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Affordable Housing in Zip Code 47304: LIHTC Investments and Population Growth in Muncie, Indiana
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 47304 in Muncie, Indiana has a population of 31,353 as of 2022 and covers an area of 34.95 square miles. This zip code contains two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, providing a total of 231 affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 12,013 units, the LIHTC-funded affordable housing covers approximately 1.92% of the zip code's housing stock.
The LIHTC projects in zip code 47304 have received $17 million in tax credits, averaging about $73,593 in federal funding per unit. This funding represents 3.96% of Indiana's total LIHTC allocations, indicating a significant investment in affordable housing for this area.
Affordable housing has been present in this zip code since 1996, with the completion of Woods Edge Apartments. The most recent project, Silver Birch of Muncie, was completed in 2018, demonstrating over two decades of affordable housing development in the area. The 2010s saw the most recent affordable housing project completion.
The affordable housing inventory in zip code 47304 consists of 53 efficiencies, 90 one-bedroom units, 48 two-bedroom units, and 4 three-bedroom units. This distribution suggests a focus on smaller households and possibly senior or single-resident accommodations.
Over the past decade, the zip code's population has remained relatively stable, with a slight increase from 31,102 in 2013 to 31,353 in 2022. The median income has grown from $53,323 in 2013 to $60,891 in 2022, representing a 14.2% increase. Despite this income growth, the completion of Silver Birch of Muncie in 2018 indicates a continued need for affordable housing options.
The racial demographics have shown minor shifts, with the white population decreasing slightly from 91% in 2013 to 86% in 2022, while other racial groups have seen small increases. This gradual diversification may contribute to evolving housing needs in the area.
Zip code 47304 in Muncie, Indiana has a modest LIHTC-funded affordable housing inventory, covering nearly 2% of its estimated housing stock. The area has seen consistent investment in affordable housing over more than two decades, with significant federal funding allocated per unit. While the population has remained stable, rising median incomes and slight changes in racial demographics suggest ongoing evolution in housing needs. The mix of unit types, with a focus on smaller units, reflects a tailored approach to the local housing demand.
