Union County Real Estate and Livability Trends
Union County, Kentucky, has seen notable fluctuations in average taxable income and taxes, with average taxable income reaching $57,844.48 in 2021. Despite a slower home value appreciation, a 20% increase from $90,700 in 2021 to $109,100 in 2022 could signal a market correction. The student-to-teacher ratio in the county has swung significantly, from 13 students per teacher in 2014 to 38 in 2020,... Read more
Union County Market Trends
Union County, Kentucky's real estate market has experienced slower home value appreciation compared to both state and national levels, but a 20% increase from $90,700 in 2021 to $109,100 in 2022 might signal growing interest or a market correction. Energy tax credits peaked at $1,266.67 in 2019, stabilizing at $516.67 by 2021, likely reflecting heightened awareness of energy-efficient home... Read more
Median Value of Occupied Housing Units in Union County, Kentucky Over the Last 8 Years
Union County, Kentucky has seen a varied trajectory in median home values over the last eight years, averaging a slower appreciation compared to state and national levels. Union County's median home value in 2022 was $109,100, substantially lower than Kentucky's $177,000 and the national figure of $179,400. However, the jump from $90,700 in 2021 to $109,100 in 2022 might indicate increasing interest or market correction, suggesting potential growth opportunities for investors and homebuyers looking for more affordable options within the region.
Residential Energy Tax Credit Per Tax Return in Union County, KY Over the Last 8 Years
Union County, Kentucky has seen fluctuating residential energy tax credits over the past eight years. After a low of $226.32 per tax return in 2014, the average credit peaked sharply at $1,266.67 in 2019, possibly indicating increased household investments in energy-efficient improvements during that period. However, the figures have normalized somewhat, settling at $516.67 by 2021. This trend could suggest a growing awareness and adoption of energy-efficient technologies among residents, which might be a draw for new homeowners, investors, and real estate professionals focusing on sustainability and cost-efficiency.
Average Real Estate Taxes Per Tax Return in Union County, KY Over the Last 10 Years
Over the past decade, real estate taxes in Union County, Kentucky have trended upward, with notable spikes such as a jump to $2,484.62 in 2018 from $1,753.09 in 2017. While there has been a slight decline since 2018, the current values remain significantly higher than earlier years, suggesting increased valuations or rate changes. This is particularly relevant for potential investors, homeowners, insurance agents, and real estate professionals assessing the fiscal landscape for property transactions and appraisals in the area.
Percentage of Farm Returns in Union County, KY Over the Last 10 Years
Over the past decade in Union County, Kentucky, the percentage of farm tax returns has shown slight fluctuations, generally hovering around the 5% mark. The highest percentage was in 2016, peaking at roughly 5.24%, while the lowest was in 2020, dipping to about 4.59%. These subtle changes might suggest a relatively stable agricultural sector with minor variations year to year. This stability could be appealing for investors or individuals considering agricultural endeavors, as it might hint at a consistent demand and potentially steady tax incentives tied to farming activities.
Number of Mortgages by Occupancy Type in Union County, KY Over the Last 5 Years in Union County
In Union County, Kentucky, the number of mortgages for principal residences consistently outweighed those for investment properties and second residences over the last five years. The fluctuations in investment property mortgages, rising from 3 in 2019 to a peak of 13 in 2020, may indicate shifting investor confidence or changing market conditions. Meanwhile, second residences remain a minimal segment, with mortgages rarely exceeding one per year. These shifts in occupancy type are crucial for investors, real estate agents, and insurance agents as they signify local market dynamics, potential risks, and investment opportunities. Higher principal residence numbers could suggest more stable, long-term community growth, while variations in investment properties might point to evolving economic opportunities within the county.
Economic Outlook
Union County, Kentucky, has experienced significant fluctuations in average taxable income, taxes, and total tax liabilities over the past decade. Average taxable income hit a low of $48,340.95 in 2017 before rising to $57,844.48 in 2021, possibly indicating an economic rebound. Meanwhile, state and local income taxes peaked at around $13,450.00 in 2021, reflecting larger economic or policy shifts. These data points are crucial for investors and potential residents to understand the evolving... Read more
Average Taxable Income per Tax Return in Union County, KY over the last 9 years
Union County, Kentucky has seen fluctuations in average taxable income over the past nine years. The lowest average taxable income occurred in 2017 at $48,340.95, showing a steady decline from a high of $53,104.78 in 2013. A notable increase can be observed in 2021, reaching $57,844.48, potentially indicating a recent economic upturn. These variations could influence investment decisions, property valuations, and real estate market trends, making it essential for stakeholders to stay informed.
Average State and Local Income Taxes Per Tax Return in Union County, KY Over the Last 10 Years
Union County, Kentucky has shown notable fluctuations in average state and local income taxes per tax return over the last decade. Starting at around $7,012.24 in 2012, the taxes saw a steady increase, reaching a peak of approximately $13,450.00 in 2021. Significant spikes can be observed in 2014 and 2018, where taxes climbed to $8,654.95 and $10,569.23, respectively. This variability and the eventual sharp rise might reflect changes in local economic conditions or tax policies, providing interesting context for potential investors or those considering relocating to the area.
Average Total Tax Liability Per Tax Return in Union County, KY Over the Last 10 Years
Over the last decade, Union County, Kentucky's average total tax liability per tax return has fluctuated, peaking at $8,653.30 in 2013 before seeing a general decline, reaching its lowest point at $7,054.36 in recent years. Despite a slight resurgence to $8,104.06 in 2021, the overall trend has been downward, suggesting a possible decrease in taxable income or shifts in tax policy. These trends might be of particular interest to potential investors, property developers, or new residents evaluating the fiscal climate in Union County.
Cost of Living in Union County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $908 | $1,283 | $1,721 | $1,012 | $1,010 |
| 1 adult 4 children | $908 | $1,048 | $1,315 | $1,012 | $1,042 |
| 2 adults 3 children | $908 | $1,048 | $1,493 | $1,012 | $826 |
| 1 adult 3 children | $908 | $856 | $1,088 | $1,012 | $822 |
| 2 adults 2 children | $746 | $858 | $1,266 | $878 | $756 |
| 1 adult 2 children | $746 | $641 | $860 | $878 | $662 |
| 2 adults 1 child | $746 | $678 | $1,038 | $442 | $721 |
| 1 adult 1 child | $746 | $438 | $633 | $442 | $604 |
| 2 adults | $611 | $545 | $811 | $0 | $641 |
| 1 adult | $541 | $297 | $405 | $0 | $536 |
Safety trends & Data
Union County, Kentucky has seen a decline in burglaries, dropping from 19 incidents in 2018 to just 3 in 2022, and a fluctuating pattern in larceny-theft cases, peaking at 30 in 2019 before falling to 11 in 2022. Embezzlement and fraud have stayed low, with only sporadic occurrences each year. Despite a spike in vandalism in 2020 with 8 cases, motor vehicle thefts have remained consistently low, never exceeding 4. For real estate investors, the downward trend in burglaries and the low rates of... Read more
Property Crime Trends in Union County, KY Over the Last 5 Years
Union County, Kentucky has seen varying trends in property crimes over the past five years. Burglary incidents have generally declined, starting from 19 in 2018 to just 3 in 2022. Larceny-theft peaked in 2019 with 30 cases but dropped to 11 by 2022, showing some fluctuation over the years. Notably, embezzlement and fraud have remained relatively low, with only a few occurrences recorded each year. The county also experienced a notable increase in vandalism crimes in 2020 with 8 cases, while motor vehicle thefts have stayed consistently low, topping at 4 in 2019. For prospective investors and real estate professionals, the downward trend in burglaries and the low rates of motor vehicle theft might indicate improving safety, although the varied trends in other property crimes suggest keeping a close eye on updated statistics.
Demographics
Union County, Kentucky reveals a balanced gender demographic with slightly more females than males among its adult population. Educational attainment appears to be modest, with a significant portion having completed high school or having some college experience, though higher education degrees are relatively less common. The age distribution skews towards middle-aged individuals, especially those between 45 to 64 years old, which may suggest a need for services catering to this demographic.... Read more
Race Distribution in Union County, Kentucky (2022)
Educational Attainment in Union County, Kentucky (2022)
Age Distribution in Union County, Kentucky
Citizen Population in Union County, Kentucky (2022)
Political Trends & Data
Union County, Kentucky, which favored the Republican party heavily in the 2020 U.S. Presidential Election, indicates a potentially stable, conservative-inclined real estate market. With 75.5% of the vote going to the Republicans and a mere 23.3% to the Democrats, the area's political leaning might influence buyer preferences and community development trends. The negligible support for third-party candidates could further imply a homogenous political landscape, which might be appealing for... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Union County, Kentucky, displayed a strong leaning towards the Republican party in the 2020 U.S. Presidential Election, with approximately 75.5% of the vote. The Democratic party garnered around 23.3%, while smaller parties like the Libertarians captured roughly 1% of the vote. These results could suggest a solid conservative base in the region, with limited appeal for third-party candidates.
75.50% of voters voted for the Republican party in the 2020 Presidential Election
23.25% of voters voted for the Democrat party in the 2020 Presidential Election
1.02% of voters voted for the Livertarian party in the 2020 Presidential Election
0.23% of voters voted for the Other party in the 2020 Presidential Election
School Data
Union County, Kentucky’s student-to-teacher ratio has seen quite the rollercoaster over the past decade, moving from 13 students per teacher in 2014 to a staggering 38 in 2020 before settling around 26 in 2023. This volatility could influence property investment and school ratings as higher ratios may indicate overcrowded classrooms, a potential concern for families considering the area. With the national average at 14 students per teacher, the data might also play a role in shaping property... Read more
Student-to-teacher ratio in Union County, Kentucky over the last 10 years
Union County, Kentucky has seen its student-to-teacher ratio fluctuate significantly over the last decade. Starting at a manageable 13 students per teacher in 2014, it saw a dramatic spike to over 34 in 2018 and even reached 38 in 2020 before easing back to around 26 in 2023. These changes could impact decisions around property investment and school ratings since higher student-to-teacher ratios may signal overcrowded classrooms. For families moving into the area, these ratios could be a factor in their decision since the current national average is 14 students per teacher. Real estate agents and appraisers might also find this data critical, as it potentially influences property values and demand in the region.
