Lake of the Woods County Real Estate and Livability Trends
Lake of the Woods County, Minnesota has seen rising economic prospects, with average taxable income per tax return climbing from $46,218.54 in 2013 to $61,871.84 in 2021, sparking investor interest. Median home values show a notable increase, soaring from $117,000 in 2015 to $204,300 in 2022, underscoring a strong local real estate market. Conversely, real estate taxes peaked in 2020 at... Read more
Lake of the Woods County Market Trends
Lake of the Woods County, Minnesota has experienced a steady rise in median home values, moving from $117,000 in 2015 to $204,300 in 2022, and showing an impressive jump of nearly 34.46% from 2019 to 2022. This suggests growing interest and potential for investment. Energy tax credits have fluctuated between $166.67 and $250.00 over the past seven years, possibly indicating varying resident... Read more
Median Value of Occupied Housing Units in Lake of the Woods County, Minnesota Over the Last 8 Years
Lake of the Woods County, Minnesota has seen its median home values increase steadily over the past eight years, rising from $117,000 in 2015 to $204,300 in 2022. This upward trend, particularly the significant jump of nearly 34.46% from 2019 to 2022, suggests growing interest or demand in the area. When compared to state and national trends, Lake of the Woods County initially lagged but showed accelerated growth in recent years. For context, Minnesota’s statewide median home values went from $186,200 in 2015 to $286,800 in 2022, while national figures climbed from $125,500 to $179,400 over the same period. This data might indicate a market that, while initially lower in value, is catching up and could offer investment opportunities.
Residential Energy Tax Credit Per Tax Return in Lake of the Woods County, MN Over the Last 7 Years
Residential energy tax credits in Lake of the Woods County, Minnesota have experienced some fluctuation over the past seven years. After a notable dip to $166.67 in 2015, the average credit has generally rebounded, peaking twice at $250.00 in both 2013 and 2019. Recent years have generally seen credits hovering around the $200.00 to $230.00 range. This oscillation could indicate varying levels of investment in energy-efficient improvements among residents. Potential investors and property developers might find this data relevant when assessing the county's engagement in sustainable living practices. Real estate agents and appraisers could also use this information to highlight potential energy savings to clients.
Average Real Estate Taxes Per Tax Return in Lake of the Woods County, MN Over the Last 10 Years
Over the past decade, real estate taxes per tax return in Lake of the Woods County, Minnesota have fluctuated, showing a general trend of volatility with significant variations year over year. In 2020, the taxes peaked at $2,650.00, up from as low as $2,016.13 in 2015. This variability might be important for potential investors and residents evaluating the area's financial stability and tax implications. This trend could also affect insurance agents and appraisers when considering property values and future tax obligations.
Percentage of Farm Returns in Lake of the Woods County, MN Over the Last 10 Years
Over the last decade, Lake of the Woods County in Minnesota has seen fluctuating percentages of farm tax returns, ranging from a high of approximately 9.36% in 2012 to a low of around 6.71% in 2021. Farm tax returns indicate the portion of total tax returns filed by farms, providing insight into the agricultural sector's contribution to the local economy. Investors and potential residents might find these numbers useful in gauging the stability and growth of farming in the area, while builders and developers could consider the evolving agricultural landscape when planning projects.
Number of Mortgages by Occupancy Type in Lake of the Woods County, MN Over the Last 5 Years in Lake of the Woods County
In recent years, Lake of the Woods County, Minnesota has seen notable fluctuations in mortgage counts by occupancy type. Principal residences dominate the market, with a peak in 2020 reaching 182 mortgages. Investment properties and second residences have shown more stability, though they continue to represent a smaller portion. These shifts may reflect changing demographics, economic conditions, or lifestyle preferences. For investors, real estate agents, appraisers, and insurance agents, understanding these trends could be crucial for making informed decisions about property values, risk assessments, and market dynamics in the county.
Economic Outlook
Lake of the Woods County, Minnesota has shown a generally upward trend in average taxable income per tax return, rising from about $46,218.54 in 2013 to around $61,871.84 in 2021, hinting at growing economic vitality and attracting interest from investors and those seeking improving financial prospects. That said, the county's average state and local income taxes have been volatile, peaking at $6,814.29 in 2018 before dropping to $4,900.00 by 2021, potentially signaling shifts in economic... Read more
Average Taxable Income per Tax Return in Lake of the Woods County, MN over the last 9 years
Over the past nine years, Lake of the Woods County, Minnesota has seen a generally upward trend in the average taxable income per tax return. Starting at approximately $46,218.54 in 2013, it has steadily increased to around $61,871.84 in 2021. This suggests a growing economic vitality in the county, potentially making it an attractive location for investors, real estate developers, and those looking to move to a place with improving financial prospects. Insurance agents and appraisers may also find this trend noteworthy as it indicates a possibly increasing affluence among residents.
Average State and Local Income Taxes Per Tax Return in Lake of the Woods County, MN Over the Last 10 Years
In Lake of the Woods County, Minnesota, there's been noticeable volatility in average state and local income taxes per tax return over the past decade. Taxes peaked at $6,814.29 in 2018 but then fell to $4,900.00 in 2021. Investors or potential homebuyers might find these fluctuations significant when considering the financial landscape, suggesting shifts in economic conditions or policy changes impacting residents' disposable income.
Average Total Tax Liability Per Tax Return in Lake of the Woods County, MN Over the Last 10 Years
Lake of the Woods County, Minnesota has seen notable fluctuations in average total tax liability per tax return over the past decade. Starting at $7,580.79 in 2012, a dip occurred in the following years, hitting a low of $5,204.52 in 2014. The years 2020 and 2021 saw an uptick, culminating in $7,911.98 in 2021. Such trends may indicate varying economic factors at play, potentially impacting financial planning for residents, appraisers, and potential investors.
Cost of Living in Lake of the Woods County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,101 | $1,428 | $1,894 | $1,234 | $1,269 |
| 1 adult 4 children | $1,101 | $1,166 | $1,477 | $1,234 | $1,468 |
| 2 adults 3 children | $1,101 | $1,166 | $1,629 | $1,234 | $1,041 |
| 1 adult 3 children | $1,101 | $952 | $1,212 | $1,234 | $1,215 |
| 2 adults 2 children | $905 | $955 | $1,365 | $1,076 | $903 |
| 1 adult 2 children | $905 | $713 | $947 | $1,076 | $939 |
| 2 adults 1 child | $905 | $755 | $1,100 | $564 | $830 |
| 1 adult 1 child | $905 | $487 | $682 | $564 | $716 |
| 2 adults | $689 | $606 | $835 | $0 | $662 |
| 1 adult | $605 | $331 | $417 | $0 | $572 |
Safety trends & Data
In Lake of the Woods County, Minnesota, property crimes have shown some interesting fluctuations over the past three years. Burglary incidents have remained consistent at 2 annually, but other crimes like vandalism surged to 4 cases in 2018 before disappearing entirely. Motor vehicle theft has stayed low with just 1 incident per year in 2018 and 2019, and fraud cases dropped off after matching burglary initially. New crime categories such as larceny-theft and forgery appeared by 2020, hinting... Read more
Property Crime Trends in Lake of the Woods County, MN Over the Last 3 Years
Property crimes in Lake of the Woods County, Minnesota, have shown interesting variations over the last three years. While burglary remained steady at 2 incidents annually, a notable shift was seen in other areas. Vandalism reached its peak with 4 cases in 2018 but was absent in subsequent years. Motor vehicle theft was relatively low, maintaining a count of 1 in both 2018 and 2019. Fraud incidents initially matched burglary at 2 incidents but then dropped off entirely. New crime categories like larceny-theft and forgery emerged by 2020. This evolving crime landscape could influence property valuations, real estate desirability, and community investment priorities.
Demographics
Lake of the Woods County, Minnesota, seems to have a slightly higher male population compared to females. The area shows a diverse spread in educational attainment with the majority having at least a high school diploma, and a noticeable portion achieving a bachelor's degree or higher. The population is mostly clustered in older age groups, specifically those 55 years and older. Racially, the county is predominantly White, with notably smaller representations from other racial groups. These... Read more
Race Distribution in Lake of the Woods County, Minnesota (2022)
Educational Attainment in Lake of the Woods County, Minnesota (2022)
Age Distribution in Lake of the Woods County, Minnesota
Citizen Population in Lake of the Woods County, Minnesota (2022)
Political Trends & Data
In Lake of the Woods County, Minnesota, the 2020 U.S. Presidential Election revealed a strong conservative leaning, with approximately 71% of votes for the Republican candidate. The Democratic contender captured nearly 28%, while Libertarian, Green, and other minor parties collectively received less than 2%. This pattern is indicative of a predominantly Republican preference, which could be reflective of the county's rural character and broader trends in Northern... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Lake of the Woods County, Minnesota, voters showed a strong preference for the Republican Party in the 2020 U.S. Presidential Election, with about 71% of the votes. The Democratic Party trailed significantly, capturing nearly 28%. The Libertarian and Green parties, alongside other minor parties, collectively garnered less than 2% of the vote. This voting pattern might suggest a predominantly conservative leaning within this county, typical of certain rural areas in Northern Minnesota.
70.76% of voters voted for the Republican party in the 2020 Presidential Election
27.87% 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
0.17% of voters voted for the Green party in the 2020 Presidential Election
0.29% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Lake of the Woods County, Minnesota, the student-to-teacher ratio has mostly remained under the national average of 14 students per teacher but has seen some significant changes recently. From 2014 to 2020, it stayed fairly consistent at around 11 to slightly above 12. However, a notable increase occurred, reaching 13.56 in 2021 and peaking at 15.22 in 2022, before easing back to 13.23 in 2023. These fluctuations could signal shifts in enrollment or staffing that might affect classroom... Read more
Student-to-teacher ratio in Lake Of The Woods County, Minnesota over the last 10 years
Over the past decade, the student-to-teacher ratio in Lake of the Woods County, Minnesota has generally hovered below the national average of 14 students per teacher but saw some notable fluctuations. From 2014 to 2020, the ratio remained relatively stable, ranging from around 11 to slightly above 12. However, 2021 marked a significant jump to 13.56, peaking at 15.22 in 2022, before falling back to 13.23 in 2023. These shifts could indicate changes in school enrollment numbers or staffing levels, which may impact classroom dynamics and resource allocation, important factors for families considering moving to the area, investors looking at property trends, or education professionals assessing future needs.
