Faribault County Real Estate and Livability Trends
Faribault County, Minnesota, has displayed promising signs for real estate investors and developers, with average taxable income per tax return rising from $50,586.45 in 2013 to $62,320.18 in 2021. Median home values have also increased, climbing from $85,600 in 2015 to $116,000 by 2022, suggesting an emerging market. The average real estate taxes have surged, going from $1,694.66 in 2012 to... Read more
Faribault County Market Trends
Faribault County, Minnesota has experienced a steady rise in median home values, growing from $85,600 in 2015 to $116,000 in 2022. This appreciation, although still below both the state and national medians, might signify an emerging market with appealing investment opportunities. Coupled with notable fluctuations in residential energy tax credits, particularly spikes in 2016 and 2021, this... Read more
Median Value of Occupied Housing Units in Faribault County, Minnesota Over the Last 8 Years
Faribault County, Minnesota has seen consistent growth in median home values over the past eight years, jumping from $85,600 in 2015 to $116,000 in 2022. While still below Minnesota's state median of $286,800 and the national median of $179,400 for 2022, this significant local appreciation might indicate an up-and-coming area that's attracting more attention. This growth trend could offer more affordable investment opportunities compared to state and national averages, making it appealing for those looking to invest in a potentially appreciating market.
Residential Energy Tax Credit Per Tax Return in Faribault County, MN Over the Last 8 Years
Over the last eight years, the residential energy tax credit per tax return in Faribault County, Minnesota has shown significant fluctuations. Notable increases in 2016 ($316.67) and 2021 ($812.50) could indicate periods of heightened investment in energy-efficient improvements. However, there was a noticeable dip in 2020 to $200.00, possibly due to the economic uncertainties brought on by the pandemic. These trends are essential for investors, property builders, and real estate agents aiming to understand the area's commitment to energy efficiency and potential impact on property values.
Average Real Estate Taxes Per Tax Return in Faribault County, MN Over the Last 10 Years
Over the past decade, Faribault County, Minnesota, has shown a noticeable rise in average real estate taxes per tax return. In 2012, the average tax was $1,694.66, but by 2021, it reached approximately $2,868.75. This upward trend could indicate an increase in property values or changes in tax rates. Real estate agents and investors might find this pattern significant as fluctuations often impact property market dynamics. Appraisers and insurance agents might also see implications on property valuations and policy premiums. Potential residents and current homeowners should be mindful of these changes when considering long-term financial planning.
Percentage of Farm Returns in Faribault County, MN Over the Last 10 Years
Faribault County, Minnesota has seen farm tax returns hover between approximately 11.04% and 11.97% over the past decade, showing a fairly stable but slight decline trend. The highest percentage was around 11.97% in 2013, while the lowest was closer to 10.74% in 2021. Farm tax returns, essentially tax filings related to agricultural activity, signal the agricultural engagement of the population which might suggest a slightly waning farming sector. For those eyeing investments, property development, or a move to this area, understanding this trend could help in making more informed decisions about the local economy's dependence on agriculture and how it might impact property values and community dynamics.
Number of Mortgages by Occupancy Type in Faribault County, MN Over the Last 5 Years in Faribault County
In Faribault County, Minnesota, the number of mortgages has fluctuated across different occupancy types over the past five years. Principal residence mortgages saw a notable increase from 347 in 2018 to 521 in 2021 before dipping slightly to 401 in 2022. Investment property mortgages also displayed a mild uptick, peaking at 26 in 2021 but decreasing to 14 in 2022. Second residence mortgages, although consistently low, peaked at 10 in 2021. For investors and prospective homeowners, these shifts may reflect changing economic conditions, housing market dynamics, and consumer preferences, all of which could impact property values, lending practices, and insurance considerations.
Economic Outlook
Faribault County, Minnesota has shown a steady rise in average taxable income per tax return, increasing from around $50,586.45 in 2013 to approximately $62,320.18 in 2021, indicating potential economic growth of interest to investors and developers. The region's state and local income taxes have fluctuated over the past decade, ranging from a low of $6,386.96 in 2016 to a high of $7,924.60 in 2014, with an uptick in the most recent years. The county's average total tax liabilities per tax... Read more
Average Taxable Income per Tax Return in Faribault County, MN over the last 9 years
The average taxable income per tax return in Faribault County, Minnesota, has demonstrated a subtle upward trajectory over the last nine years, rising from roughly $50,586.45 in 2013 to about $62,320.18 in 2021. Despite minor fluctuations, the overall increase suggests potential economic growth in the area, which might be of interest to investors, developers, and real estate professionals considering the county's future prospects. This trend can offer valuable insights for appraisers and insurance agents assessing property values and risks based on economic indicators.
Average State and Local Income Taxes Per Tax Return in Faribault County, MN Over the Last 10 Years
In Faribault County, Minnesota, average state and local income taxes per tax return have shown notable fluctuations over the past decade, ranging from a low of $6,386.96 in 2016 to a peak of $7,924.60 in 2014. Recent years, particularly 2020 and 2021, have seen a resurgence, with figures reaching $7,483.33 and $7,877.78, respectively. This volatility in tax liabilities could suggest varying economic conditions and might be pertinent for anyone considering financial commitments in the county.
Average Total Tax Liability Per Tax Return in Faribault County, MN Over the Last 10 Years
Over the past decade, Faribault County, Minnesota has experienced fluctuating average total tax liabilities per tax return. Notably, figures peaked in 2013 and 2021, hitting $8,016.47 and $8,074.27 respectively, while dipping to a low of $6,415.88 in 2018. This suggests a dynamic economic environment, potentially influenced by varying economic policies and local market conditions. For investors, real estate agents, and others engaged with the local economy, this trend underscores the importance of staying informed about fiscal changes that may impact property values, insurance assessments, and overall financial planning.
Cost of Living in Faribault County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,152 | $1,496 | $2,007 | $1,234 | $1,315 |
| 1 adult 4 children | $1,152 | $1,222 | $1,566 | $1,234 | $1,498 |
| 2 adults 3 children | $1,152 | $1,222 | $1,726 | $1,234 | $1,073 |
| 1 adult 3 children | $1,152 | $998 | $1,285 | $1,234 | $1,231 |
| 2 adults 2 children | $826 | $1,000 | $1,445 | $1,076 | $868 |
| 1 adult 2 children | $826 | $747 | $1,004 | $1,076 | $868 |
| 2 adults 1 child | $826 | $791 | $1,163 | $564 | $789 |
| 1 adult 1 child | $826 | $511 | $722 | $564 | $652 |
| 2 adults | $660 | $635 | $882 | $0 | $637 |
| 1 adult | $552 | $346 | $441 | $0 | $518 |
Safety trends & Data
Faribault County, Minnesota has seen considerable fluctuations in property crime over the past five years. Burglary incidents notably dropped from 14.0 in 2018 to just 2.0 in 2022, while motor vehicle thefts surged in 2020, peaking at 5.0. Larceny-theft also showed a decrease, dropping from 14.0 in 2018 to 2.0 in 2022. However, 2022 saw an unusual spike in stolen property crimes, which could be a red flag for potential investors and residents. These crime trends offer valuable insights into... Read more
Property Crime Trends in Faribault County, MN Over the Last 5 Years
Faribault County, Minnesota shows fluctuations in property crime trends over the last five years with a notable decline in burglary incidents, dropping from 14.0 in 2018 to just 2.0 in 2022. However, 2020 saw a surge in motor vehicle thefts, peaking at 5.0, while other offenses like fraud and vandalism experienced significant variances year-over-year. Larceny-theft consistently remained a concern, with 14.0 incidents in 2018 and a decrease to 2.0 in 2022. An unusual spike in stolen property crimes was observed in 2022, marking an area of concern for potential investors and residents alike. These insights could inform real estate and insurance decisions, reflecting underlying neighborhood dynamics and safety considerations.
Demographics
Faribault County, Minnesota has a relatively balanced gender distribution with slightly more males than females. Educational attainment shows most residents have finished high school, but a substantial portion has pursued higher education. Age distribution leans towards middle-aged and older adults, indicating potential future challenges in workforce sustainability. The racial makeup is predominantly White, with small representations from other racial groups, reflecting limited... Read more
Race Distribution in Faribault County, Minnesota (2022)
Educational Attainment in Faribault County, Minnesota (2022)
Age Distribution in Faribault County, Minnesota
Citizen Population in Faribault County, Minnesota (2022)
Political Trends & Data
In Faribault County, Minnesota, Republican candidates seemingly dominated the 2020 Presidential Election, capturing about 66% of the vote. Democrats appeared to hold nearly 32%, and third parties collectively gained just over 2%. This trend may indicate a conservative tilt within the county, suggesting potential challenges for non-Republican candidates in upcoming... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Faribault County, Minnesota, Republican candidates seemingly dominated the 2020 Presidential Election, with approximately 66% of the votes. Democrats appeared to follow with nearly 32%, while smaller parties like the Libertarians and Greens, along with other affiliations, collectively garnered just over 2% of the votes. This trend may indicate a strong conservative leaning within the county, suggesting potential challenges for non-Republican candidates in future elections.
65.59% of voters voted for the Republican party in the 2020 Presidential Election
31.98% of voters voted for the Democrat party in the 2020 Presidential Election
0.91% of voters voted for the Livertarian party in the 2020 Presidential Election
0.24% of voters voted for the Green party in the 2020 Presidential Election
1.28% of voters voted for the Other party in the 2020 Presidential Election
School Data
Faribault County, Minnesota, experienced a notable shift in student-to-teacher ratios over the last decade. A decline from 13 students per teacher in 2014 to 11 by 2019 has reversed since 2020, with recent ratios around 15 students per teacher, higher than the national average of 14. This fluctuation may impact classroom dynamics and resource allocation, factors crucial for investors, new residents, appraisers, and real estate agents considering the local educational... Read more
Student-to-teacher ratio in Faribault County, Minnesota over the last 10 years
Faribault County, Minnesota, has seen a noteworthy shift in its student-to-teacher ratio over the last decade. Starting at 13 students per teacher in 2014, the ratio declined steadily, reaching as low as 11 by 2019. However, there has been a significant increase from 2020 onward, with ratios hovering around 15 students per teacher in the latest years. While this brings the county above the current national average of 14 students per teacher, the variations may impact classroom dynamics, resource allocation, and overall educational quality. Such trends could also influence decisions for potential investors, new residents, appraisers, and real estate agents contemplating the local educational landscape.
