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Affordable Housing in Zip Code 55129: A Two-Decade Development in Woodbury, Minnesota
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 55129 in Woodbury, Minnesota, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 338 total units in LIHTC funded projects, with 334 designated as low-income units. Based on the 2022 population of 29,610 and the national average household size of 2.61, there are approximately 11,345 housing units in the zip code. The LIHTC funded affordable housing comprises about 2.98% of the estimated housing inventory in this area.
The LIHTC projects in zip code 55129 have received $2,981,625 in tax credits, averaging $8,821 in federal funding per unit. This zip code holds 1.02% of the total state LIHTC funding, indicating a notable investment in affordable housing for the area.
Affordable housing has been present in this zip code for nearly two decades. The first LIHTC project, Lake Side Th, was completed in 2001, while the most recent, Legends Of Woodbury, was finished in 2019. The 2010s saw the most affordable housing development, with two projects completed during this decade: Views At City Walk in 2013 and Legends Of Woodbury in 2019.
The LIHTC funded projects in zip code 55129 offer a diverse range of unit types. There are 70 one-bedroom units, 129 two-bedroom units, 88 three-bedroom units, and 1 four-bedroom unit. This distribution suggests a focus on accommodating families of various sizes within the affordable housing stock.
Over the past decade, zip code 55129 has experienced significant population growth, increasing from 16,731 in 2010 to 29,610 in 2022. The median income has fluctuated but remained relatively high, ranging from $125,437 in 2013 to $131,796 in 2022. Despite the high median income, the presence of LIHTC projects indicates a recognized need for affordable housing options in the area.
The racial composition of zip code 55129 has become more diverse over time. The white population decreased from 75% in 2019 to 70% in 2022, while the Asian population increased from 9% to 17% during the same period. The Black population has remained stable at around 5%, and the Hispanic population has slightly decreased from 5% to 3%. This increasing diversity may have influenced the development of affordable housing to accommodate various community needs.
Zip code 55129 in Woodbury, Minnesota, has a well-established LIHTC funded affordable housing inventory that has developed over nearly two decades. While the affordable units represent a small percentage of the estimated housing stock, they provide important options for low-income residents in an area with a high median income. The diverse unit types offered suggest an effort to accommodate various household sizes. The zip code's demographic trends, including population growth and increasing diversity, align with the continued development of affordable housing projects in recent years.
