Lake County Real Estate and Livability Trends
In Lake County, Minnesota, the real estate market is marked by a notable rise in median home values from $157,700 in 2015 to $200,900 in 2022. This growth, surpassing national rates although behind state medians, suggests potential for cost-effective investments. The increase in average taxable income per tax return from $51,215.05 in 2013 to $69,963.14 in 2021 further indicates a strengthening... Read more
Lake County Market Trends
Median home values in Lake County, Minnesota have risen steadily from $157,700 in 2015 to $200,900 in 2022, outpacing national growth but trailing state medians. The local market's gradual ascent suggests potential cost-effective investment opportunities within Minnesota. Residential energy tax credits have fluctuated significantly, peaking at $760.00 in 2019 possibly due to enhanced incentives,... Read more
Median Value of Occupied Housing Units in Lake County, Minnesota Over the Last 8 Years
In Lake County, Minnesota, median home values have shown steady growth over the past eight years, climbing from $157,700 in 2015 to $200,900 in 2022. This rise is significant when compared to the national median, which saw an increase from $125,500 to $179,400 in the same period. Interestingly, while Lake County's housing values trailed behind Minnesota's state median, which jumped from $186,200 in 2015 to $286,800 in 2022, the local market's more gradual ascent suggests potential for cost-effective investment opportunities relative to other areas. This could present an appealing scenario for investors and homebuyers seeking more affordable options within Minnesota.
Residential Energy Tax Credit Per Tax Return in Lake County, MN Over the Last 8 Years
Lake County, Minnesota has seen significant fluctuations in the average residential energy tax credit per tax return over the past eight years. While the average credit hovered around $250.00-$313.33 between 2013 and 2017, it experienced a sharp increase to $760.00 in 2019, potentially due to enhanced energy efficiency incentives or increased adoption of renewable energy solutions. Though the credit decreased to $400.00 in 2020, it rebounded to $533.33 in 2021. These variations suggest a responsive market to energy policies, which could be informative for investors, developers, and real estate agents considering energy-efficient property investments.
Average Real Estate Taxes Per Tax Return in Lake County, MN Over the Last 10 Years
Real estate taxes in Lake County, Minnesota, have shown a notable upward trend over the past decade, starting at approximately $2,160.58 in 2012 and reaching around $3,750.00 by 2021. This steady increase suggests a growing real estate market and potentially rising property values, which could be of interest to investors, appraisers, and real estate agents. For those considering moving to or building in the area, these figures might also reflect the increasing desirability of the location. However, this growth in taxes could influence decisions about affordability and insurance costs.
Percentage of Farm Returns in Lake County, MN Over the Last 10 Years
Lake County, Minnesota, has seen a gradual decline in the percentage of farm tax returns over the last decade, dipping from 0.94% in 2012 to roughly 0.79% in 2021. Farm tax returns typically reflect incomes derived from farming operations and can provide insights into the agricultural health and viability of the area. This downward trend may signal shifting economic priorities or challenges within the local farming sector, which could influence decisions for potential investors, property developers, or those considering a move to the region.
Number of Mortgages by Occupancy Type in Lake County, MN Over the Last 5 Years in Lake County
Mortgage data from Lake County, Minnesota over the past five years reveals interesting shifts. Principal residences dominated the market, peaking in 2020 with 625 mortgages, then showing a slight decline. Second residences and investment properties have shown more stability but also reflect subtle fluctuations, with peaks in 2020 and gradual reductions afterwards. These trends matter for potential investors, homebuyers, and real estate professionals as they indicate demand patterns and potential risk areas. A rising or falling preference for certain types of occupancy could hint at broader economic or lifestyle changes affecting investment opportunities, home values, and market dynamics in the region.
Economic Outlook
In Lake County, Minnesota, the average taxable income per tax return has risen from $51,215.05 in 2013 to $69,963.14 in 2021, signaling a potentially strengthening economic environment. This upward trend might attract investors, real estate agents, and incoming residents. Concurrently, average state and local income taxes per tax return have also increased, from $5,818.60 in 2012 to $8,456.52 in 2021, reflecting a rising tax burden that could influence investment and relocation decisions.... Read more
Average Taxable Income per Tax Return in Lake County, MN over the last 9 years
In Lake County, Minnesota, the average taxable income per tax return has shown a notable upward trend over the last nine years, reaching $69,963.14 in 2021 from $51,215.05 in 2013. This consistent rise highlights an improving economic landscape, potentially making the county more attractive for investors, real estate agents, and individuals considering moving to the area. For appraisers and insurance agents, these income trends could signal a growing market with increasing property values.
Average State and Local Income Taxes Per Tax Return in Lake County, MN Over the Last 10 Years
Lake County, Minnesota has experienced fluctuating yet generally rising average state and local income taxes per tax return over the past decade. Starting at $5,818.60 in 2012, taxes saw a high of $8,456.52 in 2021. These changes highlight a notable increase in tax burdens for residents, which may impact decisions for potential investors or new residents considering the area.
Average Total Tax Liability Per Tax Return in Lake County, MN Over the Last 10 Years
Over the past decade, Lake County, Minnesota has seen a fluctuating average total tax liability per tax return, with a significant uptick in 2021 reaching $9854.48. This variation might suggest changing economic conditions and potentially correlates with property value shifts or demographic changes. For investors, realtors, and those considering a move, understanding these tax liability trends can offer insights into the financial landscape and potential future developments in the county.
Cost of Living in Lake County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,316 | $1,572 | $1,905 | $1,902 | $1,697 |
| 1 adult 4 children | $1,316 | $1,284 | $1,493 | $1,902 | $1,906 |
| 2 adults 3 children | $1,316 | $1,285 | $1,634 | $1,902 | $1,426 |
| 1 adult 3 children | $1,316 | $1,049 | $1,223 | $1,902 | $1,638 |
| 2 adults 2 children | $997 | $1,052 | $1,364 | $1,666 | $1,120 |
| 1 adult 2 children | $997 | $785 | $952 | $1,666 | $1,236 |
| 2 adults 1 child | $997 | $831 | $1,093 | $897 | $950 |
| 1 adult 1 child | $997 | $537 | $682 | $897 | $834 |
| 2 adults | $825 | $668 | $823 | $0 | $690 |
| 1 adult | $716 | $364 | $411 | $0 | $569 |
Safety trends & Data
Lake County, Minnesota, has experienced varied trends in property crimes over the last five years. Notably, a significant uptick in burglary in 2019 carried over into 2020, alongside a steady presence of vandalism. The rise in larceny-theft incidents in 2022, jumping to 14 from consistently lower numbers, highlights a shift in local security dynamics. These fluctuations could be critical for investors and real estate agents as they assess the area's safety... Read more
Property Crime Trends in Lake County, MN Over the Last 5 Years
Over the last five years, Lake County, Minnesota, has seen varying trends in property crime categories such as burglary, larceny-theft, vandalism, and fraud. Notably, 2019 experienced a significant uptick in burglary cases and a mix of other property crimes, which continued to rise in 2020. Vandalism and burglary have been relatively consistent, but the substantial jump in larceny-theft incidents in 2022 is noteworthy, climbing to 14 from consistently lower numbers in previous years. This fluctuation is critical for potential investors and real estate agents who need to understand the varying security dynamics in the area.
Demographics
Lake County, Minnesota, shows a close male-to-female ratio with around 4500 males and 4300 females. The population is predominantly White, with minimal representation from other racial groups. Most adults in the county have at least a high school diploma, and a significant number hold a college degree. The county has a diverse age distribution, with a notable proportion of residents aged 55 and... Read more
Race Distribution in Lake County, Minnesota (2022)
Educational Attainment in Lake County, Minnesota (2022)
Age Distribution in Lake County, Minnesota
Citizen Population in Lake County, Minnesota (2022)
Political Trends & Data
In Lake County, Minnesota, the 2020 U.S. Presidential Election results reveal a slightly Democratic tilt with approximately 50.6% of votes for Democrats and 47.1% for Republicans. This close margin suggests a more competitive political landscape, highlighting the area's potential for fluctuating voter preferences. Third-party influence was minimal, with less than 2% of the vote collectively for parties like the Libertarians and... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Lake County, Minnesota, the 2020 U.S. Presidential Election saw a slight edge for Democrats, capturing roughly 50.6% of the votes compared to Republicans' 47.1%. Third parties like the Libertarian and Green parties had minimal impact, each garnering less than 2% of the vote collectively. The data suggests that while Lake County leans Democratic, it's perhaps more competitive than some might expect.
47.11% of voters voted for the Republican party in the 2020 Presidential Election
50.64% of voters voted for the Democrat party in the 2020 Presidential Election
1.08% of voters voted for the Livertarian party in the 2020 Presidential Election
0.36% of voters voted for the Green party in the 2020 Presidential Election
0.81% of voters voted for the Other party in the 2020 Presidential Election
School Data
Lake County, Minnesota's student-to-teacher ratio has hovered around the national average of 14 students per teacher over the past decade, occasionally dropping below this benchmark. This fluctuation might point to variations in school funding, teacher hiring, or demographic shifts, all crucial factors for investors, homebuyers, and educators. Especially during 2017 to 2019, the lower ratios may indicate a more personalized learning environment, potentially improving student performance and... Read more
Student-to-teacher ratio in Lake County, Minnesota over the last 10 years
Over the past decade, Lake County, Minnesota's student-to-teacher ratio has fluctuated around the national average of 14 students per teacher, dipping slightly below in several years. This variability might indicate shifts in school funding, teacher hiring practices, or population changes, which are important considerations for prospective investors, homebuyers, and educators. A lower student-to-teacher ratio like those seen from 2017 to 2019 could suggest a more personalized educational environment, potentially enhancing student outcomes and making the area more attractive for families. Conversely, the recent uptick closer to the national average may signal normalizing class sizes, which still falls within acceptable ranges for balanced educational delivery.
