Over the past decade, Smithville has experienced steady population growth, increasing from 10,045 in 2010 to 13,787 in 2022. This represents a population growth of about 37% during this period. Alongside this growth, the median income has also risen, from $78,978 in 2013 to $89,363 in 2022, indicating an overall improvement in economic conditions for the city's residents.

The racial composition of Smithville has remained relatively stable, with the white population consistently making up over 90% of the total. There has been a slight increase in diversity, with small increases in the Asian population and those identifying as two or more races.

The completion of The Villas Of Smithville in 2019 aligns with the city's population growth and increasing median income. This project added a significant number of affordable units, potentially addressing the growing need for affordable housing as the city expanded.

Smithville's LIHTC funded affordable housing inventory, while modest in size, has evolved over time to meet the changing needs of the community. The two projects span different eras of the city's development, with the most recent addition coming during a period of significant population growth and rising incomes. While the LIHTC funded units represent a small percentage of the overall housing stock, they provide important affordable options, particularly for smaller households and families requiring one or two-bedroom units. The city's demographic trends suggest a growing, increasingly prosperous community, which may influence future affordable housing needs and development strategies.