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Affordable Housing in Zip Code 65560: Analysis of LIHTC Projects in Salem, Missouri
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
US Department of Housing and Urban Development (HUD): Low-Income Housing Tax Credit Properties (LIHTC)
Zip code 65560 in Salem, Missouri, covers an area of 896.61 square miles. This zip code contains 80 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all of which are designated as low-income units. Based on the 2022 population of 13,086 and the national average household size of 2.61, there are approximately 5,014 housing units in the zip code. LIHTC funded affordable housing represents about 1.6% of the estimated housing inventory in this area.
LIHTC funded affordable housing development in this zip code occurred between 1993 and 1999. The first project, Salem Apts II, was completed in 1993, and the most recent, Southwind Apts, was finished in 1999. The 1990s were the most active period for LIHTC development in this area, with all three projects completed during this decade.
The affordable housing inventory in zip code 65560 consists of 80 units across three projects. The unit mix includes 14 one-bedroom and 48 two-bedroom apartments, primarily serving small families or individuals. There are no efficiency units or larger three- or four-bedroom units reported in these LIHTC projects.
Salem Villa, completed in 1996, is the largest project with 32 units, equally divided between one-bedroom and two-bedroom apartments. Southwind Apts, finished in 1999, also has 32 units but with a different distribution, featuring mostly two-bedroom units. The earliest project, Salem Apts II from 1993, is the smallest with 16 units, primarily consisting of two-bedroom apartments.
Over the past decade, zip code 65560 has experienced demographic changes. The population has decreased slightly, from 14,323 in 2015 to 13,086 in 2022. Despite this population decline, the median income has increased from $36,105 in 2015 to $45,051 in 2022, indicating an improvement in economic conditions for residents.
The racial composition of the zip code has remained relatively stable, with a predominantly white population. There has been a small increase in diversity, with the percentage of residents identifying as two or more races growing from 1% in 2015 to 4% in 2022. The Hispanic population has increased slightly from 1% to 2% during this period.
No new LIHTC projects have been developed in the last decade, but the existing affordable housing stock continues to serve the community. The gradual increase in median income may suggest a reduced demand for additional affordable housing units in recent years.
Zip code 65560 in Salem, Missouri, has a modest LIHTC funded affordable housing inventory developed primarily in the 1990s. These 80 units, spread across three projects, represent about 1.6% of the estimated housing stock in this large rural area. The existing affordable housing focuses on one- and two-bedroom units, potentially serving small families and individuals.
Despite a slight population decline over the past decade, the area has seen an increase in median income and a small growth in racial diversity. These demographic shifts, coupled with the absence of new LIHTC developments in recent years, suggest a potentially changing landscape for affordable housing needs in this zip code. However, the existing LIHTC projects continue to play a role in providing affordable housing options for the community.
