Letcher County Real Estate and Livability Trends
Letcher County, Kentucky has seen modest but noteworthy developments in its real estate market. The average home value nudged up from $56,300 to $66,000 between 2015 and 2022, lagging behind state and national growth. Residents seem to be embracing energy-efficient upgrades, as evidenced by energy tax credits peaking at $690.00 in 2020 before dropping to $421.43 in 2021. Real estate taxes, on the... Read more
Letcher County Market Trends
Letcher County, Kentucky's median home values marginally increased from $56,300 to $66,000 between 2015 and 2022, contrary to the more robust growth seen at state and national levels. Energy tax credits surged in 2020, peaking at $690.00, suggesting an uptick in energy-efficient home improvements among residents despite a drop to $421.43 in 2021. Real estate taxes climbed sharply from about... Read more
Median Value of Occupied Housing Units in Letcher County, Kentucky Over the Last 8 Years
Over the past 8 years, the median home value in Letcher County, Kentucky has shown relatively modest growth compared to state and national figures. From 2015 to 2022, Letcher County saw an increase from $56,300 to $66,000, despite a noticeable dip in 2020 to $54,700. In contrast, Kentucky's median home values rose from $123,200 to $177,000, and national figures jumped from $125,500 to $179,400 during the same period. This disparity may suggest that Letcher County has housing market dynamics that could appeal to those seeking more affordable options or considering longer-term investments with potentially lower entry costs.
Residential Energy Tax Credit Per Tax Return in Letcher County, KY Over the Last 8 Years
Letcher County, Kentucky has seen a noticeable increase in the average residential energy tax credit per tax return over the last eight years, peaking in 2020 at $690.00. Although there was a drop to $421.43 in 2021, the general upward trend implies a growing investment in energy-efficient home improvements. This could signal a shift towards more sustainable living among residents, which may be attractive to potential investors, real estate professionals, and homeowners looking to capitalize on energy-saving attributes for appraisals and insurance benefits.
Average Real Estate Taxes Per Tax Return in Letcher County, KY Over the Last 10 Years
Over the past decade, Letcher County, Kentucky has seen a marked increase in real estate taxes per tax return. Starting at approximately $1,067.11 in 2012 and gradually rising to around $3,266.67 by 2021, this trend indicates growing fiscal demands or increased property values. Such an upward trajectory could impact potential investors or residents, suggesting a more significant financial commitment for property ownership. Real estate and insurance professionals, as well as property developers, might find these insights essential for forecasting costs and advising clients.
Percentage of Farm Returns in Letcher County, KY Over the Last 10 Years
Over the past decade, Letcher County, Kentucky has seen a slight upward trend in the percentage of farm tax returns, starting from approximately 0.49% in 2012 and reaching around 0.77% by 2021. Farm tax returns provide insight into the economic activity of the agricultural sector in the county, reflecting both the growth and stability of local farming businesses. This modest increase could indicate a growing interest in agricultural investments or improved reporting practices among farmers. Such data may be valuable for individuals considering moving to, investing in, or starting agricultural ventures in Letcher County. The gradual rise in farm tax returns hints at potentially favorable conditions for agriculture within this Appalachian region.
Number of Mortgages by Occupancy Type in Letcher County, KY Over the Last 5 Years in Letcher County
Letcher County, Kentucky has seen a subtle but notable shift in the type of properties being financed over the past five years. Mortgages for principal residences dominate the market, with counts increasing modestly from 403 in 2018 to 467 in 2022. In contrast, investment properties and second residences have maintained lower and relatively stable numbers. These trends could suggest a market focused on primary living spaces, possibly indicating stable or growing demand for long-term housing. For investors, this signals a potentially competitive market for principal residences. Appraisers, insurance agents, and real estate professionals would need to consider the predominance of principal residences when assessing property values and market dynamics.
Economic Outlook
Letcher County, Kentucky has a modest upward trend in average taxable income per tax return, reaching around $46,753.06 by 2021, indicating potential economic development. However, the area has also experienced a significant rise in state and local income taxes, jumping to $14,971.43 in 2021, which could impact financial planning for investors and residents. The average total tax liability per tax return has shown some volatility, peaking at $5,955.34 in 2021. This combination of increasing... Read more
Average Taxable Income per Tax Return in Letcher County, KY over the last 9 years
Letcher County, Kentucky has shown a modest upward trend in average taxable income per tax return over the past nine years. While there were slight dips between 2013 and 2016, the general trajectory demonstrates resilience and gradual growth in income levels. By 2021, the average taxable income had increased to approximately $46,753.06, suggesting potential economic development in the area. This indicates a potentially stable financial environment, which could be attractive to investors, real estate agents, and individuals considering moving to or conducting business in Letcher County.
Average State and Local Income Taxes Per Tax Return in Letcher County, KY Over the Last 10 Years
Over the past decade, Letcher County, Kentucky has seen a significant increase in average state and local income taxes per tax return, rising from $5,970.93 in 2012 to $14,971.43 in 2021. This steady upward trend highlights an increasing tax burden, which could impact both current residents and prospective investors. Particularly striking is the sharp jump in tax obligations post-2017, making it crucial for anyone considering moving to or investing in the area to factor in these elevated costs.
Average Total Tax Liability Per Tax Return in Letcher County, KY Over the Last 10 Years
Over the past decade, Letcher County, Kentucky has seen a fluctuating pattern in the average total tax liability per tax return. The highest increase occurred in 2021, with an average liability reaching $5,955.34, compared to a significant dip in 2019 at $5,127.74. Generally, the trend suggests an overall volatile yet slightly upward trajectory, potentially reflecting broader economic shifts or policy changes impacting taxpayers in the region. This variability matters for investors, property developers, and prospective residents, as it may influence financial planning and long-term economic stability in the county.
Cost of Living in Letcher County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,034 | $1,371 | $1,722 | $1,113 | $1,110 |
| 1 adult 4 children | $1,034 | $1,120 | $1,317 | $1,113 | $1,151 |
| 2 adults 3 children | $1,034 | $1,120 | $1,495 | $1,113 | $898 |
| 1 adult 3 children | $1,034 | $915 | $1,089 | $1,113 | $912 |
| 2 adults 2 children | $742 | $917 | $1,267 | $967 | $771 |
| 1 adult 2 children | $742 | $685 | $861 | $967 | $671 |
| 2 adults 1 child | $742 | $725 | $1,039 | $493 | $720 |
| 1 adult 1 child | $742 | $468 | $633 | $493 | $593 |
| 2 adults | $609 | $582 | $811 | $0 | $623 |
| 1 adult | $538 | $318 | $406 | $0 | $509 |
Safety trends & Data
Letcher County, Kentucky, has experienced variable property crime rates in recent years, especially with burglary incidents peaking at 6.00 in 2020 and 2022. Larceny-theft incidents have been somewhat lower lately, while motor vehicle theft and forgery are occasional but less common concerns. This variability could influence real estate markets, impacting both investment risk assessments and property... Read more
Property Crime Trends in Letcher County, KY Over the Last 5 Years
Letcher County, Kentucky, has seen fluctuating property crime rates over the past five years with notable increases in burglary incidents peaking to 6.00 in both 2020 and 2022. Thefts and stolen property offenses are a periodic concern, with larceny-theft incidents slightly lower in recent years. Motor vehicle theft and forgery make occasional appearances but are less prevalent. For investors, real estate agents, and those contemplating a move, this variability in property crime trends should be considered in risk assessments and real estate valuations.
Demographics
Letcher County, Kentucky, exhibits gender parity among its adult population with a near-equal split between males and females. The prominence of high school graduates suggests the population values basic education, yet fewer adults achieve higher educational degrees, potentially impacting local economic opportunities. With the age bracket skewing towards older demographics, community services may need to focus more on the needs of the senior population. The overwhelming majority of the... Read more
Race Distribution in Letcher County, Kentucky (2022)
Educational Attainment in Letcher County, Kentucky (2022)
Age Distribution in Letcher County, Kentucky
Citizen Population in Letcher County, Kentucky (2022)
Political Trends & Data
Letcher County, Kentucky has shown a notable preference for the Republican party, potentially capturing around 79% of the vote in the 2020 U.S. Presidential Election. In contrast, the Democratic party might have secured about 20%, implying a predominantly conservative demographic. Libertarians and other parties collectively seemed to receive less than 1.5%, highlighting minimal traction outside the two major parties. This political climate could influence local real estate dynamics, possibly... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In the 2020 U.S. Presidential Election, Letcher County, Kentucky may have exhibited strong tendencies towards the Republican party, potentially capturing around 79% of the vote. The Democratic party, on the other hand, seemingly secured close to 20%, while Libertarians and other parties might have collectively garnered less than 1.5%. This data may indicate a significantly conservative leaning within this county.
79.10% of voters voted for the Republican party in the 2020 Presidential Election
19.69% 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
0.45% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Letcher County, Kentucky, the student-to-teacher ratio has dropped from 15 in 2014 to about 12 in 2023. This declining ratio suggests potential improvements in education quality, which may attract young families and investors in the education sector. For the real estate market, this trend could be a selling point, signaling a community that values smaller class sizes and potentially boosting property... Read more
Student-to-teacher ratio in Letcher County, Kentucky over the last 10 years
Over the past decade, the student-to-teacher ratio in Letcher County, Kentucky has shown a gradual decline from 15 in 2014 to around 12 in 2023. Initially hovering around the national average of 14 students per teacher, the ratio in Letcher County now stands significantly lower. Reducing the student-to-teacher ratio might signal improvements in education quality, making the area more attractive for young families and investors in the education sector. This trend could also influence property values and attract professionals seeking a community that values smaller class sizes. For real estate agents and those in the housing market, this shift may be a selling point, reflecting a commitment to education that could drive demand and appeal.
