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Affordable Housing Trends in Zip Code 48160: A Longitudinal Analysis of LIHTC Projects
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 48160 in Michigan, which includes Milan and surrounding areas, features 100 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. Of these, 99 are designated as low-income units. The estimated total housing units in the zip code is 5,855, based on the 2022 population of 15,281 and using the national average household size. LIHTC funded affordable housing represents approximately 1.71% of the estimated housing inventory in this area.
The LIHTC program has allocated $754,050 in tax credits for affordable housing projects in zip code 48160. This equates to an average federal funding of $7,540.50 per unit. The zip code receives 0.26% of Michigan's total LIHTC funding, indicating a substantial allocation relative to its size.
Affordable housing projects in this zip code span from 1990 to 2019. The initial project, Canfield Crossing, was completed in 1990, while the most recent addition, Milan Village Apartments, was finished in 2019. This 29-year period demonstrates a sustained commitment to affordable housing in the area. The 2010s were the most active period, with two projects completed during this decade.
The LIHTC funded housing in zip code 48160 primarily consists of one-bedroom units, totaling 40, followed by 6 two-bedroom units. This distribution suggests a focus on housing for smaller households or individuals.
Zip code 48160 has experienced moderate population growth over the past decade, increasing from 14,564 in 2010 to 15,281 in 2022. The median income has seen a substantial rise, growing from $69,932 in 2013 to $82,929 in 2022. This income growth may indicate an increasing need for affordable housing options to maintain economic diversity in the area.
The racial composition of zip code 48160 has remained relatively stable. The white population decreased slightly from 85% in 2013 to 83% in 2022, while the Black population increased from 6% to 8% over the same period. The Hispanic population has remained steady at approximately 5-6%. These minor demographic shifts could influence the demand for affordable housing in the area.
Zip code 48160 demonstrates a consistent commitment to affordable housing through its LIHTC funded projects. The current inventory covers a small percentage of the estimated housing units but represents a significant investment in the community's affordable housing stock. The area's rising median income and steady population growth suggest an ongoing need for affordable housing options. The distribution of unit types, primarily one-bedroom apartments, aligns with the needs of smaller households. Continued monitoring of these trends will be crucial for future affordable housing planning and development in zip code 48160.
