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Affordable Housing Trends in Zip Code 78748: A Decade of Growth and Diversity
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 78748 in Austin, Texas, exhibits a growing affordable housing inventory supported by the Low-Income Housing Tax Credit (LIHTC) program. This area contains 459 total units in LIHTC-funded projects, with 381 designated as low-income units. Based on the 2022 population of 50,409 and an estimated 19,314 housing units, LIHTC-funded affordable housing comprises approximately 2.4% of the zip code's estimated housing inventory.
The zip code features 5 LIHTC-funded projects, indicating a consistent commitment to affordable housing over time. The earliest recorded project, Trails At The Park, was completed in 1999, while more recent developments include Homestead Oaks (2015) and Lamadrid Apartments (2018). This span of nearly two decades demonstrates a long-term investment in affordable housing in the area.
The 2010s saw the most activity in LIHTC-funded affordable housing development, with at least two projects completed during this decade. This suggests an increased focus on affordable housing in recent years. The housing mix in these LIHTC projects is diverse, catering to various household sizes. There are 106 one-bedroom units, 222 two-bedroom units, and 107 three-bedroom units. This distribution accommodates a range of family sizes and living arrangements within the affordable housing stock.
Over the past decade, zip code 78748 has experienced significant demographic shifts. The population grew from 36,252 in 2010 to 50,409 in 2022, a 39% increase. This rapid growth may have intensified the need for affordable housing options.
Median income in the area has also risen substantially, from $76,588 in 2013 to $98,577 in 2022, representing a 28.7% increase. Despite this overall income growth, the continued development of LIHTC projects suggests an ongoing need for affordable housing options for lower-income residents.
Racial demographics have remained relatively stable, with some notable changes. The Hispanic population has remained consistent at around 35-38% of the total population. The white population has decreased slightly from 57% in 2013 to 50% in 2022, while the Asian and Black populations have seen small increases. This diversity underscores the importance of providing affordable housing options for a variety of communities.
Zip code 78748 in Austin, Texas, demonstrates a steady commitment to affordable housing through its LIHTC-funded projects. With 459 total units, including 381 low-income units, these developments play a crucial role in addressing affordable housing needs in a rapidly growing area. The diverse mix of unit sizes and the span of development over nearly two decades reflect an ongoing effort to provide housing options for various household types and income levels. The LIHTC-funded units contribute significantly to the area's affordable housing landscape, particularly in the context of rising median incomes and a growing, diverse population.
