Royal Oak's population has fluctuated slightly over the past decade, peaking at 59,174 residents in 2019 and decreasing to 58,053 by 2022. The city's median income has increased significantly, rising from $74,677 in 2013 to $88,364 in 2022. This income growth may indicate an increased need for affordable housing options to maintain economic diversity within the community.

The racial composition of Royal Oak has changed gradually. The white population decreased from 90% in 2013 to 83% in 2022. Concurrently, there have been modest increases in Asian, Black, Hispanic, and multi-racial populations. This growing diversity may necessitate continued attention to affordable housing needs across various demographic groups.

Royal Oak's LIHTC-funded affordable housing, though limited to a single project, contributes to the city's housing diversity. The Village Of Royal Oak At Starr Corners offers 147 affordable units, focusing on one and two-bedroom configurations. While LIHTC-funded units represent a small percentage of the city's overall housing stock, they provide affordable options in a city with rising median incomes. The gradual shifts in racial demographics and population fluctuations highlight the ongoing importance of maintaining and potentially expanding affordable housing options to ensure Royal Oak remains an inclusive and diverse community.