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Affordable Housing Inventory and Demographic Shifts in Austin Zip Code 78721
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 78721 in Austin, Texas, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 756 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 10,848 and an estimated 4,156 housing units, the LIHTC funded affordable housing covers approximately 18.2% of the zip code's estimated housing inventory. This percentage aligns with the target range for affordable housing stock in a well-balanced community.
The zip code has 19 LIHTC funded projects, with the earliest dating back to 1987 and the most recent completed in 2005. The 1980s saw the most affordable housing development, with 14 projects completed during this decade. Notable projects include "1101 Brookswood Ave" and "Duplex At 3905 Chase Circle" from 1987, and "Heritage Pointe" from 2005.
The affordable housing inventory in this zip code is diverse, comprising 5 efficiencies, 68 one-bedroom units, 72 two-bedroom units, 28 three-bedroom units, and 1 four-bedroom unit. This mix indicates a focus on accommodating various household sizes, with a particular emphasis on smaller families or individuals.
Over the past decade, zip code 78721 has experienced demographic shifts. The population peaked in 2018 at 12,408 but has since decreased to 10,848 in 2022. Median income has shown a general upward trend, rising from $33,178 in 2013 to $57,237 in 2022, with a notable spike to $70,207 in 2021.
Racial demographics have also shifted. The Hispanic population, while still significant, has decreased from 53% in 2013 to 36% in 2022. Conversely, the white population has increased from 13% to 40% over the same period. The Black population has seen a gradual decrease from 31% to 18%.
These demographic changes, particularly the rising median income and shift in racial composition, may indicate ongoing gentrification in the area. This could explain why no new LIHTC projects have been completed since 2005, as the area's economic profile may have changed, potentially reducing the perceived need for additional affordable housing.
Zip code 78721 in Austin, Texas, has a substantial LIHTC funded affordable housing inventory, covering about 18.2% of its estimated housing stock. The area saw significant affordable housing development in the 1980s, with a diverse mix of unit sizes to accommodate various household needs. However, no new LIHTC projects have been completed since 2005. Recent years have seen demographic shifts, including rising median incomes and changes in racial composition, which may have influenced the lack of recent affordable housing development. Despite these changes, the existing LIHTC inventory continues to play a crucial role in providing affordable housing options in this evolving community.
