Norman County Real Estate and Livability Trends
Norman County, Minnesota, has seen median home values rise from $83,200 in 2015 to $129,300 in 2022, remaining well below both state and national averages, thus presenting affordable opportunities for investors. The area’s real estate taxes have climbed from about $1,741.38 in 2012 to $2,966.67 in 2021, hinting at rising property values or increased tax rates. The stable farm tax returns and... Read more
Norman County Market Trends
Norman County, Minnesota, has seen its median home values soar from $83,200 in 2015 to $129,300 in 2022, well below both the state average of $286,800 and the national average of $179,400, suggesting strong local market dynamics that could appeal to affordable investment seekers. Despite some fluctuations, residential energy tax credits have generally hovered around $200, pointing to steady... Read more
Median Value of Occupied Housing Units in Norman County, Minnesota Over the Last 8 Years
Norman County, Minnesota has experienced significant growth in median home values over the past eight years, with values jumping from $83,200 in 2015 to $129,300 in 2022. While still lower than the state average of $286,800 and the national average of $179,400, these gains imply robust local market dynamics. It can be inferred that Norman County offers potential for affordable investments compared to broader state and national markets, making it an intriguing option for prospective homebuyers seeking value appreciation.
Residential Energy Tax Credit Per Tax Return in Norman County, MN Over the Last 6 Years
Norman County, Minnesota has seen some fluctuations in the average residential energy tax credit per tax return over the past six years, with amounts generally hovering around the $200 range. A notable peak occurred in 2016 when the average credit spiked to $250.00. However, recent years have seen a stabilization at $200.00. These trends potentially reflect homeowners' investments in energy-efficient improvements and regulatory adjustments in the area. Investors, builders, and real estate stakeholders might find these trends indicative of the region's responsiveness to energy-saving initiatives.
Average Real Estate Taxes Per Tax Return in Norman County, MN Over the Last 10 Years
Norman County, Minnesota has seen a notable increase in average real estate taxes per tax return over the past decade, jumping from around $1,741.38 in 2012 to approximately $2,966.67 in 2021. The most significant bump appeared between 2016 and 2017 and again from 2019 to 2020, escalating from $1,856.25 to $2,147.73 and from $2,537.50 to $3,100 respectively. For potential investors or residents, this trend could indicate rising property values or increasing local tax rates, which might impact overall housing costs. Real estate agents, appraisers, and insurance agents may find this data pivotal when assessing property values and tax liabilities in the area.
Percentage of Farm Returns in Norman County, MN Over the Last 10 Years
Norman County, Minnesota has seen a varied trend in the percentage of farm tax returns over the last decade. Starting at approximately 16.45% in 2012, there have been slight fluctuations, with the percentage dipping to around 14.61% by 2020 before rebounding marginally to 15.05% in 2021. For those looking to invest or build property, these numbers could suggest some degree of stability in agricultural activity, which might be worth monitoring for signs of long-term growth or contraction. Farm tax returns generally reflect the economic health of farms in the area, which can impact local economies and property values.
Number of Mortgages by Occupancy Type in Norman County, MN Over the Last 5 Years in Norman County
Norman County, Minnesota has experienced a notable increase in principal residence mortgages over the past five years, with numbers rising from 161 in 2018 to 269 in 2021. Investment property and second residence mortgage counts have remained relatively stable, with minimal fluctuations. These trends may indicate a growing demand for primary homes, possibly driven by an influx of new residents or changes in housing preferences. For investors, this could mean more opportunities in the residential market, whereas appraisers and real estate agents might find the stable investment and second residence markets useful for valuation and sales strategies. Insurance agents and builders can also leverage this data to predict potential market needs, aligning offerings and services with the apparent rise in primary residencies.
Economic Outlook
Average taxable income per tax return in Norman County, Minnesota, has shown a steady rise over the last nine years, peaking sharply in 2021 at $71,510.60. Such growth hints at potential economic expansion that could be appealing to investors, real estate agents, and new residents. However, the variances in average state and local income taxes per tax return, notably peaking in 2019 at $10,077.78, reflect a potentially unstable tax environment. Additionally, the fluctuations in average total... Read more
Average Taxable Income per Tax Return in Norman County, MN over the last 9 years
Average taxable income per tax return in Norman County, Minnesota has shown a steady upward trend over the last nine years. Between 2014 and 2016, income rose modestly from approximately $52,716.35 to $53,159.50. Thereafter, the increases became more pronounced, peaking sharply in 2021 at $71,510.60. This increase hints at potential economic growth which could be appealing to investors, real estate agents, and those considering moving to the area. However, the fluctuation observed between 2018 and 2019 may suggest the presence of certain economic variables impacting income levels.
Average State and Local Income Taxes Per Tax Return in Norman County, MN Over the Last 10 Years
Norman County, Minnesota, has seen fluctuating average state and local income taxes per tax return over the last decade. In particular, there was a notable peak in 2019 with an average of $10,077.78, while 2015 had a significant dip at $6,836.73. These variances indicate a potentially unstable tax environment, which could be relevant for prospective investors and current residents assessing their financial planning and tax liabilities.
Average Total Tax Liability Per Tax Return in Norman County, MN Over the Last 10 Years
Norman County, Minnesota has seen significant fluctuations in average total tax liability per tax return over the past decade. Starting at $8,161.76 in 2012, there were noticeable declines and modest rebounds until 2017, peaking again at $8,273.66. The lowest point occurred in 2019 at $6,998.68, but by 2021, liabilities surged to $10,152.42. These trends suggest a varied financial landscape, making Norman County an area of interest for investors and real estate professionals seeking tax-efficient opportunities or understanding the changing economic conditions that could affect property values and insurance requirements.
Cost of Living in Norman County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,005 | $1,516 | $1,792 | $1,234 | $1,209 |
| 1 adult 4 children | $1,005 | $1,238 | $1,396 | $1,234 | $1,394 |
| 2 adults 3 children | $1,005 | $1,239 | $1,542 | $1,234 | $981 |
| 1 adult 3 children | $1,005 | $1,011 | $1,146 | $1,234 | $1,139 |
| 2 adults 2 children | $826 | $1,014 | $1,292 | $1,076 | $859 |
| 1 adult 2 children | $826 | $757 | $896 | $1,076 | $873 |
| 2 adults 1 child | $826 | $801 | $1,042 | $564 | $786 |
| 1 adult 1 child | $826 | $518 | $646 | $564 | $662 |
| 2 adults | $628 | $644 | $792 | $0 | $629 |
| 1 adult | $552 | $351 | $396 | $0 | $538 |
Demographics
Norman County, Minnesota, shows a slightly higher population of adult males compared to females. Educational attainment in the county suggests a predominance of high school graduates, followed by those with some college education but no degree, and a relatively small percentage holding graduate or professional degrees. The age distribution leans towards a stable mix of younger and older residents, with notable presence in the 55 to 64 years bracket. The racial demographic is predominantly... Read more
Race Distribution in Norman County, Minnesota (2022)
Educational Attainment in Norman County, Minnesota (2022)
Age Distribution in Norman County, Minnesota
Citizen Population in Norman County, Minnesota (2022)
Political Trends & Data
In Norman County, Minnesota, recent real estate trends might be indirectly influenced by its political landscape. With the Republican Party securing a bit more than half the votes and Democrats just over 40%, the dominance of these two parties is evident, yet the presence of third-party interests indicates a moderate diversity of political thought. This could potentially impact local policies related to property tax, zoning, and development incentives, which in turn could affect market trends... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Norman County, Minnesota, showed a dominant leaning towards the Republican Party, receiving a little more than half the votes, while the Democratic Party captured slightly over 40%. Third-party candidates, including Libertarian and Green parties, along with other affiliations, collectively garnered a small fraction of the overall votes. This suggests that although two major parties largely dominate the political landscape, there remains some interest in alternative political options.
56.76% of voters voted for the Republican party in the 2020 Presidential Election
40.80% 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
0.29% of voters voted for the Green party in the 2020 Presidential Election
1.25% of voters voted for the Other party in the 2020 Presidential Election
School Data
Norman County, Minnesota, has typically maintained a student-to-teacher ratio of about 12 students per teacher, just below the national average of 14. This ratio saw a significant drop to around 9 during 2020 and 2021, likely due to the pandemic's impact on school attendance and teacher availability. This trend could appeal to investors, real estate agents, and new families eyeing the area since smaller class sizes often mean more personalized attention for students. Additionally, this factor... Read more
Student-to-teacher ratio in Norman County, Minnesota over the last 10 years
Over the past decade, Norman County, Minnesota has generally maintained a student-to-teacher ratio fluctuating around 12 students per teacher, which is slightly below the national average of 14. Notably, there was a significant drop to approximately 9 students per teacher in 2020 and 2021, likely influenced by the pandemic's impact on school attendance and teacher availability. As a result, investors, real estate agents, and new families may find the area appealing due to smaller class sizes, suggesting more personalized attention per student. This lower ratio can also be a key factor for appraisers and insurance agents when considering the overall attractiveness and perceived quality of education in the region.
