Somerset County Real Estate and Livability Trends
Somerset County, Maryland, has seen an increase of about $11,537.92 in average taxable income per tax return from 2013 to 2021, hinting at potential economic revitalization that might attract investors and new residents. Home values have shown variable trends, with median prices rising from $149,600.00 in 2015 to $157,200.00 in 2022, contrasting the state's steadier appreciation rates. Recent... Read more
Somerset County Market Trends
Somerset County, Maryland, has experienced variable trends in its median home values, with figures moving from $149,600.00 in 2015 to $157,200.00 in 2022, contrasting Maryland's steadier statewide appreciation. Residential energy tax credits here have shown significant fluctuations, peaking at $2,500.00 in 2018, indicating evolving energy efficiency initiatives impacting property values. Real... Read more
Median Value of Occupied Housing Units in Somerset County, Maryland Over the Last 8 Years
Somerset County in Maryland has seen some dips and rebounds in its median home values over the past 8 years, starting at $149,600.00 in 2015 and rising to $157,200.00 in 2022. This trend appears less consistent compared to Maryland's state trends where values have steadily increased from $286,900.00 to $380,500.00. Nationally, home values have similarly been on a rise, closing at $179,400.00 in 2022. Investors and potential homeowners might find Somerset's lower entry point appealing, though the volatility shown could present both risks and opportunities not as pronounced in statewide or national markets.
Residential Energy Tax Credit Per Tax Return in Somerset County, MD Over the Last 9 Years
Over the last nine years in Somerset County, Maryland, there has been noticeable fluctuation in the average residential energy tax credit per tax return. Starting at approximately $459.09 in 2013 and peaking at $2,500.00 in 2018, this credit tends to show substantial variability. For investors, builders, appraisers, and insurance agents, these trends could point to evolving energy efficiency initiatives and potentially changing policy incentives that might influence property values. Real estate agents and potential movers might consider this a signal of active community investments in energy-efficient improvements, which often translate to long-term savings and value appreciation.
Average Real Estate Taxes Per Tax Return in Somerset County, MD Over the Last 10 Years
Over the last decade, real estate taxes per tax return in Somerset County, Maryland have shown a gradual increase. Starting at approximately $2,231.94 in 2012, they have risen to about $3,082.98 by 2021. Notable jumps occur around 2015 and 2018, reflecting changes that might interest potential homeowners and investors regarding long-term tax trends. Insurance agents and appraisers might also find value in these figures for risk assessments and property valuations.
Percentage of Farm Returns in Somerset County, MD Over the Last 10 Years
Somerset County, Maryland, has seen a slight decrease in the percentage of farm tax returns over the past decade, with a small bump in 2016 peaking at about 2.41%. Farm tax returns are essentially reports of income and expenses filed by agricultural producers. These figures can be a bellwether for the local agricultural economy and might suggest subtle shifts in farming activities or profitability. Prospective investors or current residents should consider these trends when evaluating the economic vitality and agricultural potential of the area.
Number of Mortgages by Occupancy Type in Somerset County, MD Over the Last 5 Years in Somerset County
Mortgages for principal residences in Somerset County, Maryland have shown significant fluctuations, peaking substantially in 2021 with 1,045 counts before normalizing to 825 in 2022. Second residencies initially saw steady growth, culminating at 121 in 2021, before dropping to 69 in 2022. Investment properties, however, maintained a relatively low and stable number with minor peaks in 2022. These occupancy type shifts can impact investment strategies, appraisal values, and insurance rates as they indicate changing demand and potential risk. A surge in principal residence mortgages, for example, suggests heightened local interest and stability, while fluctuations can signify broader economic factors at play.
Economic Outlook
Somerset County, Maryland has seen a steady increase in average taxable income per tax return over the past nine years, peaking at $50,668.05 in 2021, up from $39,130.13 in 2013. This could indicate growing economic strength and earning potential, making the area possibly more attractive to investors and prospective residents. Yet, the rise in state and local income taxes and total tax liability suggests a higher financial burden, which could also reflect increased property values and incomes.... Read more
Average Taxable Income per Tax Return in Somerset County, MD over the last 9 years
Over the past nine years, Somerset County has experienced a gradual rise in average taxable income per tax return, peaking at $50,668.05 in 2021 after starting at $39,130.13 in 2013. This consistent upward trend could signify economic growth or increased earning potential in the county, making it potentially more appealing for investors, real estate agents, and those considering a move to Maryland. However, factors such as local developments, employment rates, and demographic shifts should also be considered for a comprehensive understanding of the area’s financial health.
Average State and Local Income Taxes Per Tax Return in Somerset County, MD Over the Last 10 Years
Over the past decade, Somerset County, Maryland has experienced a noticeable increase in state and local income taxes per tax return, which could potentially impact both residents and potential investors. In 2012, the average was around $5,169.51, steadily climbing to $7,158.49 by 2021, with a peak in 2020 at $7,577.59. This gradual rise might suggest a growing economic burden on taxpayers or a potentially increased financial capacity among residents.
Average Total Tax Liability Per Tax Return in Somerset County, MD Over the Last 10 Years
Over the past decade, Somerset County, Maryland has seen a generally increasing trend in the average total tax liability per tax return. From $5,025.30 in 2012 to $6,445.52 in 2021, the data hints at rising incomes or tax rates. This potential uptick in financial health could be a strong indicator for real estate investors and developers eyeing growth markets. Appraisers and insurance agents might find the increased tax liability reflective of higher property values and incomes, providing a richer context for assessments and coverage decisions.
Cost of Living in Somerset County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,235 | $1,399 | $1,456 | $1,547 | $1,132 |
| 1 adult 4 children | $1,235 | $1,143 | $1,110 | $1,547 | $1,269 |
| 2 adults 3 children | $1,235 | $1,143 | $1,265 | $1,547 | $941 |
| 1 adult 3 children | $1,235 | $933 | $919 | $1,547 | $1,058 |
| 2 adults 2 children | $923 | $936 | $1,074 | $1,340 | $799 |
| 1 adult 2 children | $923 | $699 | $728 | $1,340 | $777 |
| 2 adults 1 child | $923 | $740 | $883 | $666 | $735 |
| 1 adult 1 child | $923 | $478 | $537 | $666 | $620 |
| 2 adults | $701 | $594 | $693 | $0 | $590 |
| 1 adult | $697 | $324 | $346 | $0 | $529 |
Safety trends & Data
Somerset County, Maryland, has experienced noticeable fluctuations in property crime over the last four years, with larceny-theft peaking at 49 incidents in both 2019 and 2022. Vandalism reached a high of 29 incidents in 2022, potentially signaling concerns for property owners and businesses. While burglary rates are comparatively lower, occasional spikes indicate alternating periods of heightened risk. These crime trends offer valuable insights for potential investors, real estate agents, and... Read more
Property Crime Trends in Somerset County, MD Over the Last 4 Years
Over the last four years, Somerset County, Maryland, has seen notable fluctuations in property crime trends, with larceny-theft consistently being the most reported crime, peaking at 49 incidents in both 2019 and 2022. Vandalism incidents have varied, reaching a high of 29 in 2022, indicating potential concerns for property owners and businesses. Burglary rates, while lower in comparison, have seen consistent numbers with occasional spikes, suggesting alternating periods of heightened risk. Understanding these crime trends is crucial for potential investors, real estate agents, and insurance agents, as they provide insights into property security dynamics, influencing property values, insurance premiums, and overall investment viability in the county.
Demographics
Somerset County, Maryland, exhibits intriguing demographic trends. The adult population skews slightly male, comprising about 11,082 males compared to 8,956 females. Educational attainment reveals a significant portion of residents hold a high school diploma, while fewer have pursued higher education, as bachelor's degrees are relatively uncommon. Age distribution highlights a balanced spread across various age groups, though the 25 to 34 years and 55 to 64 years cohorts are notably... Read more
Race Distribution in Somerset County, Maryland (2022)
Educational Attainment in Somerset County, Maryland (2022)
Age Distribution in Somerset County, Maryland
Citizen Population in Somerset County, Maryland (2022)
Political Trends & Data
Somerset County, Maryland showed a significant Republican tilt in the 2020 U.S. Presidential Election, with GOP candidates likely securing around 57% of the vote, while Democrats garnered roughly 42%. The minimal support for third-party candidates underscores the area's strong two-party preference, which might shape future political strategies and campaign efforts in Somerset... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Somerset County, Maryland exhibited a noticeable Republican lean in the 2020 U.S. Presidential Election, with Republican candidates presumably capturing around 57% of the vote compared to approximately 42% for Democrats. Third-party and other candidates together accounted for a minor slice of the vote, indicating a strong preference for the two major parties in this region. This trend could influence future political strategies and campaign focuses in Somerset County.
56.56% of voters voted for the Republican party in the 2020 Presidential Election
41.80% of voters voted for the Democrat party in the 2020 Presidential Election
0.81% of voters voted for the Livertarian party in the 2020 Presidential Election
0.37% of voters voted for the Green party in the 2020 Presidential Election
0.46% of voters voted for the Other party in the 2020 Presidential Election
School Data
Somerset County, Maryland has seen its student-to-teacher ratio drop from around 13 in 2014 to just over 10 in 2023, indicating smaller class sizes and potentially a more personalized educational experience. With the national average at 14 students per teacher, this improvement could enhance the county's appeal for families prioritizing education. This trend might lead to higher property values, making it noteworthy for real estate agents and appraisers. Builders may find this as a sign of... Read more
Student-to-teacher ratio in Somerset County, Maryland over the last 10 years
Over the last decade, Somerset County, Maryland has seen a notable decrease in its student-to-teacher ratio, dropping from around 13 in 2014 to just over 10 in 2023. This trend indicates that class sizes are becoming smaller, which could potentially lead to a more personalized educational experience compared to the national average of 14 students per teacher. For those looking to invest or move to the area, this may signal a strengthening education system, possibly leading to higher property values. Real estate agents and appraisers might find this trend beneficial, as a lower student-to-teacher ratio can be an attractive point for families prioritizing education. Insurance agents, too, might see an influx in demand as more people move into the area, requiring new policies. Builders considering developing properties could also view this as a sign of growing community infrastructure and confidence in local schooling.
