Gallatin County Real Estate and Livability Trends
Gallatin County, Kentucky has seen impressive economic growth, with average taxable income per tax return rising from $39,776.44 in 2013 to $56,371.54 in 2021, hinting at improved local job opportunities. Median home values have climbed from $107,500 in 2015 to $154,600 in 2022, making the area attractive for investors and first-time homebuyers seeking affordable entry points. A surge in... Read more
Gallatin County Market Trends
Gallatin County, Kentucky has shown steady growth in median home values from $107,500 in 2015 to $154,600 in 2022, although it still lags behind state and national medians. This offers potential opportunities for investors seeking affordable entry points or first-time homebuyers priced out elsewhere. Recent spikes in residential energy tax credits, rising sharply to $1,000.00 in 2021, hint at... Read more
Median Value of Occupied Housing Units in Gallatin County, Kentucky Over the Last 8 Years
Gallatin County, Kentucky has shown consistent growth in median home values, but still trails behind both state and national averages. From 2015 to 2022, the median home value in Gallatin County grew from $107,500 to $154,600. By comparison, Kentucky's state median climbed from $123,200 to $177,000, while the national median skyrocketed from $125,500 to $179,400. This relatively lower median value in Gallatin County could indicate potential opportunities for investors looking for more affordable entry points into the housing market, or first-time homebuyers who might be priced out of more expensive areas.
Residential Energy Tax Credit Per Tax Return in Gallatin County, KY Over the Last 6 Years
Gallatin County, Kentucky has seen fluctuations in residential energy tax credits per tax return over the last six years, with a notable spike in recent years. In 2013, the average credit was $300.00, which decreased to $183.33 by 2015 but then rose sharply to $875.00 in 2020 and reached $1,000.00 by 2021. This upward trend suggests increased investment in energy-efficient home improvements, potentially enhancing property values and attractiveness for investors and homebuyers. Additionally, this could signify opportunities for appraisers and insurance agents to consider these energy upgrades in their evaluations and policies.
Average Real Estate Taxes Per Tax Return in Gallatin County, KY Over the Last 10 Years
Over the past decade, Gallatin County, Kentucky has seen some fluctuations in average real estate taxes per tax return, with notable increases in recent years. In 2018, real estate taxes peaked sharply at $2,863.64, a significant jump from previous years. Although there was a slight dip in 2019 to $2,450.00, the trend continued with relatively high values, such as $2,788.89 in 2020, settling at $2,530.00 in 2021. Such variations in tax amounts could be of interest for potential investors, insurance agents, and real estate professionals considering property developments or market evaluations in this locale.
Percentage of Farm Returns in Gallatin County, KY Over the Last 10 Years
Farm tax returns in Gallatin County, Kentucky have showed slight fluctuations but generally maintain stability around 4.5% to 5.3% over the last decade. These percentages provide insight into the agricultural activity and economic health of the region's farmland. Investors and potential property buyers can take note that while the data doesn't indicate significant growth or decline, it does suggest a relatively consistent involvement in farming activities. This could mean stable land values and opportunities in agricultural investments.
Number of Mortgages by Occupancy Type in Gallatin County, KY Over the Last 5 Years in Gallatin County
Over the past five years, Gallatin County, Kentucky has experienced noteworthy fluctuations in mortgage activity across different occupancy types. Principal residences have seen a substantial rise, peaking in 2021 at 563, before a slight decline in 2022 to 430. Meanwhile, investment properties have remained relatively stable, hovering around 8-11 mortgages per year. The market for second residences has seen minor variations, with numbers ranging from 5 to 11 annually. These shifts in mortgage counts by occupancy type might be indicative of broader economic trends, local development trajectories, or evolving consumer preferences. For investors, developers, and real estate agents, understanding these patterns can provide valuable insights for targeting the right type of property and anticipating market demands. Appraisers and insurance agents also benefit from this data as it helps in accurately assessing property values and risks based on occupancy type preferences.
Economic Outlook
Gallatin County, Kentucky, has experienced a notable rise in average taxable income per tax return, growing from $39,776.44 in 2013 to $56,371.54 in 2021. This trend hints at a stronger local economy and possibly improved job opportunities, making it a potentially attractive area for real estate investments. Additionally, the average state and local income taxes per tax return have increased from $4,881.69 in 2012 to $7,654.55 in 2021, indicating economic growth or policy changes. The average... Read more
Average Taxable Income per Tax Return in Gallatin County, KY over the last 9 years
Gallatin County, Kentucky, has seen a progressive increase in average taxable income per tax return over the past nine years, rising from about $39,776.44 in 2013 to approximately $56,371.54 in 2021. This upward trend might indicate a growing local economy or rising wages, potentially making it an attractive location for real estate investments and new residents. The consistent increase could also point to improved job opportunities and economic stability, which insurance agents and appraisers might find relevant when assessing risk and property values.
Average State and Local Income Taxes Per Tax Return in Gallatin County, KY Over the Last 10 Years
Over the past decade, Gallatin County, Kentucky has seen a notable increase in average state and local income taxes per tax return. From $4,881.69 in 2012 to $7,654.55 in 2021, the rising tax obligations reflect economic growth and possibly higher income levels within the county. Significant jumps, particularly between 2017 and 2018, with an increase from $6,073.13 to $7,654.55, may indicate economic shifts or policy changes. For potential investors and residents, understanding these trends is crucial as it impacts financial planning and overall economic conditions in Gallatin County.
Average Total Tax Liability Per Tax Return in Gallatin County, KY Over the Last 10 Years
Over the past decade, the average total tax liability per tax return in Gallatin County, Kentucky has seen a notable upward trend. Starting at around $4,893.30 in 2012, it climbed to approximately $7,004.97 by 2021. This trend implies a significant increase in the financial responsibilities of taxpayers in the area, which could reflect income growth, changes in tax laws, or shifts in the local economy. For potential investors or those looking to move to Gallatin County, understanding these financial dynamics is crucial, as they may impact property values, cost of living, or local economic health.
Cost of Living in Gallatin County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,153 | $1,210 | $2,189 | $1,218 | $1,378 |
| 1 adult 4 children | $1,153 | $989 | $1,676 | $1,218 | $1,432 |
| 2 adults 3 children | $1,153 | $989 | $1,898 | $1,218 | $1,121 |
| 1 adult 3 children | $1,153 | $807 | $1,385 | $1,218 | $1,181 |
| 2 adults 2 children | $861 | $809 | $1,608 | $1,072 | $956 |
| 1 adult 2 children | $861 | $605 | $1,095 | $1,072 | $893 |
| 2 adults 1 child | $861 | $640 | $1,317 | $598 | $893 |
| 1 adult 1 child | $861 | $413 | $804 | $598 | $746 |
| 2 adults | $661 | $514 | $1,026 | $0 | $728 |
| 1 adult | $576 | $280 | $513 | $0 | $564 |
Safety trends & Data
In Gallatin County, Kentucky, property crime trends over the past five years suggest an inconsistent landscape. Burglary incidents peaked in 2020 with three arrests but have mostly stayed low, while stolen property cases saw a notable spike with six arrests in 2020, decreasing to four by 2022. Incidents of fraud and larceny-theft have been sporadic, indicating a volatile environment for these crimes. These fluctuations can influence risk assessments for investors, real estate agents, and... Read more
Property Crime Trends in Gallatin County, KY Over the Last 5 Years
Gallatin County, Kentucky, has seen varied trends in property crime over the last five years. While burglary incidents peaked in 2020 with three arrests, they have generally remained low. The most significant fluctuations were in cases of stolen property, which surged in 2020 with six arrests but decreased to four by 2022. Incidents of fraud and larceny-theft have been sporadic, suggesting a relatively volatile environment for these types of crimes. These trends imply that while some categories like vandalism and embezzlement are consistent but low in occurrence, others might be prone to periodic increases, which could impact decisions for investors, real estate agents, and insurers looking to assess risk in the region.
Demographics
Gallatin County, Kentucky, shows a near-even split between its male and female adult populations, with a slight male majority. A substantial portion of the adult populace has completed at least high school, though a notable segment still lacks a diploma. The age distribution indicates a solid middle-aged demographic, but there is also a significant representation of younger and older adults. The racial composition is predominantly White, with African Americans and other races making up smaller... Read more
Race Distribution in Gallatin County, Kentucky (2022)
Educational Attainment in Gallatin County, Kentucky (2022)
Age Distribution in Gallatin County, Kentucky
Citizen Population in Gallatin County, Kentucky (2022)
Political Trends & Data
Gallatin County, Kentucky, leaned heavily Republican in the 2020 U.S. Presidential Election, with approximately 77.00% of votes potentially supporting the GOP. The Democratic Party didn't gain much traction, securing around 21.00%, and minor parties like the Libertarians barely made a dent. This could suggest a strong conservative presence or Republican voter loyalty in the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Gallatin County, Kentucky, leaned heavily Republican in the 2020 U.S. Presidential Election, with approximately 77% of votes potentially going to the GOP. The Democratic Party didn't gain much traction, securing around 21%, while minor parties like the Libertarians barely made a dent. This could suggest a strong conservative presence or Republican voter loyalty in the area.
76.77% of voters voted for the Republican party in the 2020 Presidential Election
21.36% of voters voted for the Democrat party in the 2020 Presidential Election
1.51% of voters voted for the Livertarian party in the 2020 Presidential Election
0.36% of voters voted for the Other party in the 2020 Presidential Election
School Data
Gallatin County, Kentucky has seen its student-to-teacher ratios fluctuate over the past decade, peaking at around 18 students per teacher in 2020, higher than the national average of 14. These trends might indicate larger class sizes or shifting teaching resources, which could impact educational outcomes, thus affecting the area's appeal to new residents and investors. This is relevant for real estate agents, appraisers, and insurance agents, as it may influence property values, perceived... Read more
Student-to-teacher ratio in Gallatin County, Kentucky over the last 10 years
Gallatin County, Kentucky has experienced fluctuations in the student-to-teacher ratio over the past decade, averaging higher than the national average of 14 students per teacher. Ratios peaked in 2020 at nearly 18 students per teacher before dropping slightly in subsequent years. This information might imply varying classroom sizes or teaching resource allocation, which could affect educational outcomes and thereby influence the area's attractiveness to new residents and investors. Real estate agents, appraisers, and insurance agents should consider these trends, as they could impact property values, perceived quality of education, and the community's overall appeal.
