Worcester County Real Estate and Livability Trends
In Worcester County, Maryland, property value appreciation and investment potential look promising as the average taxable income nearly doubled over nine years. Median home values hit $310,300 in 2022, surpassing national averages and closely aligning with state levels, signifying market strength. Despite rising real estate taxes and reduced farm tax returns, indicating a possible shift away from... Read more
Worcester County Market Trends
Worcester County, Maryland has experienced a consistent rise in median home values, reaching $310,300 in 2022, outpacing the national average and moving closer to state levels, indicating a resilient local housing market. Energy tax credits have shown considerable variation, peaking at $4,022.22 in 2018, suggesting fluctuating incentives and adoption rates for energy-efficient upgrades, an aspect... Read more
Median Value of Occupied Housing Units in Worcester County, Maryland Over the Last 8 Years
Worcester County, Maryland has experienced a consistent upward trend in median home values over the last eight years, reaching $310,300 in 2022. This steady growth suggests a resilient local housing market that could be attractive to potential investors and homebuyers. Comparatively, Worcester County's home values have increased faster than the national average, which stood at $179,400 in 2022, and are catching up to the state of Maryland, which reached $380,500 in the same year. These figures hint at the county's growing appeal without yet commanding the high premium seen in other parts of Maryland.
Residential Energy Tax Credit Per Tax Return in Worcester County, MD Over the Last 9 Years
Worcester County, Maryland has seen a notable fluctuation in its average residential energy tax credit per tax return over the past nine years. The values ranged from a low of $621.88 in 2013 to a peak of $4022.22 in 2018. This volatility could suggest varying incentives or changes in energy-efficient improvement adoption rates among residents. For those looking to invest, build, or move here, it's worth considering how these tax credits might offset costs for energy-efficient upgrades, potentially enhancing property value and savings in the long run. For appraisers and real estate agents, understanding these trends could be essential in evaluating property attractiveness and value propositions.
Average Real Estate Taxes Per Tax Return in Worcester County, MD Over the Last 10 Years
Worcester County, Maryland has seen a noticeable increase in average real estate taxes per tax return over the past decade. Starting from approximately $3,521.08 in 2012, the value has steadily climbed to reach about $4,923.36 in 2021. The most significant jump occurred between 2017 and 2018, with taxes rising from $3,841.43 to $4,600.76. This trend suggests potential implications for property investment and valuation, indicating a possibly growing demand or an increase in property values within the county. For those interested in real estate in this area, it's crucial to consider these rising taxes when assessing the long-term costs of ownership and potential return on investment.
Percentage of Farm Returns in Worcester County, MD Over the Last 10 Years
The percentage of farm tax returns in Worcester County, Maryland has shown a gradual decline over the past decade, dipping from approximately 1.09% in 2012 to about 0.83% in 2021. Farm tax returns are key for gauging agricultural activity in the region, reflecting both the number of farming operations and their economic health. For those considering investing, moving to, or building property in Worcester County, this trend might suggest a shift away from agriculture-centric economic models, potentially impacting land values and local agricultural services. Understanding these nuances can help make informed decisions regarding real estate and business investments in the area.
Number of Mortgages by Occupancy Type in Worcester County, MD Over the Last 5 Years in Worcester County
Worcester County, Maryland, has seen notable shifts in mortgage types over the past five years. Principal residences consistently hold the highest count, but recent years experienced a steep decline, especially between 2021 and 2022. Second residences, often linked to the county's appeal as a vacation spot, reached a peak in 2021 before dropping significantly in 2022. Investment property mortgages remain a smaller segment but show a slow upward trend before dipping in 2022. These fluctuations influence market dynamics, impacting property values and insurance rates. For investors and real estate professionals, understanding these patterns is crucial for making informed decisions. The changes reflect broader economic conditions and shifting consumer preferences, essential for strategic planning in real estate development and investment.
Economic Outlook
In Worcester County, Maryland, the average taxable income per tax return has nearly doubled over the past nine years, hitting $91,508.75 in 2021 from $54,347.18 in 2013. This uptick suggests solid economic growth, potentially making the area ripe for property value appreciation and a magnetic spot for real estate investments. Concurrently, average state and local income taxes have also seen a jump, reaching roughly $12,879.31 by 2021, up from $6,391.00 in 2012, likely influenced by economic... Read more
Average Taxable Income per Tax Return in Worcester County, MD over the last 9 years
In Worcester County, Maryland, the average taxable income per tax return has steadily risen over the past nine years, reaching $91,508.75 in 2021. This reflects a significant increase from $54,347.18 in 2013, indicating robust economic growth. Such trends may suggest potential for property value appreciation, influencing decisions for real estate investments, property development, and insurance assessments. Higher incomes can also impact the local housing market, making it an attractive spot for potential homeowners and real estate professionals.
Average State and Local Income Taxes Per Tax Return in Worcester County, MD Over the Last 10 Years
Worcester County, Maryland has seen a notable increase in average state and local income taxes per tax return over the past decade. Starting at approximately $6,391.00 in 2012 and rising to around $12,879.31 by 2021, this steady climb suggests a variety of factors at play, likely related to economic growth, changes in tax policies, and demographic shifts influencing the income base. This trend could be significant for prospective investors and residents, as it may reflect broader economic health and potential future fiscal policies in the area.
Average Total Tax Liability Per Tax Return in Worcester County, MD Over the Last 10 Years
The past decade in Worcester County, Maryland has seen a notable upward trend in the average total tax liability per tax return. Starting at $8,944.37 in 2012, the tax liability has generally increased, peaking significantly to $16,505.14 in 2021. This surge could indicate rising incomes or changes in tax policies, making it crucial for those in real estate, insurance, and finance sectors to consider these financial implications when assessing property values, insurance premiums, or investment potential in the area.
Cost of Living in Worcester County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,387 | $1,520 | $1,456 | $1,390 | $1,203 |
| 1 adult 4 children | $1,387 | $1,241 | $1,110 | $1,390 | $1,341 |
| 2 adults 3 children | $1,387 | $1,242 | $1,265 | $1,390 | $1,000 |
| 1 adult 3 children | $1,387 | $1,014 | $919 | $1,390 | $1,119 |
| 2 adults 2 children | $976 | $1,017 | $1,074 | $1,209 | $811 |
| 1 adult 2 children | $976 | $759 | $728 | $1,209 | $785 |
| 2 adults 1 child | $976 | $803 | $883 | $620 | $764 |
| 1 adult 1 child | $976 | $519 | $537 | $620 | $642 |
| 2 adults | $833 | $645 | $693 | $0 | $653 |
| 1 adult | $828 | $352 | $346 | $0 | $586 |
Safety trends & Data
Worcester County, Maryland has shown a fluctuating property crime rate over the last four years, with notable trends in different crime categories. Larceny-theft, although the most common, decreased from 269 incidents in 2019 to 176 in 2022. Burglaries also dropped from 71 in 2018 to 49 in 2022. However, fraud cases nearly doubled between 2020 and 2022, rising from 40 to 62 incidents. For potential investors or property developers, these shifts in community safety could play a significant role... Read more
Property Crime Trends in Worcester County, MD Over the Last 4 Years
Worcester County, Maryland has witnessed fluctuating property crime rates over the past four years, with distinct trends in various categories. Larceny-theft remains the most prevalent crime, although it saw a decline from 269 incidents in 2019 to 176 in 2022. Burglary and vandalism numbers also show variability, with a notable drop in burglaries from 71 in 2018 to 49 in 2022. Fraud cases, however, nearly doubled from 2020 to 2022, climbing from 40 to 62 incidents. For those considering investment or property development in Worcester County, these trends highlight a shifting landscape in community safety that could impact decision-making processes.
Demographics
Worcester County, Maryland's demographic trends reveal a slight majority of females over males and an older population with a notable proportion over 55 years. Educationally, the majority have at least a high school education, with a significant number holding bachelor's or higher degrees. The racial distribution is predominantly White, while Black or African American residents form the largest minority group. This suggests a relatively homogeneous community, with implications for local... Read more
Race Distribution in Worcester County, Maryland (2022)
Educational Attainment in Worcester County, Maryland (2022)
Age Distribution in Worcester County, Maryland
Citizen Population in Worcester County, Maryland (2022)
Political Trends & Data
Worcester County, Maryland's political landscape leans Republican, evidenced by the 2020 U.S. Presidential Election results where approximately 58.6% of voters supported the GOP. Democrats, meanwhile, received around 39.6% of the vote. The minor parties—Libertarian and Green—saw minimal traction, capturing roughly 1.1% and 0.3% respectively. This trend could suggest a politically conservative community with limited enthusiasm for third-party... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Worcester County's voting patterns in the 2020 U.S. Presidential Election suggest a Republican lean with approximately 58.6% of the vote, while Democrats garnered around 39.6%. Minor parties like the Libertarian and Green parties captured noticeably smaller shares, roughly 1.1% and 0.3% respectively. This could imply a relatively low level of support for third-party candidates in this region.
58.60% of voters voted for the Republican party in the 2020 Presidential Election
39.63% of voters voted for the Democrat party in the 2020 Presidential Election
1.06% of voters voted for the Livertarian party in the 2020 Presidential Election
0.25% of voters voted for the Green party in the 2020 Presidential Election
0.45% of voters voted for the Other party in the 2020 Presidential Election
School Data
Worcester County, Maryland has maintained a consistently lower student-to-teacher ratio, fluctuating between 10 and 11 compared to the national average of 14. This could appeal to families valuing education and educators seeking manageable class sizes, potentially boosting property demand and values. Real estate agents could leverage this as a selling point, highlighting the potential for more personalized attention in classrooms and its appeal for school-related... Read more
Student-to-teacher ratio in Worcester County, Maryland over the last 10 years
Worcester County, Maryland has maintained a consistently lower student-to-teacher ratio compared to the national average of fourteen students per teacher over the last ten years. With ratios fluctuating between ten and eleven, the county may offer more personalized attention in classrooms, which might appeal to families prioritizing education and educators seeking manageable class sizes. Real estate agents and investors could find this appealing as a selling point for properties in the county. Lower student-to-teacher ratios can potentially increase property values and demand, making it an attractive consideration for both new residents and those considering school-related investments.
