Somerset County Real Estate and Livability Trends
Average taxable income per tax return in Somerset County, Maine rose steadily from $41,958.38 in 2013 to around $55,251.31 in 2021, suggesting a stronger local economy that could attract investors and developers. Despite these economic gains, real estate remains relatively affordable, with median home values climbing from $107,300 in 2015 to $150,500 in 2022. Real estate taxes have increased,... Read more
Somerset County Market Trends
Somerset County, Maine has witnessed a steady rise in median home values from $107,300 in 2015 to $150,500 in 2022, still trailing behind state and national averages. This indicates potentially more affordable investment opportunities. Residential energy tax credits saw significant peaks, particularly in 2017 and 2018, highlighting a potential trend towards energy-efficient home improvements.... Read more
Median Value of Occupied Housing Units in Somerset County, Maine Over the Last 8 Years
Somerset County, Maine has experienced a steady climb in median home values over the last eight years, moving from $107,300 in 2015 to $150,500 in 2022. While Somerset's growth aligns with broader trends, it remains lower than Maine's state average which surged from $173,800 to $244,800 in the same period. Nationally, the median values rose from $125,500 to $179,400. This gap could imply more affordable investment opportunities in Somerset County compared to both state and national levels, making it a potentially attractive market for buyers looking for value in Maine.
Residential Energy Tax Credit Per Tax Return in Somerset County, ME Over the Last 9 Years
Somerset County, Maine has seen significant fluctuations in residential energy tax credits per tax return over the past nine years, peaking in 2018 at $1,825.00. The elevated figures in 2017 and 2018 suggest potential incentives or increased adoption of energy-efficient improvements during those years. While recent years show a decline from the peak, the average still hovered around $800.00 in 2019-2021, indicating consistent utilization. Investors, property builders, and real estate agents might view these trends as indicative of homeowner interest in energy efficiency, potentially reflecting broader market shifts toward sustainable housing in this area. Appraisers and insurance agents may also consider these figures when assessing property values and risk profiles related to energy efficiency.
Average Real Estate Taxes Per Tax Return in Somerset County, ME Over the Last 10 Years
Over the past decade in Somerset County, Maine, real estate taxes per tax return have generally trended upwards. Starting at $2,835.18 in 2012, they peaked in 2018 at $4,447.27 before settling around $4,150.00 in 2021. This upward drift may interest potential investors or property developers, signaling rising property values or increased local government revenue needs. Real estate agents, appraisers, and insurance agents might find this data useful when assessing market conditions and projecting future costs for clients.
Percentage of Farm Returns in Somerset County, ME Over the Last 10 Years
Somerset County, Maine has seen a gradual decline in farm tax returns over the past decade, starting at 1.39% in 2012 and dropping to approximately 1.11% by 2021. Farm tax returns indicate the proportion of total tax filings that involve agricultural income, reflecting trends in the local agricultural economy. For prospective investors, this could signal a shift away from farming as a primary economic activity, potentially opening doors for diversification into other sectors or highlighting decreasing agricultural profitability. For those moving to the area or looking to build property, understanding this trend could be crucial for making informed decisions about land use or economic opportunities.
Number of Mortgages by Occupancy Type in Somerset County, ME Over the Last 5 Years in Somerset County
In Somerset County, Maine, the number of mortgages for principal residences has significantly outpaced those for investment and second residences over the last five years, peaking in 2021 with 2,226 loans. This indicates a strong preference for home ownership as primary living spaces, which can reflect stability and community growth. Notably, the number of investment property mortgages saw fluctuations, with a peak in 2021 but then a noticeable dip in 2022, which could signal varying investor confidence or market conditions. For those contemplating investing or relocating, these trends suggest evaluating factors such as property demand, market stability, and potential for return on investment. Such shifts can influence everything from property appraisals to insurance rates and are crucial for real estate agents to grasp when advising clients.
Economic Outlook
Average taxable income per tax return in Somerset County, Maine has risen steadily from $41,958.38 in 2013 to around $55,251.31 in 2021. This trend might point to a stronger local economy, hinting at potential opportunities for investors and developers. Real estate agents could see this reflected in higher property values, making the market more attractive for buyers. Average state and local income taxes have also surged, peaking at $9,204.55 in 2020, possibly due to increased incomes or policy... Read more
Average Taxable Income per Tax Return in Somerset County, ME over the last 9 years
Average taxable income per tax return in Somerset County, Maine has shown a steady upward trend over the past nine years. Starting at around $41,958.38 in 2013, it has gradually increased to approximately $55,251.31 in 2021. This growth might indicate a stronger local economy, suggesting potential opportunities for investors and developers. For appraisers and real estate agents, these numbers could mean higher property values and an increasingly appealing market for buyers. Insurance agents might also see implications in policy adjustments due to the rising incomes.
Average State and Local Income Taxes Per Tax Return in Somerset County, ME Over the Last 10 Years
Over the past decade, Somerset County, Maine has seen a dynamic shift in average state and local income taxes per tax return, showcasing both peaks and valleys. From 2012 to 2014, these taxes hovered around $5,800.00 to $6,300.00, indicating some stability. However, a notable increase began in 2018, and by 2020, it surged to $9,204.55. The consistent rise in recent years may imply economic growth, increased income levels, or policy changes affecting tax obligations. Potential investors and newcomers should consider these trends as they reflect the evolving economic landscape in Somerset County, impacting overall cost of living and fiscal planning.
Average Total Tax Liability Per Tax Return in Somerset County, ME Over the Last 10 Years
Over the past decade in Somerset County, Maine, the average total tax liability per tax return has fluctuated but shows an upward trend, with notable peaks in 2016 and 2021, reaching $6,336.08 and $7,202.37 respectively. This suggests that the financial responsibility for residents has been gradually increasing which could influence living costs, development incentives, and property valuations. While there were minor dips, the overall increase may impact decisions for investors, insurers, and those considering moving to or expanding within the county.
Cost of Living in Somerset County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,140 | $1,480 | $2,009 | $1,244 | $1,240 |
| 1 adult 4 children | $1,140 | $1,209 | $1,535 | $1,244 | $1,375 |
| 2 adults 3 children | $1,140 | $1,209 | $1,744 | $1,244 | $978 |
| 1 adult 3 children | $1,140 | $987 | $1,270 | $1,244 | $1,086 |
| 2 adults 2 children | $920 | $990 | $1,479 | $1,102 | $843 |
| 1 adult 2 children | $920 | $739 | $1,004 | $1,102 | $801 |
| 2 adults 1 child | $920 | $782 | $1,214 | $641 | $778 |
| 1 adult 1 child | $920 | $505 | $739 | $641 | $667 |
| 2 adults | $721 | $628 | $948 | $0 | $620 |
| 1 adult | $717 | $343 | $474 | $0 | $575 |
Safety trends & Data
Somerset County, Maine, has experienced varying property crime trends over the past five years, with larceny-theft consistently making up a large portion, peaking at 101.00 cases in both 2019 and 2022. Vandalism incidents show a notable decline from 70.00 cases in 2018 to 32.00 cases in 2022. Burglary reports have also fluctuated but generally decreased from 26.00 in 2018 to 16.00 in 2022. These shifting trends could inform real estate investors and insurance agents about potential changes in... Read more
Property Crime Trends in Somerset County, ME Over the Last 5 Years
Somerset County, Maine has seen varying trends in property crime over the past five years. Larceny-theft consistently accounts for a significant portion of reported incidents, peaking at 101.00 cases in 2019 and 2022. Interestingly, vandalism incidents appear to be on a downward trend, declining from 70.00 cases in 2018 to 32.00 cases in 2022. Burglary numbers have fluctuated but dropped from 26.00 cases in 2018 to 16.00 in 2022. These trends offer valuable insights for real estate investors and insurance agents, suggesting a potential shift in the types of property crimes prevalent in the area, which may impact property values and insurance premiums.
Demographics
Somerset County, Maine, shows a nearly balanced gender split with slightly more females than males. The education levels indicate a significant portion of the population holds high school diplomas, yet only a small fraction has graduate or professional degrees. Age distribution leans towards older adults, with those aged 55 and over being a substantial portion of the population. The racial makeup is overwhelmingly White, with minimal representation from other races, hinting at limited ethnic... Read more
Race Distribution in Somerset County, Maine (2022)
Educational Attainment in Somerset County, Maine (2022)
Age Distribution in Somerset County, Maine
Citizen Population in Somerset County, Maine (2022)
Political Trends & Data
In Somerset County, Maine, the 2020 U.S. Presidential Election results revealed a strong Republican leaning, with roughly 60% of the vote going to the GOP. Democrats secured close to 37%, while Libertarians and the Green Party had minor shares at about 1.7% and 0.8%, respectively. This conservative preference among voters can be a key factor in shaping local policies and market trends, potentially affecting the types of development projects and community services that are prioritized in the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Somerset County, Maine, the 2020 U.S. Presidential Election results hinted at a strong Republican leaning, with roughly 60% of the vote. Democrats garnered close to 37%, while Libertarians and the Green Party attracted much smaller shares at around 1.7% and 0.8%, respectively. The remaining votes were cast for other parties, making up just under 1.2%. This distribution might suggest a conservative preference among voters in this county.
59.71% of voters voted for the Republican party in the 2020 Presidential Election
36.59% of voters voted for the Democrat party in the 2020 Presidential Election
1.67% of voters voted for the Livertarian party in the 2020 Presidential Election
0.83% of voters voted for the Green party in the 2020 Presidential Election
1.20% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Somerset County, Maine, the student-to-teacher ratio has mostly stayed below the national average of 14:1 over the past decade, hovering around 11 to 12 students per teacher. The ratio dipped to just over 10 in 2022 but climbed back to roughly 12 in 2023. Investors and real estate agents might find these figures appealing as they suggest more personalized attention for students, which can make the area more attractive for families. Lower ratios often correlate with higher property values and... Read more
Student-to-teacher ratio in Somerset County, Maine over the last 10 years
In Somerset County, Maine, the student-to-teacher ratio has generally remained below the national average of fourteen students per teacher over the last decade. The ratios fluctuated slightly, with figures ranging from approximately eleven to twelve students per teacher, and saw a notable dip to just over ten in 2022 before returning to around twelve in 2023. For those considering investments in the local education sector, these lower ratios could indicate more personalized attention for students, potentially increasing the appeal of schools in the area. Real estate agents might find this data useful in attracting families looking for a supportive educational environment. Lower ratios could also have implications for appraisors and insurance agents, as well-maintained educational standards often lead to higher property values and lower risks.
