Summit County Market Trends
Median Value of Occupied Housing Units in Summit County, Colorado Over the Last 8 Years
Over the past eight years, Summit County, Colorado has seen a significant growth in median home values, rising from $478,800 in 2015 to $760,000 in 2022. Compared to the state of Colorado, where median values increased from $247,800 to $465,900, Summit County's market appears to be growing at a faster rate. Nationally, the median value saw a more modest increase from $125,500 to $179,400 in the same period. This trend may suggest strong demand and limited supply within Summit County, making it an intriguing option for investors or those considering building property in this area.
Residential Energy Tax Credit Per Tax Return in Summit County, CO Over the Last 9 Years
Summit County, Colorado has seen significant fluctuations in the average residential energy tax credit per tax return over the past nine years. Notably, there was a remarkable spike in 2018, with an average credit reaching $5,200.00, followed by a consistent yet high average exceeding $2,300.00 from 2019 to 2021. This suggests that investments in energy-efficient home improvements have become increasingly popular or necessary, potentially driven by local incentives or rising energy costs. For investors and new homeowners, this could indicate a robust market for eco-friendly home upgrades and energy-efficient properties.
Average Real Estate Taxes Per Tax Return in Summit County, CO Over the Last 10 Years
Summit County, Colorado has seen a notable upward trend in real estate taxes per tax return over the last decade, with amounts increasing from approximately $3,190.87 in 2012 to $5,497.42 in 2021. This consistent rise could impact decisions for potential investors and property buyers, as higher real estate taxes might reflect improved local infrastructure or an increased demand for properties in the area. Those already living in Summit County should anticipate these tax hikes impacting their cost of living.
Percentage of Farm Returns in Summit County, CO Over the Last 10 Years
Over the last decade, Summit County, Colorado has seen relatively low but somewhat fluctuating percentages of farm tax returns, ranging between 0.17% and 0.29%. This data reflects an overall minor role of agriculture within the county's economic landscape. Farm tax returns are used to determine the income generated from agricultural activities, which could be a vital indicator for investors and those seeking to build or relocate in the area. Despite some variations, the consistently low percentages may suggest limited agricultural investment opportunities, with potential implications for land use and real estate development.
Number of Mortgages by Occupancy Type in Summit County, CO Over the Last 5 Years in Summit County
Summit County, Colorado has experienced significant fluctuations in mortgage types over the past five years. Notably, principal residences have mostly led in numbers, peaking in 2020 with 3,530 mortgages. However, by 2022, they saw a sharp decline to 1,618. Second residences also saw a high in 2020 but dropped significantly by 2022. Investment properties, although always the lowest, surged in 2021 before falling again in 2022. Changes in occupancy types matter because they reflect shifts in economic conditions, demographic trends, and investor confidence. For investors, a rise in mortgage counts for investment properties might indicate burgeoning rental markets or increased short-term rental opportunities. A dip in principal residences could signify affordability issues or migration trends, impacting real estate agents and developers in strategizing property types and locations. Likewise, appraisers and insurance agents need to adjust valuations and risk assessments based on these changing trends. Understanding these dynamics can help all stakeholders make informed decisions related to property investments, development, and market strategies in the county.
Economic Outlook
Average Taxable Income per Tax Return in Summit County, CO over the last 9 years
Summit County, CO has seen a notable increase in average taxable income per tax return over the last nine years, with figures rising from $67,162.27 in 2013 to $131,596.76 in 2021. This upward trend highlights a growing economic affluence in the area, suggesting potential opportunities for investment, higher consumer spending capacity, and a likely attraction for higher-income residents.
Average State and Local Income Taxes Per Tax Return in Summit County, CO Over the Last 10 Years
Summit County, CO has seen a dramatic increase in average state and local income taxes per tax return over the past decade. The average amount rose from $6299.58 in 2012 to $17237.77 in 2021, reflecting a significant rise in the county's fiscal pressures. Such a steep rise in tax responsibilities could impact household budgets and financial planning for residents and potential movers, signaling a shift in economic dynamics and cost of living in the area.
Average Total Tax Liability Per Tax Return in Summit County, CO Over the Last 10 Years
Summit County, Colorado has seen a significant and steady increase in the average total tax liability per tax return over the past decade. Starting from $12,520.93 in 2012, it surged to an impressive $26,784.29 by 2021. This consistent rise indicates growing wealth and economic activity in the region, making it an appealing choice for investors and developers seeking lucrative opportunities. With such financial trends, those considering moving to or building property in Summit County could expect continued growth and stability in their investments.
Cost of Living in Summit County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,643 | $1,979 | $2,015 | $2,492 | $2,787 |
| 1 adult 4 children | $2,643 | $1,616 | $1,560 | $2,492 | $2,777 |
| 2 adults 3 children | $2,643 | $1,616 | $1,738 | $2,492 | $2,485 |
| 1 adult 3 children | $2,643 | $1,320 | $1,283 | $2,492 | $2,541 |
| 2 adults 2 children | $1,860 | $1,323 | $1,462 | $2,177 | $1,873 |
| 1 adult 2 children | $1,860 | $988 | $1,007 | $2,177 | $1,927 |
| 2 adults 1 child | $1,860 | $1,046 | $1,186 | $1,153 | $1,416 |
| 1 adult 1 child | $1,860 | $675 | $731 | $1,153 | $1,408 |
| 2 adults | $1,573 | $840 | $910 | $0 | $1,019 |
| 1 adult | $1,350 | $458 | $455 | $0 | $902 |
Safety trends & Data
Property Crime Trends in Summit County, CO Over the Last 5 Years
Summit County, Colorado has experienced notable fluctuations in property crime over the last five years, with specific trends in various categories. Fraud rose sharply in 2019 with 326 cases but then drastically dropped to 11 in 2021 before a moderate rise to 70 in 2022. Burglary incidents saw a mild increase, peaking at 17 in 2022. Larceny-theft has remained somewhat steady, averaging around 28-30 cases annually. Despite a few spikes, motor vehicle theft and vandalism numbers have not shown any substantial long-term changes. These patterns may influence decisions for investors, developers, and real estate agents assessing risk and value in the area.
Demographics
Summit County, Colorado's population is skewed slightly male, with about 56% male and 44% female residents. Educational attainment levels reveal a strong inclination toward higher education, as over 30% possess a bachelor's degree, and about 18% hold a graduate or professional degree. Age distribution shows a significant proportion of the population is between 25 and 44 years, making up a substantial part of the local workforce. The racial composition is predominantly White at over 90%, with... Read more
Race Distribution in Summit County, Colorado (2022)
Educational Attainment in Summit County, Colorado (2022)
Age Distribution in Summit County, Colorado
Citizen Population in Summit County, Colorado (2022)
Political Trends & Data
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Summit County, Colorado showed a strong preference for Democratic candidates in the 2020 U.S. Presidential Election, with approximately 68% of the vote going to the Democrat. Republicans garnered around 29%, indicating a significant gap between the two major parties. Minor parties such as the Libertarians and Greens made only a small impact, capturing roughly 2% and less than 1%, respectively. The overall pattern suggests a clear Democratic leaning in this particular county, which may reflect broader national trends or local demographic factors.
28.80% of voters voted for the Republican party in the 2020 Presidential Election
68.35% of voters voted for the Democrat party in the 2020 Presidential Election
1.91% of voters voted for the Livertarian party in the 2020 Presidential Election
0.32% of voters voted for the Green party in the 2020 Presidential Election
0.61% of voters voted for the Other party in the 2020 Presidential Election
School Data
Student-to-teacher ratio in Summit County, Colorado over the last 10 years
Summit County, Colorado has witnessed a decline in the student-to-teacher ratio over the past decade, falling from 13.81 in 2014 to 10.9 in 2023. This trend indicates that classrooms may be experiencing a more personalized educational environment compared to the national average of 14 students per teacher. For potential investors, this could imply a strong commitment to education that might add to the area's appeal. Real estate agents may find this an advantageous selling point for families considering a move, as it suggests that the region values individualized attention for students. Lower ratios can also signal potential changes in local funding and educational resources, making the area attractive to appraisers and insurance agents looking to assess the community’s strengths comprehensively.
