially reducing the perceived need for additional affordable housing units.

Okawville has a single LIHTC funded affordable housing project, Okawville Heights Apts, operational since 1994. While the project provides 8 low-income units, it represents a small percentage of the village's estimated housing inventory. The community has experienced modest population fluctuations and an increase in median income over the past decade, which may have influenced the lack of new LIHTC projects in recent years. The existing affordable housing units primarily cater to smaller households with their focus on one and two-bedroom apartments.