Loading Content...
Affordable Housing in Zip Code 56320: Rockville, Minnesota's LIHTC Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 56320 in Rockville, Minnesota, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 82 affordable units, with 75 designated as low-income units. This represents approximately 3.28% of the estimated 2,502 housing units in the zip code, based on the 2022 population of 6,529.
Three LIHTC-supported affordable housing projects exist in this zip code. The earliest project, Springhaven Pinewest II, was completed in 1992, while the most recent, Granite Ledge Townhomes, was finished in 1999. This indicates that affordable housing has been present in the area for over three decades. All three projects were completed during the 1990s, marking the decade as the most active period for affordable housing development in the area.
Granite Ledge Townhomes, completed in 1999, offers 24 units evenly split between two-bedroom and three-bedroom configurations. This project accounts for 24 of the total 82 LIHTC-funded units in the zip code, providing 23 low-income units.
The population in zip code 56320 has remained relatively stable over the past decade, with a slight increase from 6,394 in 2013 to 6,529 in 2022. The median income has shown significant growth, rising from $68,579 in 2013 to $85,670 in 2022, representing a 24.9% increase. This upward trend in median income may indicate a changing economic landscape in the area.
Racial demographics have remained consistent, with the white population consistently comprising about 95-96% of the total. The Hispanic population has maintained a small presence, ranging from 3-5% over the years.
In summary, zip code 56320 in Rockville, Minnesota, has a modest LIHTC-funded affordable housing inventory, covering about 3.28% of the estimated housing stock. The area experienced significant affordable housing development in the 1990s, with three projects completed during that decade. While the population has remained relatively stable over the past decade, there has been a notable increase in median income. These demographic shifts, coupled with the consistent racial composition, provide context for understanding the affordable housing landscape in this zip code.
