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Affordable Housing in Zip Code 55327: LIHTC Investment and Demographic Shifts in Dayton, 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 55327 in Dayton, Minnesota, features Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 49 affordable units, all designated as low-income. These units represent approximately 1.93% of the estimated 2,539 housing units in the zip code.
The LIHTC program has invested $758,130 in project tax credits in this zip code, averaging $15,472 per unit in federal funding. This investment accounts for 0.26% of the total LIHTC funding allocated to Minnesota. The affordable housing in this area consists of a single project, Balsam Apartments, completed in 2017. This development includes 49 units: 1 one-bedroom, 24 two-bedroom, and 15 three-bedroom units.
Zip code 55327 has experienced significant demographic changes over the past decade. The population increased from 4,064 in 2010 to 6,627 in 2022, a growth of about 63%. Median income fluctuated, rising from $89,153 in 2013 to $132,641 in 2021, before decreasing to $104,655 in 2022. The racial composition has become more diverse, with the white population decreasing from 88% in 2013 to 80% in 2022, while Asian, Black, and multiracial populations have increased.
The Hispanic population in zip code 55327 has fluctuated, reaching 10% in 2020 before decreasing to 4% in 2022. Despite the overall high median income, the presence of LIHTC-funded housing indicates a recognition of the need for affordable options for lower-income residents.
In summary, zip code 55327 in Dayton, Minnesota, has a modest but significant LIHTC-funded affordable housing presence, with 49 units representing nearly 2% of the estimated housing stock. The area has experienced substantial population growth and income fluctuations over the past decade, along with increasing racial diversity. The LIHTC program has made a notable investment in the area, but the changing demographics suggest an ongoing need to monitor and potentially expand affordable housing options to meet the evolving needs of the community.
