Allegany County Real Estate and Livability Trends
In Allegany County, Maryland, the median home value rose from $120,800 in 2015 to $143,300 in 2022, making homes relatively affordable compared to broader markets. This is alongside fluctuations in residential energy tax credits, peaking at $1,750.00 in 2018, indicating growing interest in energy-efficient improvements. Real estate taxes also climbed from $2,341.50 in 2012 to $3,228.13 in 2020.... Read more
Allegany County Market Trends
In Allegany County, Maryland, the median home value has risen from $120,800 in 2015 to $143,300 in 2022, offering comparatively affordable options relative to state and national trends. Fluctuations in residential energy tax credits, peaking at $1,750.00 in 2018 and averaging $512.82 per tax return in 2021, indicate a growing investment in energy-efficient home improvements. Real estate taxes... Read more
Median Value of Occupied Housing Units in Allegany County, Maryland Over the Last 8 Years
In Allegany County, Maryland, the median home value has experienced a modest upward trend, rising from $120,800 in 2015 to $143,300 in 2022. This growth, while notable, lags behind both the state of Maryland, where median home values increased from $286,900 to $380,500 over the same period, and the national median, which grew from $125,500 to $179,400. For those considering investments or relocations, Allegany County may present a more affordable entry point compared to broader state and national markets, with the potential for slower, yet steady appreciation.
Residential Energy Tax Credit Per Tax Return in Allegany County, MD Over the Last 9 Years
Allegany County, Maryland has seen significant fluctuations in residential energy tax credits over the past nine years, with a notable peak at $1,750.00 in 2018—potentially indicating increased investments in energy-efficient home improvements. The data suggests a general upward trend, culminating in an average credit of $512.82 per tax return in 2021. These patterns may imply more residents are taking advantage of energy tax credits, which could be a strong indicator for those considering investing, moving, or working in real estate in the area. Insurance agents and property appraisers might also note the potential increase in property values and reduced energy costs resulting from these energy-efficient upgrades.
Average Real Estate Taxes Per Tax Return in Allegany County, MD Over the Last 10 Years
Over the past decade, Allegany County, Maryland has seen fluctuating real estate taxes per tax return, with a noticeable increase in recent years. From $2,341.50 in 2012 to a peak of $3,228.13 in 2020, the trend reflects a general upward movement despite some yearly variances. The jump between 2017 and 2018 is particularly significant, suggesting potential changes in property valuations or tax rates. This trend is important for investors, prospective homeowners, appraisers, and real estate professionals, indicating a growing financial consideration when investing or moving to this region.
Percentage of Farm Returns in Allegany County, MD Over the Last 10 Years
Over the last decade, Allegany County, Maryland has shown consistent albeit modest fluctuations in the percentage of farm tax returns. Beginning around 0.89% in 2012, the proportion peaked close to 0.98% in 2017 before settling at approximately 0.96% by 2021. This suggests a stable agricultural footprint with slight annual growth variations. For investors and residents, these trends might signal resilient farming activity which could imply stable land value and potential agricultural opportunities in the region.
Number of Mortgages by Occupancy Type in Allegany County, MD Over the Last 5 Years in Allegany County
Over the past five years in Allegany County, Maryland, mortgage numbers for principal residences have shown fluctuations, peaking in 2021 with 2,886, while investment properties and second residences remained comparatively lower. The consistency of principal residences suggests stable long-term investment in the area, reflecting its appeal for year-round living. However, the modest yet notable presence of investment properties could hint at cautious yet growing interest in the rental market or property flipping. The steady, albeit low, figures of second residences might imply limited demand for vacation homes, highlighting the county's stronger inclination towards permanent settlements rather than seasonal occupancy. These shifts in occupancy types can significantly impact market dynamics, influencing property values, insurance rates, and future development plans.
Economic Outlook
In Allegany County, Maryland, the average taxable income per tax return climbed from $44,719.88 in 2013 to approximately $57,567.86 by 2021, hinting at potential economic stability that could make the area appealing for investors. Meanwhile, average state and local income taxes also saw an upward trend reaching $9,641.86 in 2021, which suggests robust economic growth but could impact disposable income. The average total tax liability followed a similar path, increasing to $7,654.65 by 2021,... Read more
Average Taxable Income per Tax Return in Allegany County, MD over the last 9 years
In Allegany County, Maryland, the average taxable income per tax return has shown a generally upward trend over the past nine years, increasing from around $44,719.88 in 2013 to approximately $57,567.86 by 2021. This gradual rise might be attractive for potential investors and real estate developers as it could reflect growing economic stability or prosperity in the county. Those in fields like insurance or property appraisal may find these trends useful for evaluating risk and property values. Real estate agents may also leverage this information to pitch to buyers or sellers, emphasizing the county’s steady economic growth.
Average State and Local Income Taxes Per Tax Return in Allegany County, MD Over the Last 10 Years
In Allegany County, Maryland, average state and local income taxes per tax return have shown a significant upward trend over the last decade, with figures rising from approximately $6,254.56 in 2012 to around $9,641.86 in 2021. This escalation in tax liability could signal robust economic growth or increased fiscal policies in the region. For potential investors, homebuyers, and current residents, understanding these changes is crucial as they may impact disposable income, economic strategy, and cost of living considerations.
Average Total Tax Liability Per Tax Return in Allegany County, MD Over the Last 10 Years
Allegany County, Maryland has seen a generally increasing trend in average total tax liability per tax return over the past decade, with figures rising from $5,915.37 in 2012 to $7,654.65 in 2021. While there have been fluctuations, such as a slight dip in 2018, the overall trend points towards higher tax liabilities. This suggests potential increases in income or property values, making it a critical factor for investors, real estate agents, and appraisers to consider. For those planning to move to or invest in the area, this trend could indicate rising economic activity and property values, impacting both investment decisions and cost of living.
Cost of Living in Allegany County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,085 | $1,440 | $1,456 | $1,390 | $1,004 |
| 1 adult 4 children | $1,085 | $1,176 | $1,110 | $1,390 | $1,111 |
| 2 adults 3 children | $1,085 | $1,176 | $1,265 | $1,390 | $826 |
| 1 adult 3 children | $1,085 | $960 | $919 | $1,390 | $899 |
| 2 adults 2 children | $848 | $963 | $1,074 | $1,209 | $732 |
| 1 adult 2 children | $848 | $719 | $728 | $1,209 | $686 |
| 2 adults 1 child | $848 | $761 | $883 | $620 | $692 |
| 1 adult 1 child | $848 | $492 | $537 | $620 | $575 |
| 2 adults | $676 | $611 | $693 | $0 | $578 |
| 1 adult | $566 | $333 | $346 | $0 | $483 |
Safety trends & Data
Allegany County, Maryland has witnessed a favorable shift in safety metrics, with burglary cases plunging from 126 in 2018 to just 49 in 2022 and larceny-theft showing a dramatic drop from 436 cases to 101 in the same period. This trend could bolster investor confidence and attract new residents, positively influencing property values and potentially lowering insurance rates. However, the rise in vandalism from 12 cases in 2018 to 40 cases in 2022 raises some concerns about property damage that... Read more
Property Crime Trends in Allegany County, MD Over the Last 5 Years
Allegany County, Maryland has seen fluctuating property crime rates over the past five years, with significant decreases in burglary and larceny-theft since 2018. Burglary dropped from 126 cases in 2018 to just 49 in 2022, and larceny-theft saw a marked reduction from 436 cases in 2018 to 101 in 2022. These trends suggest a potential improvement in public safety, which could attract investors and new residents, and impact property valuations and insurance rates positively. However, vandalism incidents have seen a notable increase from 12 cases in 2018 to 40 cases in 2022, indicating a spike in property damage concerns that stakeholders might need to address.
Demographics
Allegany County, Maryland shows a roughly balanced gender distribution but trends notably toward a higher male population. The educational attainment data hints at a significant proportion achieving at least a high school level, although relatively few advance beyond a bachelor's degree. The age demographics are diverse, yet there is a notable concentration in the working-age bracket of 25 to 64 years. The racial composition predominantly comprises White residents, with minority groups... Read more
Race Distribution in Allegany County, Maryland (2022)
Educational Attainment in Allegany County, Maryland (2022)
Age Distribution in Allegany County, Maryland
Citizen Population in Allegany County, Maryland (2022)
Political Trends & Data
Allegany County, Maryland saw about 68% of the 2020 U.S. Presidential Election votes go to the Republican party, with nearly 30% for Democrats. Minor parties, like the Libertarians and Greens, barely made a dent at around 1.5%. This loyalty to the Republican party might influence future real estate trends, as political leanings can occasionally affect everything from property values to the types of developments... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Allegany County, Maryland, the 2020 U.S. Presidential Election results seemed to indicate a significant lean towards the Republican party with approximately 68% of the votes, while the Democrats garnered nearly 30%. The minor parties, including the Libertarian and Green parties, appeared to have limited traction, collectively accounting for around 1.5% of the vote. This suggests a strong Republican preference in this region, though it's always possible that dynamics could shift in future elections.
68.16% of voters voted for the Republican party in the 2020 Presidential Election
29.89% of voters voted for the Democrat party in the 2020 Presidential Election
1.01% of voters voted for the Livertarian party in the 2020 Presidential Election
0.39% of voters voted for the Green party in the 2020 Presidential Election
0.55% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the last decade, Allegany County, Maryland has seen a gradual decline in the student-to-teacher ratio, from about 14 in 2014 to just under 14 by 2023, suggesting a potentially improving educational environment. This shift could enhance property values and attract new residents and investors due to the perceived quality of local schools, appealing to families prioritizing... Read more
Student-to-teacher ratio in Allegany County, Maryland over the last 10 years
Over the last decade, Allegany County, Maryland has seen a gradual decline in the student-to-teacher ratio, starting at about 14 in 2014 and dropping to just under 14 by 2023. This trend suggests an improving educational environment when compared to the national average of 14 students per teacher, potentially making the area more attractive for families prioritizing education. This can impact property values, appeal to new residents, investors, and influence decisions by real estate agents and insurance agents due to the perceived quality of local schools. For those interested in the local education system, these changes may reflect increasing investment in education or demographic shifts.
