Oakland County Real Estate and Livability Trends
Oakland County, Michigan has seen median home values climb from $178,900 in 2015 to $302,800 in 2022, outpacing both state and national averages and signaling a potentially lucrative market for investors. Rising real estate taxes from $4,638.99 in 2012 to $8,079.68 in 2021 reflect these increasing property valuations and likely enhanced infrastructure. However, mortgages for principal residences,... Read more
Oakland County Market Trends
Oakland County, Michigan has experienced a sharp rise in median home values, soaring from $178,900 in 2015 to $302,800 in 2022. This marks a significant climb compared to state and national averages, making it an appealing spot for investors despite higher price points. The county also saw an unexpected spike in residential energy tax credits in 2018, hinting at increased adoption of... Read more
Median Value of Occupied Housing Units in Oakland County, Michigan Over the Last 8 Years
Over the last eight years, Oakland County, Michigan, has seen its median home values increase from $178,900 in 2015 to $302,800 in 2022, a significant climb compared to state and national averages. While Michigan's median values rose from $122,400 to $201,100 during the same period, national values saw a jump from $125,500 to $179,400. This upward trend in Oakland County may entice investors looking for rapid appreciation, though prospective homebuyers should be prepared for higher price points relative to regional and national levels.
Residential Energy Tax Credit Per Tax Return in Oakland County, MI Over the Last 9 Years
Over the last nine years, Oakland County, Michigan has experienced significant fluctuations in residential energy tax credits per tax return, with 2018 seeing a notable spike to $2,117.97 from the previous average range of approximately $300 to $400. This unexpected surge suggests a potential policy change or increased adoption of energy-efficient home improvements during that year. Following the peak, the credits remained higher than earlier averages, hovering between $500 and $600 from 2019 to 2021. For investors or homeowners, this trend may indicate a growing emphasis on energy-efficient properties in the county, which could affect future property values and investment decisions.
Average Real Estate Taxes Per Tax Return in Oakland County, MI Over the Last 10 Years
Oakland County, Michigan has experienced a significant increase in real estate taxes per tax return over the past decade. From $4,638.99 in 2012 to $8,079.68 in 2021, this upward trend suggests a consistent rise in property valuations and possibly enhanced public services or infrastructure investments. This is crucial for potential investors, property builders, and real estate agents, indicating an appreciation in property values, which could mean better returns on investment. Appraisers and insurance agents might also need to adjust their valuations and policies to align with this trend.
Percentage of Farm Returns in Oakland County, MI Over the Last 10 Years
Farm tax returns in Oakland County, Michigan, have shown modest but consistent figures over the past decade. In 2012, the percentage was about 0.11% and saw slight decreases rounding to approximately 0.09% by 2020, with a minor uptick to nearly 0.09% in 2021. This trend could suggest limited but steady agricultural activity, offering potential insights for future investors or residents interested in agricultural pursuits or rural property development within the county. Understanding these trends could be instrumental for anyone evaluating the economic dynamics or considering agribusiness investments in the area.
Number of Mortgages by Occupancy Type in Oakland County, MI Over the Last 5 Years in Oakland County
Mortgages for principal residences in Oakland County, Michigan have fluctuated significantly over the past five years, peaking at 124,613 in 2020 and dropping to 61,144 in 2022. This volatility suggests shifting economic conditions or housing market dynamics that could influence decisions for potential homebuyers and investors. Market shifts toward investment properties and second residences, although less prominent in number, indicate diversification in property use, possibly tied to rising rental markets or vacation home trends. These changes can affect property valuations, insurance premiums, and investment strategies, offering crucial insights for real estate agents, appraisers, and anyone looking to invest or build in the county.
Economic Outlook
Oakland County, Michigan has seen a rise in average taxable income per tax return, jumping from $80,320.08 in 2013 to $125,122.99 in 2021, hinting at a strengthening economic landscape possibly driven by higher wages or a demographic shift towards higher earners. State and local income taxes per tax return have also increased, from $7,461.02 in 2012 to $18,354.91 in 2021, suggesting growing fiscal demands influenced by economic changes or policy shifts. The average total tax liability per tax... Read more
Average Taxable Income per Tax Return in Oakland County, MI over the last 9 years
Oakland County, Michigan has seen a notable rise in average taxable income per tax return, climbing from $80,320.08 in 2013 to $125,122.99 in 2021. This consistent growth, particularly the jump between 2020 and 2021, could suggest a strengthening economic environment, potentially driven by higher wages or a demographic shift towards higher earners. Such trends may influence decisions for investors, real estate agents, and appraisers seeking to understand the area's fiscal health and its implications on housing demand and property values.
Average State and Local Income Taxes Per Tax Return in Oakland County, MI Over the Last 10 Years
Over the past decade, Oakland County, Michigan has seen a notable increase in average state and local income taxes per tax return, jumping from $7,461.02 in 2012 to a substantial $18,354.91 in 2021. This steep rise, particularly evident post-2017, suggests growing fiscal demands potentially influenced by economic changes or policy shifts. Investors and potential residents might view this as a sign of evolving economic conditions, while those looking to build property could weigh these costs against the benefits of community growth and infrastructure development.
Average Total Tax Liability Per Tax Return in Oakland County, MI Over the Last 10 Years
Over the past decade, Oakland County, Michigan has seen fluctuations in the average total tax liability per tax return, peaking recently in 2021 at $26,232.67. After a dip in 2013, there's been a general upward trend, indicating rising incomes or effective tax rates. This information could be crucial for investors, real estate agents, and potential residents evaluating the financial landscape. Importantly for appraisers and those in insurance, it highlights a notable financial dynamic in the region that could influence property values and risk assessments.
Cost of Living in Oakland County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,720 | $1,556 | $1,386 | $2,432 | $1,731 |
| 1 adult 4 children | $1,720 | $1,271 | $1,065 | $2,432 | $1,875 |
| 2 adults 3 children | $1,720 | $1,271 | $1,201 | $2,432 | $1,488 |
| 1 adult 3 children | $1,720 | $1,038 | $879 | $2,432 | $1,679 |
| 2 adults 2 children | $1,381 | $1,041 | $1,015 | $2,122 | $1,215 |
| 1 adult 2 children | $1,381 | $777 | $693 | $2,122 | $1,311 |
| 2 adults 1 child | $1,381 | $823 | $829 | $1,114 | $1,011 |
| 1 adult 1 child | $1,381 | $531 | $507 | $1,114 | $939 |
| 2 adults | $1,084 | $661 | $644 | $0 | $698 |
| 1 adult | $962 | $360 | $322 | $0 | $551 |
Safety trends & Data
Property crime trends in Oakland County, Michigan, show some intriguing patterns over the last few years. Larceny-theft, generally the most common property crime, hit a high of 1,729 cases in 2018 but dropped to 943 by 2021, although it ticked up to 1,194 in 2022. Burglary and motor vehicle theft have been declining overall, with burglary hitting a low of 129 cases in 2021 before a slight rise to 146 in 2022. Embezzlement dropped significantly from 189 cases in 2018 to 97 in 2020, followed by... Read more
Property Crime Trends in Oakland County, MI Over the Last 5 Years
Property crime trends in Oakland County, Michigan reveal notable fluctuations over the last five years. Larceny-theft consistently tops the charts, peaking at 1,729 cases in 2018 and showing a relative decline to 943 in 2021 before climbing to 1,194 in 2022. Burglary and motor vehicle thefts display a downward trend, with burglary decreasing from 157 in 2018 to 129 in 2021, although it slightly rose to 146 in 2022. Embezzlement saw a significant drop, from 189 cases in 2018 to 97 in 2020, with modest increases thereafter. Arson remains relatively low but varied, spiking to 14 cases in both 2019 and 2020 before reducing to 6 by 2022. Understanding these patterns could be pivotal for potential investors, real estate agents, and current residents looking to assess safety and economic stability in Oakland County.
Demographics
Oakland County, Michigan shows a relatively balanced gender distribution among its adult population, with a slight edge for females. The educational attainment levels highlight a well-educated populace, where a significant number of residents hold a bachelor's or higher degree, which might be a driver for higher economic opportunities in the area. The age distribution suggests a diverse range of age groups, but there could be a focus on services for middle-aged adults given their higher... Read more
Race Distribution in Oakland County, Michigan (2022)
Educational Attainment in Oakland County, Michigan (2022)
Age Distribution in Oakland County, Michigan
Citizen Population in Oakland County, Michigan (2022)
Political Trends & Data
Oakland County, Michigan revealed a partiality towards the Democratic Party in the 2020 Presidential Election, securing around 56 percent of the vote for the Democrats compared to roughly 42 percent for the Republicans. This competitive yet Democratic-leaning stance could indicate shifting demographics or evolving ideological views within the county, positioning it as a noteworthy area of interest for future political... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Oakland County, Michigan showed a noticeable preference for the Democratic Party in the 2020 Presidential Election, with an estimated 56 percent of the vote. Republicans garnered roughly 42 percent, suggesting a competitive but clear lean towards Democrats. Third-party candidates, including Libertarian and Green Party, captured a relatively small fraction of the vote, hinting at a primarily two-party focus in the region. This trend might reflect broader demographic or ideological shifts within the county.
42.31% of voters voted for the Republican party in the 2020 Presidential Election
56.36% of voters voted for the Democrat party in the 2020 Presidential Election
0.95% of voters voted for the Livertarian party in the 2020 Presidential Election
0.23% of voters voted for the Green party in the 2020 Presidential Election
0.16% of voters voted for the Other party in the 2020 Presidential Election
School Data
Oakland County, Michigan's student-to-teacher ratio has shown variability over the past decade, peaking at 21 in 2015 and 2020, and dipping to 18 in 2019 and 2022. These figures often align higher than the national average of 14, potentially affecting classroom dynamics and individualized attention. Such trends could be noteworthy for investors, educators, and potential residents evaluating local education quality, as well as insurance agents and appraisers assessing community growth and... Read more
Student-to-teacher ratio in Oakland County, Michigan over the last 10 years
Over the past decade, Oakland County, Michigan's student-to-teacher ratio has fluctuated, peaking at 21 in both 2015 and 2020, and dipping as low as 18 in 2019 and 2022. This variability suggests that shifts in educational funding, teacher recruitment, and school enrollment could be influencing these ratios. Compared to the national average of 14 students per teacher, these higher ratios might impact classroom dynamics and individualized attention. Investors, educators, and potential residents might consider these trends when evaluating the quality of education in the area, while insurance agents and appraisers could take these figures into account when assessing community growth and property values.
