Spencer County Real Estate and Livability Trends
Spencer County, Kentucky’s real estate market has shown compelling trends that might catch an investor's eye. Median home values saw a significant increase, moving from $176,900 in 2015 to an impressive $288,200 in 2022, outpacing both state and national averages. With average taxable incomes rising from $57,130.45 in 2013 to $77,145.12 in 2021 and a corresponding boost in total tax... Read more
Spencer County Market Trends
Spencer County, Kentucky, has seen a noteworthy surge in median home values, climbing from $176,900 in 2015 to $288,200 in 2022. This increase surpasses both the state and national growth rates, indicating a robust demand in the area. Residential energy tax credits have also spiked, reaching $1,237.50 per tax return in 2021, which may suggest significant investments in energy-efficient home... Read more
Median Value of Occupied Housing Units in Spencer County, Kentucky Over the Last 8 Years
Over the past 8 years, Spencer County, Kentucky, has experienced a significant increase in median home values, rising from $176,900 in 2015 to $288,200 in 2022. This growth trajectory outpaces both Kentucky's state median value increase, which went from $123,200 to $177,000, and the national median value, which increased from $125,500 to $179,400. Prospective investors and potential homeowners might find Spencer County particularly appealing due to its robust property value appreciation, suggesting strong demand and potential for future growth.
Residential Energy Tax Credit Per Tax Return in Spencer County, KY Over the Last 8 Years
Spencer County, Kentucky has shown a noticeable increase in the average residential energy tax credits per tax return over the last eight years. Starting at $395.83 in 2013, the credits saw a notable jump, reaching $629.17 by 2016 and peaking at $1,237.50 in 2021. This trend potentially highlights a growing investment in energy-efficient home improvements. For those considering investments or moves to Spencer County, this increase hints at an engaged community leveraging available tax incentives for sustainable living. This data may also be of interest to appraisers and insurance agents in evaluating property values and risks associated with energy upgrades.
Average Real Estate Taxes Per Tax Return in Spencer County, KY Over the Last 10 Years
Over the past decade, Spencer County, Kentucky has seen a gradual increase in average real estate taxes per tax return, with a notable jump from $2,302.84 in 2017 to $2,920.59 in 2018. This trend may suggest an upward pressure on property values and possibly changing tax policies. These factors can impact investors considering property in the area, appraisers assessing property value, and insurance agents calculating premiums. For real estate agents and those looking to move to Spencer County, it's worth noting these rising costs as they assess long-term affordability and market trends.
Percentage of Farm Returns in Spencer County, KY Over the Last 10 Years
Farm tax returns in Spencer County, Kentucky, have shown a steady decline over the past decade, dropping from 6.05% in 2012 to around 4.74% in 2021. This trend may suggest a gradual reduction in the number of farm operations or profitability within the county, potentially impacting agricultural investments and rural development. For those considering investing in or moving to Spencer County, these figures could indicate a shifting economic landscape, where diversified or non-agricultural enterprises might offer more stability or growth opportunities.
Number of Mortgages by Occupancy Type in Spencer County, KY Over the Last 5 Years in Spencer County
Spencer County, Kentucky, has seen a steady interest in mortgages for principal residences over the last five years, particularly spiking in 2020 and 2021 with counts as high as 2,013 and 1,987, respectively. Investment property mortgages have remained relatively flat, hovering around the mid-20s annually, while second residence mortgages have seen modest increases but remain low in overall numbers. This implies a strong demand for primary living spaces, potentially driving market stability and affecting property values. For investors and real estate agents, this trend might suggest limited opportunities in rental or vacation property markets compared to primary residences. Appraisers and insurance agents should note the high volume of principal residences, which could influence valuation practices and risk assessments. Those planning to build or buy in the area can leverage this data to gauge buyer preferences and market dynamics, favoring developments centered on primary living spaces.
Economic Outlook
Average taxable income per tax return in Spencer County, Kentucky, has steadily climbed from $57,130.45 in 2013 to $77,145.12 in 2021, hinting at a healthier local economy which could be attractive to real estate investors. An increase in average total tax liability from $7,041.56 in 2012 to $10,437.14 in 2021 might also reflect rising incomes or tax policy adjustments, signaling potential economic growth. Meanwhile, average state and local income taxes rose to $8,967.27 in 2021, possibly... Read more
Average Taxable Income per Tax Return in Spencer County, KY over the last 9 years
Average taxable income per tax return in Spencer County, Kentucky, has shown a consistent upward trend over the past nine years, growing from $57,130.45 in 2013 to $77,145.12 in 2021. This steady increase suggests a potentially healthier local economy, which can be an enticing factor for real estate investors and developers looking for lucrative opportunities. Such income growth might also indicate rising property values, a crucial consideration for appraisers and insurance agents alike. For those planning to move to or currently residing in the county, this trend could signal stronger spending power and an overall better standard of living.
Average State and Local Income Taxes Per Tax Return in Spencer County, KY Over the Last 10 Years
Over the last decade, Spencer County, Kentucky has seen a steady increase in average state and local income taxes per tax return, with a notable jump in 2018 and a slight dip in 2020. The increase to $8,967.27 in 2021 suggests a rising cost of living and potentially higher earnings, which could be a consideration for those looking to invest or move to the area. This upward trend might indicate robust economic activity or changes in local tax policies impacting residents and businesses alike.
Average Total Tax Liability Per Tax Return in Spencer County, KY Over the Last 10 Years
In Spencer County, Kentucky, there's been a gradual increase in average total tax liability per tax return over the past decade. From $7,041.56 in 2012 to a peak of $10,437.14 in 2021, the trend reflects broader economic influences, rising incomes, or possible adjustments in tax policies. This could potentially signify a growing local economy, which may be of interest to potential investors or residents looking at financial trends in the area. Notably, the sharp rise in 2021 might indicate significant economic changes or policy shifts worth investigating if you're planning any investment or relocation to the area.
Cost of Living in Spencer County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,257 | $1,343 | $1,751 | $1,218 | $1,365 |
| 1 adult 4 children | $1,257 | $1,097 | $1,338 | $1,218 | $1,446 |
| 2 adults 3 children | $1,257 | $1,097 | $1,520 | $1,218 | $1,117 |
| 1 adult 3 children | $1,257 | $896 | $1,107 | $1,218 | $1,208 |
| 2 adults 2 children | $948 | $898 | $1,289 | $1,072 | $957 |
| 1 adult 2 children | $948 | $671 | $876 | $1,072 | $921 |
| 2 adults 1 child | $948 | $710 | $1,058 | $598 | $904 |
| 1 adult 1 child | $948 | $459 | $645 | $598 | $776 |
| 2 adults | $790 | $570 | $827 | $0 | $765 |
| 1 adult | $699 | $311 | $414 | $0 | $617 |
Safety trends & Data
Property crime trends in Spencer County, Kentucky, have shown some variability over the last five years. Notably, burglary incidents spiked to 6 in 2022 after hovering around 2-3 in previous years. Larceny-theft remained low, albeit with a slight increase to 5 occurrences in 2019. Fraud saw a mild rise in 2021 with 4 cases. Persistent, albeit low, issues with stolen property suggest a need for heightened community vigilance, potentially impacting property investments, valuations, and insurance... Read more
Property Crime Trends in Spencer County, KY Over the Last 5 Years
The last five years indicate some variability in property crimes within Spencer County, Kentucky. Burglary incidents saw a notable rise in 2022, hitting a peak of 6 occurrences, whereas earlier years averaged around 2-3. Larceny-Theft also fluctuated but remained relatively low, with a slight increase in 2019 at 5 incidents. Fraud inched upwards in 2021 with 4 cases, suggesting some consistency in economic-related crimes. The county experienced low but persistent issues with Stolen Property across all surveyed years. These crime trends may imply a need for enhanced community vigilance and could impact property investments, valuations, and insurance premiums in the area.
Demographics
Spencer County, Kentucky shows a relatively balanced gender distribution with a slight majority of males. While high school graduates form the largest educational group and some college experience is common, higher education rates are lower, hinting at opportunities for educational initiatives. The age distribution suggests a mature population, with significant groups in the 35-64 age range. The racial makeup is predominantly White with minimal representation from other racial groups,... Read more
Race Distribution in Spencer County, Kentucky (2022)
Educational Attainment in Spencer County, Kentucky (2022)
Age Distribution in Spencer County, Kentucky
Citizen Population in Spencer County, Kentucky (2022)
Political Trends & Data
The 2020 U.S. Presidential Election results in Spencer County, Kentucky showcased a strong Republican presence, with approximately 76% of the vote going to the Republican candidate. Democrats managed around 22%, while Libertarian and other party votes were minimal. This heavy conservative leaning might hint at similar future voting trends in the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Spencer County, Kentucky, the 2020 U.S. Presidential Election results leaned heavily Republican, with approximately 76% of the vote. Democrats captured around 22%, while Libertarians and other parties collectively garnered a minimal share. This significant Republican tilt suggests a strong conservative presence, potentially indicating similar future voting behaviors.
76.45% of voters voted for the Republican party in the 2020 Presidential Election
22.14% of voters voted for the Democrat party in the 2020 Presidential Election
1.08% of voters voted for the Livertarian party in the 2020 Presidential Election
0.33% of voters voted for the Other party in the 2020 Presidential Election
School Data
Spencer County, Kentucky's student-to-teacher ratio has hovered around 19 students per teacher in recent years, notably above the US national average of 14. This suggests larger class sizes and potentially impacts the quality of education, crucial for potential residents and investors. For real estate professionals, these ratios offer valuable insights into the local educational environment, which could influence property values and... Read more
Student-to-teacher ratio in Spencer County, Kentucky over the last 10 years
Spencer County, Kentucky's student-to-teacher ratio has fluctuated over the past decade, peaking at 23 students per teacher in 2014 and reaching a low of 18 in 2018. Recent years show a ratio hovering around 19 students per teacher, which is notably higher than the US national average of 14. A higher student-to-teacher ratio can suggest larger class sizes, which may impact individual student attention and overall education quality, crucial factors for potential residents and investors in the area. For real estate agents and appraisers, these ratios provide insights into the educational environment, potentially affecting property values and desirability.
