Magoffin County Real Estate and Livability Trends
Magoffin County, Kentucky, has seen a notable increase in median home values from $53,100 in 2015 to $83,400 in 2022, though still below state and national levels. Residents faced higher state and local income taxes after 2018, peaking at $7,160.00 in 2021, indicating possible economic shifts. Real estate tax variability and a peak of $2,650.00 in 2020 could point to changes in local property... Read more
Magoffin County Market Trends
In Magoffin County, Kentucky, the median value of occupied housing units surged from $53,100 in 2015 to $83,400 in 2022, outpacing Kentucky’s overall median increase albeit remaining significantly lower than the state ($177,000) and national ($179,400) medians. The residential energy tax credits per tax return have fluctuated, peaking at $450.00 in 2017 and dipping to $275.00 in 2020,... Read more
Median Value of Occupied Housing Units in Magoffin County, Kentucky Over the Last 8 Years
In Magoffin County, Kentucky, the median value of occupied housing units has seen a steady climb from $53,100 in 2015 to $83,400 in 2022, reflecting consistent growth over the eight-year period. This is particularly intriguing given that the state of Kentucky's median value also increased but remains higher at $177,000 in 2022. Nationally, the median home value reached $179,400, showing that while Magoffin County's values are lower, they offer a more affordable option with significant appreciation. This could appeal to investors and homebuyers looking for burgeoning areas with growth potential and lower entry costs.
Residential Energy Tax Credit Per Tax Return in Magoffin County, KY Over the Last 8 Years
Over the past eight years, residents of Magoffin County, Kentucky have seen fluctuations in their residential energy tax credits per tax return, with an average high of around $450.00 in 2017 and a notable low at approximately $240.00 in 2013. Interestingly, despite some dips, such as in 2020 when the average credit fell to about $275.00, there appears to be an overall upward trend, suggesting increased investment in energy-efficient home improvements. This pattern might be worth noting for potential investors, real estate agents, and insurance agents evaluating the area's development and residents' priorities.
Average Real Estate Taxes Per Tax Return in Magoffin County, KY Over the Last 10 Years
Real estate taxes in Magoffin County, Kentucky have experienced notable fluctuations over the past decade, starting at around $1,029.31 in 2012 and peaking at $2,650.00 in 2020. The period between 2017 and 2020 saw the most significant increases, suggesting potential changes in property valuation, local tax policies, or economic conditions. These trends could be crucial for investors, developers, and real estate agents to consider for financial planning and market analysis. This variability can also impact insurance evaluations and appraisals, making it an essential factor for those looking to move to or are currently residing in the area.
Percentage of Farm Returns in Magoffin County, KY Over the Last 10 Years
Farm tax returns in Magoffin County, Kentucky have shown some variability over the last decade, generally hovering around the 10% to 12% range. There was a slight peak in 2013 at approximately 11.63% and a low in 2020 at around 9.24%. These figures can provide valuable insights for potential investors and those looking to move to or develop property in the area, indicating a relatively stable but somewhat declining trend in farm income documentation. Understanding these patterns can offer clues about the local agricultural economy's health and future prospects.
Number of Mortgages by Occupancy Type in Magoffin County, KY Over the Last 5 Years in Magoffin County
The mortgage landscape in Magoffin County, Kentucky shows a solid trend towards principal residences, consistently leading the numbers over the past five years. While secondary residences and investment properties are also represented, their counts remain relatively low, fluctuating slightly but staying in the single digits. These shifts in occupancy type suggest varying levels of local economic stability and community investment priorities. For investors, this could mean evaluating the risk and return potential based on the prevalence of owner-occupied properties. Real estate agents might view the dominance of principal residences as a sign of stable, long-term residency patterns, appealing to families and individuals seeking enduring home ownership. Appraisers and insurance agents should consider the implications of such occupancy trends on property valuations and insurance premiums respectively, as more owner-occupied homes might point to sustained maintenance and lower risk profiles. Understanding these dynamics can give a nuanced view of the local real estate market and help tailor strategies accordingly.
Economic Outlook
Magoffin County, Kentucky, shows an upward trend in average taxable income per tax return, increasing from approximately $38,550.99 in 2013 to about $43,980.71 in 2021. Notably, the average state and local income taxes saw a significant increase, particularly from 2018 onward, reaching $7,160.00 in 2021 compared to a more stable $5,100.00-$5,200.00 range earlier. The average tax liability also peaked in 2021 at $5468.33, reflecting potential economic or policy shifts. These trends could be... Read more
Average Taxable Income per Tax Return in Magoffin County, KY over the last 9 years
Over the past nine years, Magoffin County, Kentucky has seen fluctuating trends in average taxable income per tax return, with a general upward trajectory. In 2013, the average taxable income was approximately $38,550.99, and by 2021, it had increased to around $43,980.71. The notable spike in 2021 suggests a potential economic recovery or growth in higher-income brackets. This trend could be of interest to potential investors, real estate agents, and others looking to assess the area's economic vitality and living standards.
Average State and Local Income Taxes Per Tax Return in Magoffin County, KY Over the Last 10 Years
Magoffin County, Kentucky has seen a notable increase in average state and local income taxes per tax return, particularly from 2018 onwards. After relatively stable figures around $5,100.00-$5,200.00 from 2012 to 2017, taxes spiked to $6,942.86 in 2018 and continued to rise, reaching $7,160.00 in 2021. This sharp uptick could indicate an economic shift or policy change affecting local revenues, impacting both potential investors and current residents. Such trends underscore the importance of understanding local tax obligations when considering financial planning in this area.
Average Total Tax Liability Per Tax Return in Magoffin County, KY Over the Last 10 Years
Magoffin County, Kentucky has seen fluctuating average tax liabilities over the past decade, with a notable peak in 2021 at $5468.33. Despite some decreases, an uptick in 2017 and 2019 suggests economic or policy changes impacting returns. For those eyeing investment or relocation, understanding these tax trends is crucial for financial planning and assessing the county’s evolving economic environment.
Cost of Living in Magoffin County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $979 | $1,287 | $1,722 | $1,113 | $1,049 |
| 1 adult 4 children | $979 | $1,051 | $1,317 | $1,113 | $1,087 |
| 2 adults 3 children | $979 | $1,051 | $1,495 | $1,113 | $855 |
| 1 adult 3 children | $979 | $858 | $1,089 | $1,113 | $859 |
| 2 adults 2 children | $742 | $861 | $1,267 | $967 | $753 |
| 1 adult 2 children | $742 | $643 | $861 | $967 | $653 |
| 2 adults 1 child | $742 | $680 | $1,039 | $493 | $705 |
| 1 adult 1 child | $742 | $439 | $633 | $493 | $583 |
| 2 adults | $657 | $546 | $811 | $0 | $627 |
| 1 adult | $538 | $298 | $406 | $0 | $501 |
Safety trends & Data
Magoffin County, Kentucky has seen varied property crime trends over the past four years, with notable shifts in criminal activity types. Burglary incidents peaked in 2018 at 5.0, while forgery and counterfeiting took a forefront in 2019 with 3.0 cases. Crimes diversified in 2021, seeing fraud, vandalism, and the illegal possession of stolen goods rise to 4.0 cases. By 2022, burglary incidents dipped slightly to 2.0. This evolving pattern could be particularly relevant for investors, real... Read more
Property Crime Trends in Magoffin County, KY Over the Last 4 Years
Magoffin County, Kentucky has witnessed fluctuating property crime trends over the last four years. Arson, burglary, and larceny-theft cases were notably recorded in 2018, with burglary incidents being relatively higher at 5.0. In 2019, there was a noticeable shift towards forgery and counterfeiting with 3.0 cases. By 2021, the crimes diversified with instances of fraud, vandalism, and stolen property, culminating in 4.0 cases of illegal possession of stolen goods. In 2022, burglary incidents slightly dipped to 2.0. This nuanced evolution suggests potential shifts in criminal activity patterns which could be particularly intriguing for investors, real estate agents, and insurance professionals analyzing local risks and trends.
Demographics
Magoffin County, Kentucky presents a balanced gender distribution and a predominantly white population. Educational attainment shows a significant portion of adults have either a high school diploma or attended some college, though fewer hold advanced degrees. The age distribution points to an aging population, with notable segments in the 45-54 and 55-64 year brackets, potentially indicating upcoming shifts in workforce and healthcare... Read more
Race Distribution in Magoffin County, Kentucky (2022)
Educational Attainment in Magoffin County, Kentucky (2022)
Age Distribution in Magoffin County, Kentucky
Citizen Population in Magoffin County, Kentucky (2022)
Political Trends & Data
Magoffin County, Kentucky, leans heavily Republican, with nearly 77% of the 2020 presidential election votes going to the Republican candidate. Democratic support was around 22%, and third-party candidates, including Libertarians, saw less than 1% of the vote. This heavily Republican voter base may influence local policies and investment... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Magoffin County, Kentucky showed a strong preference for the Republican candidate in the 2020 U.S. Presidential Election, with nearly 77% of the vote. Democratic support was significantly lower, hovering around 22%, while third-party candidates, including the Libertarian party, collectively garnered less than 1%. This distribution suggests a heavily Republican-leaning voter base in this particular county.
76.64% of voters voted for the Republican party in the 2020 Presidential Election
22.27% of voters voted for the Democrat party in the 2020 Presidential Election
0.73% of voters voted for the Livertarian party in the 2020 Presidential Election
0.35% of voters voted for the Other party in the 2020 Presidential Election
School Data
Magoffin County, Kentucky's fluctuating student-to-teacher ratios, peaking at 16 students per teacher in 2020, can impact property values and community appeal. These educational metrics are crucial for strategic decisions in property development and market positioning, making the area potentially less attractive for families prioritizing education. Investors, real estate agents, insurance agents, and appraisers might find this data relevant for assessing the region's desirability and... Read more
Student-to-teacher ratio in Magoffin County, Kentucky over the last 10 years
Magoffin County, Kentucky has experienced fluctuating student-to-teacher ratios over the past decade, generally hovering around the national average of 14 students per teacher. Notably, there was a peak in 2020 at 16 students per teacher, and ratios have since slightly decreased but remain above the national average. These variations can influence both educational quality and classroom management, impacting property values and community appeal for families prioritizing education. For investors and real estate agents, understanding these trends could guide strategic decisions around property development and market positioning. Similarly, insurance agents and appraisers might find this data relevant when considering the overall desirability and stability of the region.
