Petersburg Borough Real Estate and Livability Trends
Petersburg Borough, Alaska has experienced a notable rise in median home values, peaking at $279,800 in 2022, closely aligning with the state's median of $318,000. Despite fluctuating real estate taxes, which hit $5,000.00 per tax return in 2018, the area remains economically attractive. Mortgage trends reflect a decrease in activity, with a dramatic drop from 100 principal residence mortgages in... Read more
Petersburg Borough Market Trends
Median home values in Petersburg Borough, Alaska have steadily increased, peaking at $279,800 in 2022. This rise narrows the gap with the state's median of $318,000, while remaining significantly above the national median of $179,400. Over the past decade, real estate taxes per tax return have fluctuated, peaking at $5,000.00 in 2018, and dipping as low as $3,046.67 in 2013, suggesting an... Read more
Median Value of Occupied Housing Units in Petersburg Borough, Alaska Over the Last 8 Years
Median home values in Petersburg Borough, Alaska have shown a steady increase over the past two years, peaking at $279,800 in 2022, which is particularly interesting when compared to both state and national trends. While Petersburg started with lower median values compared to the state's $250,000 in 2015, it has narrowed the gap significantly, hitting $279,800 in 2022 against Alaska's $318,000. Nationally, the median value has also risen, but remains significantly lower at $179,400 in 2022. For potential investors or those looking to move into the area, the local upward shift suggests a strengthening market that could offer solid returns and appreciation potential.
Residential Energy Tax Credit Per Tax Return in Petersburg Census Area, AK Over the Last 2 Years
Residential energy tax credits in Petersburg Census Area, Alaska, have remained steady at $400.00 per tax return over the past 2 years. This consistency could suggest either stable energy efficiency investments or a lack of significant changes in energy policies. For potential investors or new residents, the predictability in tax credits offers some financial planning advantages when considering the cost of energy efficiency upgrades or renewable energy installations.
Average Real Estate Taxes Per Tax Return in Petersburg Census Area, AK Over the Last 10 Years
Over the past decade, real estate taxes per tax return in Petersburg Census Area, Alaska have experienced notable fluctuations, especially a pronounced peak at $5,000.00 in 2018 and a significant drop to $3,046.67 in 2013. This volatile pattern suggests a potentially unpredictable tax landscape, which investors and property developers might consider when evaluating the area's real estate market stability.
Number of Mortgages by Occupancy Type in Petersburg Borough, AK Over the Last 5 Years in Petersburg Borough
Recent mortgage trends in Petersburg Borough, Alaska, reveal significant fluctuations in the number of mortgages for different occupancy types over the past five years. Notably, mortgages for principal residences peaked at 100 in 2020 but dropped to 35 in 2022. Investment properties experienced a notable dip from 4 in 2021 to just 1 in 2022. Second residences remained relatively stable but low in number, fluctuating between 1 and 5 mortgages annually. Changes in occupancy type for mortgages might matter because they reflect shifts in property demands and economic conditions. For investors, declining mortgage counts for investment properties could indicate a less favorable investment environment. For those moving to the area, the drop in mortgages for principal residences might suggest changing market dynamics or economic conditions. Real estate agents and appraisers need to watch these trends as they impact housing inventory and property values. Understanding these shifts is crucial for insurance agents and builders for assessing risks and planning new developments.
Economic Outlook
Petersburg Census Area in Alaska has seen notable fluctuations in average taxable income and total tax liabilities over the past decade. The 2021 average taxable income rose significantly to $77,382.63, suggesting potential economic growth or demographic changes. Meanwhile, average state and local income taxes per tax return have varied widely, impacting household budgets. These trends, particularly the peaks in tax liabilities in 2017 and 2021, indicate shifting economic conditions that could... Read more
Average Taxable Income per Tax Return in Petersburg Census Area, AK over the last 9 years
The average taxable income per tax return in Petersburg Census Area, AK has shown fluctuations over the past nine years, with a significant increase in recent years. Notably, the 2021 average taxable income rose to $77,382.63, marking a substantial jump from previous years and indicating potential economic growth or changes in the demographic contributing more to taxable income. This trend is crucial for prospective residents or current inhabitants, as it suggests an improving economic environment.
Average State and Local Income Taxes Per Tax Return in Petersburg Census Area, AK Over the Last 5 Years
Over the last five years, Petersburg Census Area, AK has seen significant fluctuations in average state and local income taxes per tax return. Starting at $666.67 in 2012, the taxes peaked at $2650.00 in 2014, followed by a decline to $1966.67 in 2016. These variations could impact household budgets and are important for prospective residents to consider when planning their finances.
Average Total Tax Liability Per Tax Return in Petersburg Census Area, AK Over the Last 10 Years
Over the past decade, the Petersburg Census Area in Alaska has seen fluctuations in average total tax liability per tax return. Notably, the liability peaked in 2017 at $11,612.96 and again in 2021 at $11,558.68, reflecting potential economic growth or tax policy changes during these years. Despite these peaks, there were significant dips, such as in 2015 ($8,737.42) and 2020 ($8,429.61), which might indicate economic downturns or shifts in population demographics. Investors and potential residents should consider these trends as they may impact financial planning, real estate investments, and overall economic stability in the area.
Cost of Living in Petersburg Borough
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,551 | $1,874 | $2,358 | $1,729 | $1,580 |
| 1 adult 4 children | $1,551 | $1,530 | $1,825 | $1,729 | $1,701 |
| 2 adults 3 children | $1,551 | $1,531 | $2,035 | $1,729 | $1,299 |
| 1 adult 3 children | $1,551 | $1,250 | $1,502 | $1,729 | $1,403 |
| 2 adults 2 children | $1,274 | $1,253 | $1,712 | $1,509 | $1,043 |
| 1 adult 2 children | $1,274 | $936 | $1,179 | $1,509 | $1,073 |
| 2 adults 1 child | $1,274 | $990 | $1,389 | $795 | $888 |
| 1 adult 1 child | $1,274 | $640 | $856 | $795 | $796 |
| 2 adults | $976 | $796 | $1,066 | $0 | $704 |
| 1 adult | $893 | $434 | $533 | $0 | $576 |
Demographics
Petersburg Borough, Alaska, shows a balanced gender distribution with a slight female majority. The educational attainment highlights a significant portion with high school diplomas and some college but fewer individuals holding advanced degrees. The age demographic skews older, with a notable number of residents over 55 years. Racially, the population is predominantly White, but there is a prominent Asian community as well. These trends can inform local policy decisions, especially concerning... Read more
Race Distribution in Petersburg Borough, Alaska (2022)
Educational Attainment in Petersburg Borough, Alaska (2022)
Age Distribution in Petersburg Borough, Alaska
Citizen Population in Petersburg Borough, Alaska (2022)
School Data
The student-to-teacher ratio in Petersburg Census Area, Alaska, has seen highs of fourteen and more recently settled around eleven, which is below the national average. This implies potentially more personalized education, which could make the area more attractive to families and, in turn, positively influence property values. Real estate investors, builders, and even insurance agents should note these lower ratios, as they often correlate with lower crime rates and more stable communities,... Read more
Student-to-teacher ratio in Petersburg Census Area, Alaska over the last 10 years
Over the past decade, the student-to-teacher ratio in Petersburg Census Area, Alaska, has fluctuated, peaking at fourteen in 2016 and 2017, and recently hovering around eleven students per teacher. This is notably below the national average of fourteen, suggesting smaller class sizes which might be appealing for parents seeking more individualized attention for their children. For those investing in property, building homes, or working in real estate, such lower ratios may indicate a potentially desirable educational environment, potentially influencing property values and community attractiveness. Insurance agents and appraisers might also consider these factors when assessing property values and risk, as quality of education often correlates with lower crime rates and more stable communities.
