Sitka City and Borough Real Estate and Livability Trends
Sitka City and Borough, Alaska's real estate market shows robust growth with median home values jumping from $338,600 in 2015 to $424,700 in 2022, outpacing state and national trends. Financial indicators like the average taxable income hitting $90,112.47 in 2021 and fluctuating local tax liabilities suggest a dynamic economic landscape. Energy tax credits peaking at $400.00 hint at high... Read more
Sitka City and Borough Market Trends
In Sitka City and Borough, Alaska, median home values jumped from $338,600 in 2015 to $424,700 in 2022, outpacing state and national trends, signaling strong local demand and growth potential. Average Residential Energy Tax Credits peaked at $400.00 from 2015 to 2017, indicative of heavy investments in energy efficiency, aligning with sustainable living. Real estate taxes saw a sharp rise,... Read more
Median Value of Occupied Housing Units in Sitka City and Borough, Alaska Over the Last 8 Years
In Sitka City and Borough, Alaska, median home values have shown significant appreciation, jumping from $338,600 in 2015 to $424,700 in 2022. This 25% increase surpasses both Alaska's state figures and national trends, where home values rose more gradually. The state's median home value climbed from $250,000 in 2015 to $318,000 in 2022, while nationally, values moved from $125,500 to $179,400. Investors and potential homebuyers may find Sitka's robust market performance indicative of strong local demand and potential for continued growth.
Residential Energy Tax Credit Per Tax Return in Sitka City and Borough, AK Over the Last 5 Years
Sitka City and Borough, Alaska has seen a notable fluctuation in Residential Energy Tax Credit per tax return over the past five years. The average credit peaked at $400.00 from 2015 to 2017, providing significant tax relief compared to $272.73 in 2013 and $242.86 in 2014. These higher credits likely reflect investments in energy-efficient home improvements, contributing to reduced energy expenses and promoting sustainable living, which could be attractive for prospective homebuyers and real estate investors recognizing long-term cost savings.
Average Real Estate Taxes Per Tax Return in Sitka City and Borough, AK Over the Last 10 Years
Investors and potential residents might notice that Sitka City and Borough, Alaska has seen an upward trend in average real estate taxes over the past decade. While the taxes hovered around $2,500 to $2,900 from 2012 to 2017, a sharp increase was noted in 2018 with a jump to $4,465.22, peaking at $5,380 in 2019. Although there was a slight decline in 2020, the taxes remained relatively high, suggesting a persistently high property value or changes in fiscal policy. This trend could indicate growing economic opportunities or increasing desirability in the region, aspects crucial for decision-making related to investments, relocations, or property development.
Percentage of Farm Returns in Sitka City and Borough, AK Over the Last 5 Years
Farm tax returns in Sitka City and Borough, Alaska have shown notable fluctuations over the last five years. From 2012 to 2013, the percentage hovered around 0.42%, but there was a slight increase from 0.43% in 2019 to a peak of 0.65% in 2020, before dipping to 0.60% in 2021. This trend indicates a variable yet generally upward interest in agricultural ventures, suggesting potential opportunities for investment in local farming infrastructure and related services.
Number of Mortgages by Occupancy Type in Sitka City and Borough, AK Over the Last 5 Years in Sitka City and Borough
In Sitka City and Borough, Alaska, the number of mortgages for principal residences saw a noticeable uptick from 2018 to 2021, peaking at 308 in 2021, before dropping to 160 in 2022. Investment property mortgages had a smaller, more stable range, peaking at 24 in 2020 but generally staying below 20. Second residence mortgages have remained relatively minimal, fluctuating between 3 and 10. This variation in occupancy types can provide insights for investors and developers on housing demand shifts, whereas appraisers, insurance agents, and real estate professionals might leverage this data to better understand market stability and risk. The increasing trend in principal residence mortgages prior to 2022 could indicate a strong demand for primary housing, affecting home valuations and possibly influencing future development strategies.
Economic Outlook
In Sitka City and Borough, Alaska, the average taxable income per tax return has shown consistent growth over the past nine years, hitting $90,112.47 in 2021. This increase in earning power suggests improved economic conditions, making it a potentially attractive location for new residents seeking stable or growing financial opportunities. However, state and local taxes have experienced notable fluctuations, peaking at $4,966.67 in 2018 and seeing significant year-over-year changes.... Read more
Average Taxable Income per Tax Return in Sitka City and Borough, AK over the last 9 years
The average taxable income per tax return in Sitka City and Borough, AK has shown consistent growth over the past nine years, reaching a peak of $90,112.47 in 2021. Notably, there was a significant rise between 2016 and 2017, and a remarkable jump from 2020 to 2021, suggesting increased earning power and potentially improved economic conditions. This trend underscores Sitka's economic resilience and may attract new residents looking for stable or growing financial opportunities.
Average State and Local Income Taxes Per Tax Return in Sitka City and Borough, AK Over the Last 9 Years
The taxes in Sitka City and Borough, AK experienced notable fluctuations over the past nine years, reaching a peak at $4,966.67 in 2018. The trends reveal a significant jump from 2012 to 2013, where taxes increased from $1,787.50 to $3,290.00, and another sharp rise in 2017 to $3,640.00. Such volatility in state and local taxes highlights the need for residents to be prepared for potential changes year over year, which could impact budgeting and financial planning for both current and prospective residents.
Average Total Tax Liability Per Tax Return in Sitka City and Borough, AK Over the Last 10 Years
Sitka City and Borough, Alaska has seen significant fluctuations in average tax liability per return over the last decade, with a notable spike to $15,143.22 in 2021 after a dip in 2018 to $10,425.39. This trend suggests economic developments or policy changes impacting local taxpayers. For potential investors or residents, it’s critical to consider these variations as they might reflect broader economic shifts or local government decisions that could influence financial planning and property investments.
Cost of Living in Sitka City and Borough
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,870 | $1,874 | $2,358 | $1,709 | $1,692 |
| 1 adult 4 children | $1,870 | $1,530 | $1,825 | $1,709 | $1,814 |
| 2 adults 3 children | $1,870 | $1,531 | $2,035 | $1,709 | $1,414 |
| 1 adult 3 children | $1,870 | $1,250 | $1,502 | $1,709 | $1,519 |
| 2 adults 2 children | $1,316 | $1,253 | $1,712 | $1,488 | $1,035 |
| 1 adult 2 children | $1,316 | $936 | $1,179 | $1,488 | $1,060 |
| 2 adults 1 child | $1,316 | $990 | $1,389 | $769 | $883 |
| 1 adult 1 child | $1,316 | $640 | $856 | $769 | $788 |
| 2 adults | $1,110 | $796 | $1,066 | $0 | $730 |
| 1 adult | $956 | $434 | $533 | $0 | $583 |
Safety trends & Data
Sitka City and Borough, Alaska, has seen a significant drop in property crimes over the last five years. Larceny-theft incidents peaked at 43 in 2018 but went down to just 3 by 2022. Burglaries and vandalism incidents have also seen declines from 7 and 21 respectively in 2018 to much lower figures recently. Stable, low motor vehicle theft rates could indicate increased safety and stability, possibly making the area more appealing for residents, investors, and real estate... Read more
Property Crime Trends in Sitka City and Borough, AK Over the Last 5 Years
Sitka City and Borough, Alaska, has experienced notable fluctuations in property crimes over the last five years. Larceny-theft saw a peak in 2018 with 43 incidents, dropping to just 3 by 2022. Burglary and vandalism incidents showed a similar trend, with a reduction from 7 and 21 respectively in 2018 to significantly lower figures in recent years. Motor vehicle thefts remained relatively stable but low, peaking slightly in 2019 and 2020. For potential investors, residents, and professionals in real estate or insurance, the decreasing trend in these property crimes could suggest improving safety and stability in the area, making it a potentially attractive location.
Demographics
Sitka City and Borough, Alaska exhibits a nearly balanced gender distribution among its adult population, skewing only slightly male. Educational attainment data suggests a substantial portion of the population has achieved at least some college education or higher, pointing to a potentially skilled workforce. Age distribution appears relatively diverse, with notable concentration in the 25-34 and 55-64 age brackets, indicating both a solid working-age population and an impending retiree wave.... Read more
Race Distribution in Sitka City and Borough, Alaska (2022)
Educational Attainment in Sitka City and Borough, Alaska (2022)
Age Distribution in Sitka City and Borough, Alaska
Citizen Population in Sitka City and Borough, Alaska (2022)
School Data
The student-to-teacher ratio in Sitka City and Borough, Alaska, has seen unusual fluctuations over the past decade, peaking at 32 in 2021 before dropping to 21 in 2023, compared to a national average of 14. These changes may reflect variability in local school funding or shifts in population, potentially affecting property values and community development. Lower ratios could suggest periods of increased investment in education or dips in student enrollment, offering insights into the broader... Read more
Student-to-teacher ratio in Sitka City And Borough, Alaska over the last 10 years
The student-to-teacher ratio in Sitka City and Borough, Alaska, has seen significant fluctuations over the past decade. From 2014 to 2023, the ratio peaked dramatically at 32 in 2021, before dropping to 21 in 2023. This is considerably higher than the national average of 14 students per teacher, suggesting potential challenges in classroom management and individualized instruction. For investors or those involved in the real estate market, these fluctuations could imply variability in local school funding or population changes, which may affect property values and community development. Lower ratios in given years might indicate periods of increased investment in education or lower student enrollment, factors that can be quite telling about the area's broader socioeconomic health.
