Franklin County Real Estate and Livability Trends
Franklin County, Illinois real estate trends show rising median home values from $66,300 in 2015 to $87,500 in 2022, positioning the area as an attractive, more affordable option compared to broader averages. Energy tax credits have surged, indicating heightened incentives for energy-efficient home upgrades. Alongside this, real estate taxes have increased to $3,909.68 by 2021, which may reflect... Read more
Franklin County Market Trends
Franklin County, Illinois has shown steady growth in median home values, rising from $66,300 in 2015 to $87,500 in 2022. This trend, while indicating increasing demand or improving local economic conditions, also highlights the county as a more affordable option compared to state and national averages. Meanwhile, the average residential energy tax credits per tax return have spiked significantly,... Read more
Median Value of Occupied Housing Units in Franklin County, Illinois Over the Last 8 Years
Over the past eight years, the median home values in Franklin County, Illinois, have seen steady growth, rising from $66,300 in 2015 to $87,500 in 2022. While Franklin County's housing market is substantially more affordable compared to both the Illinois state average and the national average, which stood at $239,100 and $179,400 respectively in 2022, this continued upward trend could indicate increasing demand or improving economic conditions in the area. For investors, this rising trajectory might suggest appreciating property values and potential gains, while prospective residents could view Franklin County as a more budget-friendly alternative to other parts of Illinois.
Residential Energy Tax Credit Per Tax Return in Franklin County, IL Over the Last 8 Years
Over the last eight years, Franklin County, Illinois has seen varying average residential energy tax credits per tax return. Starting at $430.95 in 2013, the average credit saw a noticeable increase to $623.33 by 2015 and then a jump to $671.43 in 2016. There was a dip in 2017 to $441.67, but by 2019, the average credit rose significantly to $975.00, continuing upwards to $1,125.00 in 2021. This upward trend in recent years might suggest growing incentives for residential energy improvements, which could be particularly relevant for real estate developers, investors, and homeowners eyeing energy-efficient upgrades.
Average Real Estate Taxes Per Tax Return in Franklin County, IL Over the Last 10 Years
Franklin County, Illinois has seen a noticeable upward trend in average real estate taxes per tax return over the past decade. Starting from approximately $2,434.38 in 2012, the average tax amount has climbed steadily, reaching about $3,909.68 by 2021. This increase may suggest a rise in property values or a potential reflection of changing tax policies, making it a key consideration for investors, property developers, and residents alike when evaluating the county’s real estate market.
Percentage of Farm Returns in Franklin County, IL Over the Last 10 Years
In Franklin County, Illinois, the percentage of farm tax returns has seen a subtle yet consistent decline over the past decade. Starting at roughly 3.30% in 2012, the figure has gradually decreased to about 2.76% by 2021. This trend may suggest that fewer individuals or entities are filing farm tax returns, which might imply a consolidation of farming operations or a shift towards other forms of land use. For potential investors, developers, or those interested in the local agriculture sector, this could be indicative of significant changes in land utilization and economic shifts within the county.
Number of Mortgages by Occupancy Type in Franklin County, IL Over the Last 5 Years in Franklin County
In Franklin County, Illinois, the number of mortgages for principal residences has consistently outpaced investment and second residences over the last five years. This trend might suggest a stable demand for primary housing, which could be promising for real estate agents and investors targeting family homes. The relative stability in investment property mortgages, with slight fluctuations, indicates a steady but cautious interest from investors, which might imply conservative market conditions or security in rental income potential. For insurance agents and appraisers, understanding the dominance of primary residence mortgages is crucial, as it affects risk assessment and property valuation. Builders considering new developments might find opportunities in focusing on residential projects over commercial ventures. This nuanced understanding is key for anyone involved in or interested in the local real estate market.
Economic Outlook
Franklin County, Illinois showcases an upward trend in average taxable income per tax return, rising from $43,675.18 in 2013 to $54,494.86 in 2021. This suggests an improving economic environment, appealing to investors and potential residents. However, state and local income taxes have experienced significant fluctuations, starting at $4,907.41 in 2012, dropping to $3,954.12 in 2016, and spiking to $8,314.29 by 2021. Such volatility impacts financial planning for investors and homebuyers.... Read more
Average Taxable Income per Tax Return in Franklin County, IL over the last 9 years
Over the past nine years, Franklin County, Illinois has seen a general upward trend in average taxable income per tax return, increasing from $43,675.18 in 2013 to $54,494.86 in 2021. This gradual rise suggests a potentially improving economic environment, which could be appealing to investors, property developers, and individuals considering relocation. This increase in taxable income may also hint at better job opportunities or wage growth in the area.
Average State and Local Income Taxes Per Tax Return in Franklin County, IL Over the Last 10 Years
Franklin County, Illinois has experienced significant fluctuations in average state and local income taxes per tax return over the past decade. Starting from $4,907.41 in 2012, taxes saw a notable decline in 2015 and 2016, hitting a low of $3,954.12. However, the trend reversed sharply, and by 2021, average taxes had nearly doubled to $8,314.29. This volatile tax landscape is crucial for potential investors and residents to consider, as it impacts both personal finances and broader economic stability within the county.
Average Total Tax Liability Per Tax Return in Franklin County, IL Over the Last 10 Years
Franklin County, Illinois has seen a gradual increase in the average total tax liability per tax return over the last decade. From 2012's $5,757.72 to 2021's $6,767.63, there's been notable fluctuations with spikes in 2015 and 2020. This trend indicates a rise in tax burdens which may impact decisions for potential investors and homebuyers who need to factor in these costs when considering financial commitments in the area. While not extreme, the creeping increase should be part of any long-term financial strategy for those looking at Franklin County.
Cost of Living in Franklin County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $972 | $1,283 | $2,902 | $1,058 | $1,439 |
| 1 adult 4 children | $972 | $1,048 | $2,227 | $1,058 | $1,456 |
| 2 adults 3 children | $972 | $1,048 | $2,514 | $1,058 | $1,174 |
| 1 adult 3 children | $972 | $856 | $1,839 | $1,058 | $1,168 |
| 2 adults 2 children | $774 | $858 | $2,126 | $959 | $1,021 |
| 2 adults 1 child | $774 | $678 | $1,738 | $640 | $968 |
| 1 adult 2 children | $774 | $641 | $1,451 | $959 | $914 |
| 1 adult 1 child | $774 | $438 | $1,063 | $640 | $758 |
| 2 adults | $588 | $545 | $1,350 | $0 | $755 |
| 1 adult | $518 | $297 | $675 | $0 | $571 |
Demographics
The adult population in Franklin County, Illinois, reveals a marginally higher number of females compared to males. Educational attainment indicates that a significant portion of residents have completed high school, though there's a noticeable drop-off in those advancing to higher education levels. Age distribution shows a fairly balanced spread across various age groups, with a slight prominence in the 55-64 year bracket. Racial demographics are overwhelmingly dominated by White residents,... Read more
Race Distribution in Franklin County, Illinois (2022)
Educational Attainment in Franklin County, Illinois (2022)
Age Distribution in Franklin County, Illinois
Citizen Population in Franklin County, Illinois (2022)
Political Trends & Data
Franklin County, Illinois, exhibited a substantial preference for the Republican party in the 2020 U.S. Presidential Election, with roughly 73% of the vote. Democrats, meanwhile, secured around 26%, and third parties like the Libertarians and Greens had negligible influence, each receiving less than 1%. This could suggest a significant conservative base or local issues aligning more with GOP... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Franklin County, Illinois, showed a notable leaning towards the Republican party with an estimated 73% of the vote in the 2020 U.S. Presidential Election. Democrats garnered around 26%, while third parties such as the Libertarians and Greens had minimal impact, each capturing less than 1%. This trend might reflect a strong conservative presence or particular local issues resonating more with the Republican agenda.
73.13% of voters voted for the Republican party in the 2020 Presidential Election
25.56% of voters voted for the Democrat party in the 2020 Presidential Election
0.76% of voters voted for the Livertarian party in the 2020 Presidential Election
0.44% of voters voted for the Green party in the 2020 Presidential Election
0.11% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Franklin County, Illinois, the student-to-teacher ratio has decreased from 14 in 2014 to around 11 in 2023, compared to the national average of 14. This may suggest smaller class sizes and potentially better education quality, enticing families seeking improved educational environments and influencing real estate agents, appraisers, and insurance agents. Investors and developers could view this trend as an opportunity to appeal to education-focused... Read more
Student-to-teacher ratio in Franklin County, Illinois over the last 9 years
Over the last nine years, the student-to-teacher ratio in Franklin County, Illinois has shown a notable decline, dropping from 14 in 2014 to approximately 12 in 2022, and further down to about 11 in 2023. Considering the current national average of 14 students per teacher, Franklin County's improved ratios could suggest smaller class sizes, potentially enhancing the quality of education. This trend may attract families seeking better educational environments, motivate real estate agents to highlight this aspect, and influence appraisers and insurance agents to consider the growing appeal of the local educational amenities. Investors and property developers might also see this as an opportunity to cater to an increasingly education-conscious market.
