Luce County Real Estate and Livability Trends
Luce County, Michigan, has seen median home values rise from $74,200.00 in 2015 to $104,600.00 in 2022, indicating potentially attractive real estate opportunities compared to broader averages. The area's economic growth is underscored by a rise in average taxable income per tax return, climbing from $41,209.27 in 2013 to $56,489.16 in 2021. This increase could hint at a burgeoning job market and... Read more
Luce County Market Trends
Luce County, Michigan has seen median home values grow from $74,200.00 in 2015 to $104,600.00 in 2022, offering more affordable options compared to state and national averages. Residential energy tax credits peaked at $300.00 in 2016 and 2020, suggesting spikes in energy-efficient investments. Real estate taxes fluctuated significantly, with a notable peak at $3175.00 in 2020, reflecting... Read more
Median Value of Occupied Housing Units in Luce County, Michigan Over the Last 8 Years
Luce County, Michigan has experienced considerable fluctuations in median home values over the last eight years. From 2015 to 2022, values have risen from $74,200.00 to $104,600.00, indicating periodic growth but also a noticeable dip in 2021. This quantifiable growth in Luce County, though significant, still trails behind the national median value, which jumped from $125,500.00 to $179,400.00 in the same period. Compared to Michigan's state-wide increase from $122,400.00 to $201,100.00, Luce County's real estate market appears to be lagging, yet it offers potentially more affordable investment opportunities. This trend could interest investors and homebuyers looking for more economical options within the state.
Residential Energy Tax Credit Per Tax Return in Luce County, MI Over the Last 7 Years
Over the past seven years, residential energy tax credits per tax return in Luce County, Michigan have shown notable fluctuations. The average credit peaked at $300.00 in both 2016 and 2020, suggesting a possible increase in energy-efficient investments during these years. Conversely, 2015 saw a lower average credit at $160.00. This variability could be of interest to those investing in energy-efficient home upgrades, real estate professionals assessing property values, and insurance agents evaluating risk and coverage. Appraisers and builders might also find these figures useful when factoring in energy efficiency into their valuations and project planning.
Average Real Estate Taxes Per Tax Return in Luce County, MI Over the Last 10 Years
Luce County, Michigan has shown notable fluctuations in average real estate taxes per tax return over the past decade, with a significant peak in 2020 reaching $3175.00 and a drop to approximately $1666.67 in 2021. An upward trend was observed from 2012 to 2016, suggesting a potential appreciation in property values or adjustments in tax rates. However, the considerable decline in 2021 might indicate changes in local taxation policies or economic factors affecting property assessments. This volatility is crucial for prospective investors, real estate agents, and appraisers to consider when evaluating property potential and financial planning in Luce County.
Percentage of Farm Returns in Luce County, MI Over the Last 10 Years
Over the past decade, the percentage of farm returns in Luce County, Michigan, has exhibited minor fluctuations, peaking around 1.61% in 2013 and dipping as low as 1.17% in 2017 and 2016. The figures suggest a relatively stable presence of agricultural activities, which could be of interest to prospective investors or residents looking for steady, albeit small, rural investment opportunities. In this context, farm tax returns are essentially tax filings by farmers that indicate the economic activity related to agriculture within the county. These trends offer insights into the agricultural contributions to the local economy, potentially hinting at steady though not substantial opportunities for growth or investment in agribusiness and related sectors.
Number of Mortgages by Occupancy Type in Luce County, MI Over the Last 5 Years in Luce County
Luce County, Michigan has seen notable fluctuations in mortgage counts across different occupancy types over the last five years. Principal residences consistently dominate, showing a higher count compared to investment properties and second residences. For anyone looking to invest in real estate here, understanding these trends could indicate stability in the owner-occupied market, possibly resulting in steadier demand and better return prospects. Shifts in second residence numbers might suggest a growing interest in vacation homes, while the relatively flat trend in investment properties could imply a more cautious approach among property investors. For appraisers and insurance agents, these trends highlight the differing risk profiles and property values depending on the occupancy type, which is crucial for accurate assessments and policy pricing.
Economic Outlook
Luce County, Michigan, has experienced a notable rise in average taxable income per tax return over the past nine years, climbing from $41,209.27 in 2013 to $56,489.16 in 2021. This consistent increase, particularly with a spike in 2020, hints at economic growth and a potentially improving job market. The average state and local income taxes per tax return have also shown significant fluctuations, reaching $9,525.00 by 2021, which could indicate shifts in income levels or tax policies. For... Read more
Average Taxable Income per Tax Return in Luce County, MI over the last 9 years
Luce County, Michigan has seen a notable upward trend in average taxable income per tax return over the past nine years, increasing from $41,209.27 in 2013 to $56,489.16 in 2021. This consistent rise, peaking with a significant jump in 2020, may suggest economic growth and a potentially improving job market, making it an area of interest for investors, real estate agents, and those considering relocation. For insurance agents and appraisers, this upward trend could impact the assessment of property values and premiums, indicating a region with rising affluence.
Average State and Local Income Taxes Per Tax Return in Luce County, MI Over the Last 10 Years
Over the last decade, Luce County, Michigan, has seen significant fluctuations in average state and local income taxes per tax return, starting at $4,246.43 in 2012 and jumping to $9,525.00 by 2021. The notable spikes in 2020 and 2021 suggest potential shifts in income levels or tax policies within the county. For those interested in investing or moving to the area, these trends could indicate a changing economic landscape, possibly reflecting increasing prosperity or new financial obligations for residents. These insights might be particularly useful for investors and builders assessing the area's economic stability.
Average Total Tax Liability Per Tax Return in Luce County, MI Over the Last 10 Years
The average total tax liability per tax return in Luce County, Michigan has shown notable fluctuations over the last decade, with a significant rise in recent years. For potential investors and real estate agents, this could imply a changing economic landscape that may influence property values and investment strategies. Particularly, 2020 and 2021 saw sharp increases to $6,888.40 and $8,070.00 respectively, suggesting possible economic growth or changes in tax policy that could affect future financial planning. This trend is vital for appraisers and insurance agents as it hints at evolving fiscal dynamics that could impact property assessments and insurance premiums.
Cost of Living in Luce County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,043 | $1,395 | $2,100 | $1,201 | $1,214 |
| 1 adult 4 children | $1,043 | $1,140 | $1,608 | $1,201 | $1,300 |
| 2 adults 3 children | $1,043 | $1,140 | $1,822 | $1,201 | $1,000 |
| 1 adult 3 children | $1,043 | $931 | $1,329 | $1,201 | $1,059 |
| 2 adults 2 children | $857 | $933 | $1,543 | $1,041 | $893 |
| 1 adult 2 children | $857 | $697 | $1,050 | $1,041 | $816 |
| 2 adults 1 child | $857 | $738 | $1,264 | $521 | $812 |
| 1 adult 1 child | $857 | $476 | $771 | $521 | $665 |
| 2 adults | $651 | $593 | $985 | $0 | $681 |
| 1 adult | $593 | $323 | $493 | $0 | $549 |
Safety trends & Data
Property crime in Luce County, Michigan has shown varied trends over the last five years. Burglary incidents peaked in 2018 at 17 cases but have since declined. Larceny-theft remains relatively stable, while vandalism saw a spike in 2022 with 13 reported incidents. Fraud and embezzlement persist at low levels. These trends could be crucial for investors, property developers, and insurance agents assessing risk, offering valuable insights for real estate agents and potential... Read more
Property Crime Trends in Luce County, MI Over the Last 5 Years
Over the last five years, property crime in Luce County, Michigan has shown some notable trends that could impact various stakeholders. Burglary incidents have fluctuated, peaking in 2018 at 17 cases but dropping significantly in subsequent years. Larceny-theft appears relatively stable, though not without variation. Interestingly, vandalism cases spiked in 2022 with 13 reported incidents, suggesting a potential area of concern. Fraud and embezzlement remain low but persistent issues. The data suggests careful consideration for investors, property developers, and insurance agents assessing risk. Understanding these trends can help real estate agents and potential residents make informed decisions.
Demographics
Luce County, Michigan, shows a slight male majority in its adult population, with males potentially making up about 52% and females approximately 48%. The educational landscape seems to lean heavily towards high school graduates, with roughly 1,659 individuals having completed this level, while only a small fraction have achieved graduate or professional degrees. Age distribution indicates a relatively higher number of older adults, with the 55 to 64 age group leading among them, which could... Read more
Race Distribution in Luce County, Michigan (2022)
Educational Attainment in Luce County, Michigan (2022)
Age Distribution in Luce County, Michigan
Citizen Population in Luce County, Michigan (2022)
Political Trends & Data
In Luce County, Michigan, voter trends in the 2020 U.S. Presidential Election saw 70% leaning towards the Republican party, while Democrats garnered just over 28%. Minor parties like the Libertarians and Greens received less than 1% each. This distinct political leaning may impact regional campaign strategies and reflect deep-seated preferences within the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Luce County, Michigan, showed a significant leaning towards the Republican party with a notable 70% of the vote share in the 2020 U.S. Presidential Election. Meanwhile, Democrats received just over 28%, with minor parties like the Libertarians and Greens capturing less than 1% each. This distribution could suggest deep-seated political preferences and potentially influence future campaign strategies in the region.
70.28% of voters voted for the Republican party in the 2020 Presidential Election
28.06% of voters voted for the Democrat party in the 2020 Presidential Election
0.90% of voters voted for the Livertarian party in the 2020 Presidential Election
0.27% of voters voted for the Green party in the 2020 Presidential Election
0.50% of voters voted for the Other party in the 2020 Presidential Election
School Data
Luce County, Michigan, has seen a steady decrease in the student-to-teacher ratio over the past decade, from 20:1 in 2014 to 14:1 in 2023. This trend suggests smaller class sizes and potentially higher quality education, which can attract investors, potential residents, and real estate agents. Such factors often lead to increased property values and desirability for families, which could positively impact appraisals and insurance evaluations in the... Read more
Student-to-teacher ratio in Luce County, Michigan over the last 10 years
Over the last decade, Luce County, Michigan saw a consistent decrease in the student-to-teacher ratio, dropping from 20 students per teacher in 2014 to 14 students per teacher in 2023. This improvement might indicate smaller class sizes, offering a favorable learning environment compared to the national average of 14 students per teacher. Such trends could interest investors, potential residents, and real estate agents, as areas with lower student-to-teacher ratios often appeal due to perceived quality in education. Lower ratios could also impact appraisals and insurance evaluations, potentially increasing property values and making the area more desirable for families moving into the region.
