Fayette County Real Estate and Livability Trends
Fayette County, Kentucky’s real estate market reflects robust economic growth, with average taxable income soaring from $58,278.42 in 2013 to $83,903.01 by 2021, potentially attracting more investors and home buyers. Median home values have surged from $168,100 in 2015 to $247,900 in 2022, outpacing state and national gains. Real estate taxes have doubled since 2012, aligning with the increased... Read more
Fayette County Market Trends
Fayette County's median home value surged from $168,100 in 2015 to $247,900 in 2022, outpacing both Kentucky's and the national growth rates during the same period. There's also been a noticeable uptick in residential energy tax credits, peaking at $2,686.36 in 2018, indicating a growing investment in energy-efficient homes. Real estate taxes have nearly doubled from $2,556.83 in 2012 to... Read more
Median Value of Occupied Housing Units in Fayette County, Kentucky Over the Last 8 Years
Fayette County's median home value has shown upward movement, growing from $168,100 in 2015 to $247,900 in 2022. This is particularly rapid when compared to both Kentucky's state-wide growth from $123,200 to $177,000 and the national increase from $125,500 to $179,400 over the same timeframe. Such a trend may indicate an increasing demand and a strong local economy, making Fayette County potentially appealing for investors and homebuyers. The marked jump in home values could also influence property development opportunities in the area.
Residential Energy Tax Credit Per Tax Return in Fayette County, KY Over the Last 9 Years
Over the last nine years, Fayette County, Kentucky has seen a notable increase in the average residential energy tax credit per tax return. After relatively moderate values from $364.89 in 2013 to $603.46 in 2016, there was a dramatic spike to $2,686.36 in 2018. Although there was a decrease to $1,113.01 in 2019, recent years have shown another upward trend, reaching $1,309.36 in 2021. Investors, real estate agents, and homeowners might interpret these trends as indicative of increasing investment in residential energy efficiency. This data potentially suggests a county where energy-efficient properties are becoming more valuable, possibly signaling favorable conditions for further sustainable development and investment.
Average Real Estate Taxes Per Tax Return in Fayette County, KY Over the Last 10 Years
In Fayette County, Kentucky, there's a noticeable upward trend in real estate taxes over the past decade. Taxes have increased from $2,556.83 in 2012 to $5,000.77 by 2021. This significant rise, especially the sharp jump between 2017 and 2018, suggests growing property values and possibly enhanced municipal services. Prospective investors and homeowners should be prepared for these higher tax obligations, which could impact overall affordability. Real estate professionals and appraisers might consider this trend indicative of an appreciating market and stable local economy.
Percentage of Farm Returns in Fayette County, KY Over the Last 10 Years
The percentage of farm tax returns in Fayette County, Kentucky has seen a gradual decline over the last decade, starting at approximately 0.98% in 2012 and dropping to around 0.72% in 2021. Farm tax returns refer to the proportion of tax filings attributed to agricultural activities, giving insights into the economic contributions of farming in the area. This downward trend might suggest a shift away from agriculture or changes in how farm incomes are reported. For potential investors or those considering building properties, this data could hint at evolving land use patterns and economic focus in the region.
Number of Mortgages by Occupancy Type in Fayette County, KY Over the Last 5 Years in Fayette County
The number of mortgages in Fayette County, Kentucky over the last five years shows a significant dominance of principal residence purchases compared to investment and second properties. A notable spike in principal residence mortgages occurred in 2020 and 2021, which could imply a growing preference for long-term residency or perhaps even an influx of new residents. Investment property mortgages have varied, but the trend indicates cautious investment compared to primary homes. Changes in these patterns are critical for investors gauging rental market viability, homebuilders planning new developments, and real estate agents strategizing sales efforts. Appraisers and insurance agents might also adjust valuations and policy offerings based on the prevailing occupancy trends.
Economic Outlook
Fayette County, Kentucky has seen a significant rise in average taxable income, from $58,278.42 in 2013 to $83,903.01 in 2021, suggesting economic growth and rising incomes which might attract investors and home buyers. The spike between 2020 and 2021, where average income rose from $71,347.55 to $83,903.01, hints at a dynamic shift, possibly due to increased employment or new industry. Additionally, state and local income taxes have jumped from $8,511.37 in 2012 to $17,200.09 in 2021, and... Read more
Average Taxable Income per Tax Return in Fayette County, KY over the last 9 years
Over the past nine years, Fayette County, Kentucky has seen a notable upward trend in average taxable income per tax return, increasing from approximately $58,278.42 in 2013 to around $83,903.01 in 2021. Prospective investors, real estate agents, and those looking to build or buy property in the area may find this trend indicative of economic growth and rising income levels. The substantial jump between 2020 and 2021, from approximately $71,347.55 to $83,903.01, could suggest a significant shift in the county's economic landscape, potentially driven by increased employment opportunities or a burgeoning industry sector. For appraisers and insurance agents, these figures might hint at increased property values and a possibly higher standard of living within the county.
Average State and Local Income Taxes Per Tax Return in Fayette County, KY Over the Last 10 Years
Over the past decade, Fayette County, Kentucky has experienced a significant increase in average state and local income taxes per tax return, surging from $8,511.37 in 2012 to $17,200.09 in 2021. This upward trend, especially the sharp rise post-2017, points to changing economic conditions and potentially higher incomes within the region, which could impact investment decisions and residential appeal for newcomers and current residents alike.
Average Total Tax Liability Per Tax Return in Fayette County, KY Over the Last 10 Years
Fayette County, Kentucky has seen a significant increase in average total tax liability per tax return over the past decade. From $10,438.91 in 2012 to $15,776.01 in 2021, this upward trend suggests rising income levels or changes in tax policies affecting residents' financial responsibilities. Individuals considering investing or moving to this area might be interested to know about these increases, as they could reflect broader economic growth but also indicate higher living costs.
Cost of Living in Fayette County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,446 | $1,456 | $1,789 | $1,438 | $1,424 |
| 1 adult 4 children | $1,446 | $1,189 | $1,367 | $1,438 | $1,521 |
| 2 adults 3 children | $1,446 | $1,189 | $1,553 | $1,438 | $1,192 |
| 1 adult 3 children | $1,446 | $971 | $1,131 | $1,438 | $1,274 |
| 2 adults 2 children | $1,062 | $974 | $1,317 | $1,268 | $976 |
| 1 adult 2 children | $1,062 | $727 | $894 | $1,268 | $932 |
| 2 adults 1 child | $1,062 | $769 | $1,080 | $717 | $901 |
| 1 adult 1 child | $1,062 | $497 | $658 | $717 | $764 |
| 2 adults | $875 | $618 | $844 | $0 | $723 |
| 1 adult | $731 | $337 | $422 | $0 | $561 |
Safety trends & Data
In Fayette County, Kentucky, property crime trends exhibit some intriguing shifts. Arson and burglary are declining, with arson incidents dropping from 24 in 2019 to just 6 in 2022, while burglaries have decreased from 460 in 2020 to 274 in 2022. Larceny-theft, though still the most frequent property crime, has also seen a decline, from 2,194 occurrences in 2019 to 1,104 in 2022. However, motor vehicle thefts are experiencing an uptick, reaching 161 cases in 2022. These trends could influence... Read more
Property Crime Trends in Fayette County, KY Over the Last 5 Years
In Fayette County, Kentucky, property crime trends over the last five years show noticeable fluctuations. While arson and burglary cases have seen some significant decreases, with arson dropping from 24 in 2019 to just 6 in 2022, the number of burglaries has fallen from 460 in 2020 to 274 in 2022. Larceny-theft, consistently the most common property crime, has trended downward from 2,194 instances in 2019 to 1,104 in 2022. However, there's been an uptick in motor vehicle thefts, reaching 161 cases in 2022. Investments targeting security infrastructure and community vigilance might find fertile ground here. Similarly, insurance agents and appraisers could see these trends impacting risk assessments and property valuations.
Demographics
Fayette County, Kentucky showcases a balanced gender demographic with a slight female majority. Educationally, the population leans towards higher education, with a significant portion holding at least a bachelor's degree or higher. The age distribution indicates a youthful community, particularly between the ages of 20 to 34 years, likely reflecting a robust workforce and possibly strong ties to university presence. Racially, the county is predominantly White, with notable African American and... Read more
Race Distribution in Fayette County, Kentucky (2022)
Educational Attainment in Fayette County, Kentucky (2022)
Age Distribution in Fayette County, Kentucky
Citizen Population in Fayette County, Kentucky (2022)
Political Trends & Data
Fayette County, Kentucky, leaned towards Democratic candidates in the 2020 U.S. Presidential Election with nearly 60% of the vote, compared to around 39% for Republicans and a minimal 1.6% for Libertarians. This inclination could indicate a community preference for progressive policies or a demographic composition that aligns more closely with the Democratic... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Fayette County in Kentucky exhibited a marked preference for Democratic candidates in the 2020 U.S. Presidential Election, with nearly 60% of votes going their way, compared to around 39% for Republicans. Libertarian candidates garnered a small fraction at approximately 1.6%, with negligible support for other parties. This trend might suggest a leaning towards progressive policies or voter demographics that favor the Democratic platform.
38.55% of voters voted for the Republican party in the 2020 Presidential Election
59.32% of voters voted for the Democrat party in the 2020 Presidential Election
1.56% of voters voted for the Livertarian party in the 2020 Presidential Election
0.57% of voters voted for the Other party in the 2020 Presidential Election
School Data
Fayette County, Kentucky, has been experiencing a significant drop in student-to-teacher ratios, from a peak of 17 in 2017 to just over 12 in 2023. This trend positions the county below the national average of 14, suggesting a focus on smaller class sizes, which could enhance educational outcomes. For investors and those looking to move, this might signal a community emphasis on education, potentially attracting families and stabilizing property values. Appraisers and insurance agents might... Read more
Student-to-teacher ratio in Fayette County, Kentucky over the last 10 years
Fayette County, Kentucky, has generally seen a student-to-teacher ratio fluctuating but trending towards lower numbers in recent years. From a peak of 17 in 2017, the ratio has significantly dropped to just over 12 in 2023. This trend brings it below the national average of 14, suggesting smaller class sizes which could positively impact educational outcomes. For investors, builders, and those contemplating a move, this could indicate a priority on education, attracting families and potentially stabilizing property values. Appraisers and insurance agents might infer a community emphasis on quality education, potentially influencing valuations and insurance premiums.
