Lake County Real Estate and Livability Trends
Lake County, Michigan, reveals a noteworthy uptick in median home values from $79,500 in 2015 to $117,100 in 2022, suggesting above-average appreciation potential for investors. Taxable income and state/local tax increases hint at economic growth and enhanced local investments. Simultaneously, principal residence mortgages surged, pointing to a rising interest in long-term homeownership.... Read more
Lake County Market Trends
Lake County, Michigan has witnessed a substantial rise in median home values from $79,500 in 2015 to $117,100 in 2022, outpacing state and national growth rates. This growth makes the area attractive for cost-conscious investors seeking appreciation potential. Residential energy tax credits have surged since 2019, peaking at $633.33 in 2020, suggesting increased investments in energy-efficient... Read more
Median Value of Occupied Housing Units in Lake County, Michigan Over the Last 8 Years
Lake County, Michigan has seen its median home values significantly rise from $79,500 in 2015 to $117,100 in 2022, reflecting a growth rate that's surprisingly robust compared to both Michigan and national averages. While Michigan's state values increased from $122,400 to $201,100 and the national values went from $125,500 to $179,400 in the same period, Lake County's relatively lower starting point might appeal to budget-conscious investors looking for long-term appreciation potential. This surge could attract both first-time buyers and investors, given the region's affordability compared to broader trends.
Residential Energy Tax Credit Per Tax Return in Lake County, MI Over the Last 8 Years
Lake County, Michigan has seen a notable increase in the average residential energy tax credit per tax return over the past eight years, with a significant surge beginning around 2019. This upward trend, reaching approximately $633.33 in 2020 before slightly tapering to $590.00 in 2021, could reflect a growing investment in energy-efficient home improvements. This pattern may be of interest to potential investors, those considering moving to the area, real estate agents, and others who might benefit from an understanding of the county's evolving energy landscape and the potential financial incentives for sustainable living.
Average Real Estate Taxes Per Tax Return in Lake County, MI Over the Last 10 Years
Over the last decade, Lake County, Michigan has seen a notable upward trend in average real estate taxes per tax return. Starting from $2,484.51 in 2012, there's a steady climb with some fluctuations reaching a peak of $4,370.00 in 2020 before settling to $3,950.00 in 2021. This escalation likely reflects rising property values, impacting decisions for potential investors and current homeowners considering taxes in their long-term planning. Property developers and real estate agents may need to account for these increasing costs when advising clients or setting prices.
Percentage of Farm Returns in Lake County, MI Over the Last 10 Years
Lake County, Michigan has seen fluctuating farm tax returns over the last decade, peaking in 2015 with a rate of 2.44% and dipping to a low of 1.68% in 2019. Although there have been slight increases and decreases, the overall trend suggests a relatively stable farming activity in the area. Farm tax returns are essentially the reported income from agricultural operations within the county, which can reflect the economic health and productivity of the local farming industry. For investors, developers, and those considering relocating, understanding these trends can provide insights into the viability of agricultural ventures and the overall economic landscape.
Number of Mortgages by Occupancy Type in Lake County, MI Over the Last 5 Years in Lake County
Lake County, Michigan shows a notable increase in principal residence mortgages from 357 in 2018 to 515 by 2021, reflecting a robust interest in stable, long-term homeownership. Second residences also saw fluctuations, peaking in 2021 with 223 mortgages, potentially indicating a growing appeal for vacation properties or secondary homes. Investment property mortgages remained relatively low and steady, with minor fluctuations between 10 to 24 mortgages annually, suggesting a less pronounced interest in investment opportunities. This shift in occupancy type is vital for investors, real estate agents, and insurers as it underscores the county's real estate dynamics and potential for residential stability over short-term investment speculation. Understanding these trends can aid in strategic decision-making regarding property development, valuation, and risk assessment in the area.
Economic Outlook
Average taxable income per tax return in Lake County, Michigan, saw a steady increase from $34,683.15 in 2013 to $53,191.63 in 2021, suggesting a progressively improving local economy. During the same period, average state and local income taxes rose from $3,382.69 to $7,175.00, hinting at increased financial investments in local infrastructure or services. Additionally, fluctuations in total tax liability—from a low of $4,512.04 in 2012 to a peak of $7,677.97 in 2021—underscore shifting... Read more
Average Taxable Income per Tax Return in Lake County, MI over the last 9 years
Lake County, Michigan has experienced a notable increase in average taxable income per tax return over the past nine years, rising from approximately $34,683.15 in 2013 to around $53,191.63 in 2021. This steady growth could indicate a progressively improving local economy and provide promising opportunities for new investments and real estate development. For those looking to move or expand their portfolio, the continuous income rise might make Lake County a compelling option. Additionally, the trend may influence property appraisals and insurance premiums, creating a dynamic landscape for stakeholders.
Average State and Local Income Taxes Per Tax Return in Lake County, MI Over the Last 10 Years
Over the past decade, residents in Lake County, Michigan, have seen a notable rise in average state and local income taxes per tax return. Starting at $3,382.69 in 2012, taxes have incrementally increased, peaking at $7,175.00 by 2021. This upward trend suggests increasing financial investment in local infrastructure or services, making it important for both current and prospective residents to consider these escalating costs in their financial planning. Additionally, this might imply potential changes in property values and cost of living, which could impact investment decisions and quality of life in the county.
Average Total Tax Liability Per Tax Return in Lake County, MI Over the Last 10 Years
Lake County, Michigan has experienced notable fluctuations in average total tax liability per tax return over the past decade. From a low of approximately $4,512.04 in 2012, the liability saw a significant increase, peaking at about $7,677.97 by 2021. Highlights include a steep rise around 2015, hitting $6,002.82, and fluctuations between $5,363.57 and $6,173.00 from 2016 to 2018. These variations may reflect changes in economic conditions, local policy adjustments, or shifts in demographic and financial behaviors within the county. Such trends can offer insights into the economic health and tax burden of residents, valuable for investors, real estate professionals, and potential newcomers.
Cost of Living in Lake County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,174 | $1,287 | $1,746 | $1,092 | $1,060 |
| 1 adult 4 children | $1,174 | $1,051 | $1,334 | $1,092 | $1,156 |
| 2 adults 3 children | $1,174 | $1,051 | $1,515 | $1,092 | $877 |
| 1 adult 3 children | $1,174 | $858 | $1,103 | $1,092 | $946 |
| 2 adults 2 children | $826 | $861 | $1,285 | $947 | $761 |
| 1 adult 2 children | $826 | $643 | $873 | $947 | $673 |
| 2 adults 1 child | $826 | $680 | $1,054 | $473 | $707 |
| 1 adult 1 child | $826 | $439 | $642 | $473 | $584 |
| 2 adults | $682 | $546 | $824 | $0 | $625 |
| 1 adult | $571 | $298 | $412 | $0 | $502 |
Safety trends & Data
Lake County, Michigan has shown varying property crime trends over the last two years, which may intrigue investors and real estate professionals. In 2018, arson and larceny-theft were minimal, each with only one reported incident. By 2020, larceny-theft cases doubled to two, and there were new reports of burglary and motor vehicle theft. Interestingly, vandalism decreased from two cases in 2018 to one in 2020. These shifts suggest evolving safety dynamics that could impact investment and... Read more
Property Crime Trends in Lake County, MI Over the Last 2 Years
Lake County, Michigan has experienced varying property crime trends over the last two years. Notably, arson and larceny-theft were both minimal in 2018, each with only one reported incident. In 2020, there was a slight increase in larceny-theft, with two reported cases, along with new incidences of burglary and motor vehicle theft. Vandalism appeared in both years but decreased from two cases in 2018 to one in 2020. This data could suggest a general shift in the types of property crimes occurring in the area, which may interest investors, insurance agents, and real estate professionals considering the county's evolving safety landscape.
Demographics
Lake County, Michigan, shows a slight male predominance in its adult population, which could influence local policies and social services. Educational attainment data suggests many residents have a high school education, yet a relatively small percentage hold advanced degrees, indicating potential areas for developing educational programs and workforce training. The age distribution highlights a significant portion of the population as middle-aged or older, impacting healthcare and senior... Read more
Race Distribution in Lake County, Michigan (2022)
Educational Attainment in Lake County, Michigan (2022)
Age Distribution in Lake County, Michigan
Citizen Population in Lake County, Michigan (2022)
Political Trends & Data
Lake County, Michigan, saw a significant Republican advantage in the 2020 U.S. Presidential Election, with over 62% of the vote. Democrats lagged behind with around 36%, and third parties had a negligible impact. This conservative tilt might influence future election outcomes and policy decisions in the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Lake County, Michigan, the 2020 U.S. Presidential Election showed a significant leaning towards Republican candidates, capturing over 62% of the vote. Democrats trailed with approximately 36%, while third parties, including the Libertarians and Greens, accounted for a minimal share. This distribution could suggest a strong conservative inclination within the county's electorate, potentially impacting future local and national elections.
62.41% of voters voted for the Republican party in the 2020 Presidential Election
36.19% of voters voted for the Democrat party in the 2020 Presidential Election
1.03% of voters voted for the Livertarian party in the 2020 Presidential Election
0.19% of voters voted for the Green party in the 2020 Presidential Election
0.19% of voters voted for the Other party in the 2020 Presidential Election
School Data
The student-to-teacher ratio in Lake County, Michigan has slightly increased from 9 students per teacher in 2015 to about 10 in 2016, yet remains below the US national average of 14. This trend might indicate shifts in educational resource allocation or student population dynamics. A lower student-to-teacher ratio often suggests more individualized attention for students, potentially enhancing educational outcomes, a key interest for families and a selling point for real estate agents targeting... Read more
Student-to-teacher ratio in Lake County, Michigan over the last 2 years
The student-to-teacher ratio in Lake County, Michigan has shown a gradual increase over the past two years, moving from 9 students per teacher in 2015 to approximately 10 in 2016. While this still remains below the US national average of 14, such a trend might suggest a shift in educational resource allocation or student population dynamics. A lower student-to-teacher ratio often implies more individualized attention for students, potentially enhancing educational outcomes, and could be a key point of interest for families considering relocating to the area, or for investors and real estate agents targeting the education-conscious market. For appraisers and insurance agents, understanding local education trends can provide deeper insight into community stability and appeal.
