Gogebic County Real Estate and Livability Trends
Gogebic County, Michigan's real estate market shows potential for investment due to the significant rise in median home values from $68,800 in 2015 to $87,800 in 2022, highlighting affordability compared to state and national averages. The fluctuation in state and local income taxes, along with a surge in residential energy tax credits, indicates evolving policy impacts on property economics.... Read more
Gogebic County Market Trends
Gogebic County, Michigan's median home values have risen from $68,800 in 2015 to $87,800 in 2022, still well below Michigan's $201,100 average and the national median of $179,400. Yet, the sharp increase highlights potential for lucrative real estate investments due to their affordability. Residential energy tax credits in the county range from $160.00 to $272.73, with notable increases in 2020... Read more
Median Value of Occupied Housing Units in Gogebic County, Michigan Over the Last 8 Years
Gogebic County, located in Michigan, has shown a varied but generally upward trend in median home values over the last eight years, starting at $68,800 in 2015 and reaching $87,800 in 2022. Though these values remain significantly lower than the Michigan state average of $201,100 in 2022, and the national median of $179,400, the recent sharp increase suggests growing potential for real estate investment. For those considering relocation, building, or investing in Gogebic County, the affordability relative to statewide and national prices could be attractive, especially given the rising trend.
Residential Energy Tax Credit Per Tax Return in Gogebic County, MI Over the Last 8 Years
Gogebic County, Michigan has seen fluctuations in the average residential energy tax credit per tax return over the past eight years. The data reveals that the tax credit amount has ranged from approximately $160.00 to $272.73, indicating variable but generally increasing incentives for energy-efficient improvements. Notably, a significant uptick occurred in 2020 and 2021, suggesting that recent years have brought heightened encouragement or greater resident participation in energy-saving initiatives. This trend could be relevant for potential investors, property developers, and current homeowners interested in understanding the financial benefits tied to energy-efficient property enhancements in Gogebic County.
Average Real Estate Taxes Per Tax Return in Gogebic County, MI Over the Last 10 Years
Over the past decade, real estate taxes in Gogebic County, Michigan have experienced considerable fluctuation, with a distinct increase from $3,261.96 in 2012 to a peak of $5,525.00 in 2020. This uptick may suggest rising property values or higher rates, which could be critical for investors eyeing property appreciation potentials, homeowners evaluating their tax liabilities, and insurance agents calculating coverage costs. The notable spike in 2018 might warrant further investigation, particularly for appraisers and real estate agents looking to understand historical property trends in the area.
Percentage of Farm Returns in Gogebic County, MI Over the Last 10 Years
The percentage of farm tax returns in Gogebic County, Michigan over the last decade has observed subtle fluctuations, generally hovering around the 0.49% to 0.60% range. There was a slight drop in 2014 and 2019, dipping to approximately 0.45%. Farm tax returns reflect the economic activity and viability of agriculture in the area; increased or stable percentages may suggest sustained or growing agricultural operations, which could be of interest to investors and potential residents looking for a stable rural economy. These trends are indicative of the county's agricultural stability and potential for future growth.
Number of Mortgages by Occupancy Type in Gogebic County, MI Over the Last 5 Years in Gogebic County
In Gogebic County, Michigan, mortgage data over the past five years indicates some variability, particularly in principal residences and second homes, with numbers peaking in 2021. Occupancy type trends can be informative for investors and developers considering the demand for different property types. High counts of principal residence mortgages might hint at a stable or growing population, whereas fluctuations in second residences and investment properties could suggest shifts in tourism or rental markets. For appraisers and insurance agents, understanding these dynamics can help assess property values and risks more accurately.
Economic Outlook
Gogebic County, Michigan's real estate market reflects some intriguing economic shifts. Average taxable incomes have seen dramatic changes, with a notable surge to $59,671.26 in 2018 before stabilizing at $55,631.10 in 2021, suggesting potential investment opportunities and economic growth. State and local income taxes also show considerable fluctuation, peaking at $12,464.71 in 2018 and averaging $9,985.71 in 2021, indicating a variable tax burden that could affect financial planning. Average... Read more
Average Taxable Income per Tax Return in Gogebic County, MI over the last 9 years
Gogebic County, Michigan has seen noticeable fluctuations in average taxable income per tax return over the past nine years. From a relatively steady rise between $41,098.51 in 2013 to $45,063.57 in 2016, there was a modest dip to $43,835.76 in 2017. The most striking change occurred in 2018 when the average taxable income surged to $59,671.26, before settling to a new high of $55,631.10 in 2021. These variations could indicate economic shifts and potential opportunities for investment and real estate growth, though potential stakeholders should consider the underlying factors contributing to these income trends.
Average State and Local Income Taxes Per Tax Return in Gogebic County, MI Over the Last 10 Years
Over the past decade, the average state and local income taxes per tax return in Gogebic County, Michigan have fluctuated significantly, peaking at $12,464.71 in 2018 and dropping as low as $4,861.33 in 2015. Recent years have generally seen a rising trend with 2021 averaging $9,985.71. This variability can potentially impact financial planning for those considering investing, building, or relocating to the area, as the tax burden has shown considerable changes year over year. Understanding these trends can offer better insight into the fiscal environment of Gogebic County.
Average Total Tax Liability Per Tax Return in Gogebic County, MI Over the Last 10 Years
Over the past decade, Gogebic County, Michigan has seen fluctuating trends in average tax liability per return. From a relatively stable range between approximately $6,000.00 and $7,000.00 in the earlier years, there's a noticeable spike in 2018 with liability peaking at $10,831.32, followed by subsequent adjustments. This volatility could be indicative of changing economic conditions, policy adjustments, or shifts in the local tax base. For investors, real estate agents, and prospective homeowners, these fluctuations might suggest the importance of monitoring fiscal policies and their impacts on property values and taxation in the area.
Cost of Living in Gogebic County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,174 | $1,500 | $2,100 | $1,051 | $1,227 |
| 1 adult 4 children | $1,174 | $1,225 | $1,608 | $1,051 | $1,303 |
| 2 adults 3 children | $1,174 | $1,225 | $1,822 | $1,051 | $1,005 |
| 1 adult 3 children | $1,174 | $1,000 | $1,329 | $1,051 | $1,055 |
| 2 adults 2 children | $826 | $1,003 | $1,543 | $911 | $842 |
| 1 adult 2 children | $826 | $749 | $1,050 | $911 | $739 |
| 2 adults 1 child | $826 | $793 | $1,264 | $455 | $775 |
| 1 adult 1 child | $826 | $512 | $771 | $455 | $620 |
| 2 adults | $653 | $637 | $985 | $0 | $670 |
| 1 adult | $571 | $347 | $493 | $0 | $527 |
Safety trends & Data
Gogebic County, Michigan has seen varied property crime trends over the past five years, with larceny-theft consistently the most frequent offense, peaking at 29 incidents in 2020. Motor vehicle theft also showed a noticeable increase, hitting six counts in both 2020 and 2021. Sporadic occurrences of embezzlement and vandalism, including six vandalism incidents in 2022, could potentially impact real estate values, insurance rates, and investment decisions. Understanding these trends is crucial... Read more
Property Crime Trends in Gogebic County, MI Over the Last 5 Years
Gogebic County, Michigan has seen varying trends in property crimes over the past five years. Larceny-Theft consistently remains the most frequent offense, peaking in 2020 with 29 reported incidents. Motor Vehicle Theft has also shown a noticeable uptick, highest in 2020 and 2021 with six counts each. Interestingly, incidents of embezzlement and vandalism appear sporadic, with vandalism reaching six counts in 2022. These fluctuations could influence real estate values, insurance rates, and investment decisions in the area. Understanding these trends is essential for stakeholders aiming to grasp the nuances of property-related risks in Gogebic County.
Demographics
Gogebic County, Michigan, shows a slightly larger male adult population compared to females. Educational attainment mainly centers around high school graduates, followed closely by those with some college experience, though fewer hold bachelor's or advanced degrees. Age distribution trends toward an older demographic, with significant portions of the population aged 55 and above. Racial diversity is limited, primarily consisting of White residents, with smaller representations from other racial... Read more
Race Distribution in Gogebic County, Michigan (2022)
Educational Attainment in Gogebic County, Michigan (2022)
Age Distribution in Gogebic County, Michigan
Citizen Population in Gogebic County, Michigan (2022)
Political Trends & Data
In Gogebic County, Michigan, the 2020 U.S. Presidential Election reflected a likely Republican preference, with over 55% of the vote leaning right, while Democrats captured around 43%. The negligible support for minor parties points to a predominantly two-party system with a slight Republican tilt, hinting at regional political dynamics and voter priorities that could influence local policy decisions and community... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Gogebic County, Michigan, the 2020 U.S. Presidential Election saw a likely preference for the Republican party with just over 55% of the vote, while the Democrats garnered around 43%. Minor parties like the Libertarians and Greens had relatively negligible shares, barely surpassing 1% combined. This suggests a largely two-party competition with a slight Republican tilt, which could indicate underlying voter priorities and regional political dynamics.
55.65% of voters voted for the Republican party in the 2020 Presidential Election
43.19% 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
0.25% of voters voted for the Green party in the 2020 Presidential Election
0.10% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the past decade, Gogebic County, Michigan's student-to-teacher ratio has fluctuated between 13 and 16, occasionally surpassing the national average of 14. This could be significant for real estate investors and families prioritizing quality education, as lower ratios are perceived to offer more personalized attention in schools. Such trends might make the area more appealing for potential residents and investors focusing on community development and educational... Read more
Student-to-teacher ratio in Gogebic County, Michigan over the last 10 years
Over the past decade, Gogebic County, Michigan has seen fluctuations in its student-to-teacher ratio, with values ranging from a high of 16 in 2015 to a low of 13 in 2018. While the national average hovers around 14 students per teacher, Gogebic County's ratio occasionally surpasses this benchmark, notably in 2015 and 2014, but generally trends close to or just below it in recent years. This information could be significant for potential investors, residents, appraisers, and real estate professionals, given that lower student-to-teacher ratios are often perceived to correlate with more personalized attention in educational settings, potentially making the area more attractive for families prioritizing quality education. Understanding these trends allows for informed decisions regarding property investments, educational opportunities, and community development in the region.
