Red Lake County Real Estate and Livability Trends
Red Lake County, Minnesota has seen a gradual increase in average taxable income, rising from $50,814.58 in 2013 to $64,054.17 in 2021, which might indicate an improving economic climate that could attract real estate development. Despite fluctuating state and local income taxes, with a notable spike to $8,933.33 in 2019, the rise in total tax liability from $6,764.58 in 2020 to $8,169.43 in 2021... Read more
Red Lake County Market Trends
Red Lake County, Minnesota, has seen its median home values climb from $97,800 in 2015 to $150,700 in 2022, still well below the state and national medians, hinting at affordable investment opportunities. Residential energy tax credits here have varied but generally increased, showing around $266.67 in 2020, which could appeal to eco-conscious buyers. Real estate taxes have trended upward from... Read more
Median Value of Occupied Housing Units in Red Lake County, Minnesota Over the Last 8 Years
Red Lake County, Minnesota, has seen a steady increase in median home values over the past eight years, with a jump from $97,800 in 2015 to $150,700 in 2022. This growth trajectory, while notable, still places the county's housing market significantly below Minnesota's statewide median of $286,800 and the national median of $179,400 in 2022. This disparity suggests that Red Lake County may present more affordable investment opportunities compared to broader state and national markets, making it an intriguing option for potential homebuyers or property investors looking for value in a less competitive market.
Residential Energy Tax Credit Per Tax Return in Red Lake County, MN Over the Last 5 Years
Residential energy tax credits in Red Lake County, Minnesota have shown variability over the past five years. In 2013, the average credit per tax return was $180.00, increasing to $250.00 in 2015 before dropping back to $200.00 in 2016. By 2020, the average credit saw a significant rise to around $266.67. This sporadic but generally rising trend suggests potential for growing incentives related to energy-efficient home improvements, which may attract environmentally conscious buyers and investors to the area.
Average Real Estate Taxes Per Tax Return in Red Lake County, MN Over the Last 9 Years
Red Lake County, Minnesota has seen fluctuating average real estate taxes per tax return over the last nine years, with a notable upward trend. From $1,683.33 in 2012 to a high of $2,433.33 in 2018, the increase suggests rising property values and potential growth in the region. This information could be crucial for real estate agents and appraisers assessing market trends, as well as for potential investors, homeowners, and insurance agents who need to factor these tax implications into their financial planning.
Percentage of Farm Returns in Red Lake County, MN Over the Last 10 Years
Over the last decade, the percentage of farm tax returns in Red Lake County, Minnesota has shown a slight decline, starting at 15.03% in 2012 and dipping to 13.78% in 2021. Farm tax returns are a key indicator of agricultural activity in the area, reflecting both the number of farming entities and their economic health. This decreasing trend might suggest challenges within the local agriculture sector, potentially impacting land values and long-term investments. Investors and potential residents might consider these figures when evaluating the viability of agricultural ventures or the overall economic outlook of the county.
Number of Mortgages by Occupancy Type in Red Lake County, MN Over the Last 5 Years in Red Lake County
In Red Lake County, Minnesota, the number of mortgages for principal residences has seen fluctuations, peaking in 2021 at 128 before dropping to 56 in 2022. Investment property mortgages have remained relatively low, with a high of 7 in 2021. The count for second residence mortgages is minimal, never exceeding 2 annually. These shifts may impact local housing demand and pricing metrics, with lower mortgage volumes potentially signaling a market cooling or shifting buyer priorities. Real estate agents, investors, and appraisers should monitor these trends for strategic insights. Insurance agents may also consider these patterns for risk assessments and policy pricing.
Economic Outlook
Red Lake County, Minnesota has shown a gradual rise in average taxable income per tax return, growing from around $50,814.58 in 2013 to just over $64,054.17 by 2021. This upward trend could signal an improving economic environment, potentially making the area more attractive for real estate development. However, the fluctuating state and local income taxes, which spiked to $8,933.33 in 2019, and a rising total tax liability, which jumped from $6,764.58 in 2020 to $8,169.43 in 2021, may impact... Read more
Average Taxable Income per Tax Return in Red Lake County, MN over the last 9 years
Over the past nine years, Red Lake County, Minnesota has exhibited a generally upward trend in average taxable income per tax return. Starting at roughly $50,814.58 in 2013, the average taxable income saw a modest rise, landing just over $64,054.17 by 2021. This growth suggests a gradual economic improvement, which could indicate a more favorable environment for investment and real estate development. Such a trend might also hint at increasing affluence amongst residents, potentially attracting more businesses and services to the area, likely impacting appraisals, insurance rates, and housing market dynamics.
Average State and Local Income Taxes Per Tax Return in Red Lake County, MN Over the Last 10 Years
Over the past decade, average state and local income taxes per tax return in Red Lake County, Minnesota have seen significant fluctuations, with a notable spike to $8,933.33 in 2019. Meanwhile, values have generally hovered between $5,200.00 and $6,841.00, with occasional rises and dips. This volatility in tax rates could impact the financial planning of both current residents and potential investors, making it a point to consider for those evaluating the county's economic stability and taxation policies.
Average Total Tax Liability Per Tax Return in Red Lake County, MN Over the Last 10 Years
Over the past decade, Red Lake County, Minnesota has experienced some fluctuations in average total tax liability per tax return, generally trending upward with a significant rise in 2021. The liability saw a marked increase from $6,764.58 in 2020 to $8,169.43 in 2021. This steady climb could signal a growing economy or changes in local tax policies. These patterns might be crucial for new investors, prospective residents, appraisers, insurance agents, and real estate professionals to consider when evaluating the financial landscape and fiscal health of the county.
Cost of Living in Red Lake County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,174 | $1,375 | $1,802 | $1,234 | $1,255 |
| 1 adult 4 children | $1,174 | $1,123 | $1,404 | $1,234 | $1,466 |
| 2 adults 3 children | $1,174 | $1,124 | $1,551 | $1,234 | $1,036 |
| 1 adult 3 children | $1,174 | $917 | $1,153 | $1,234 | $1,222 |
| 2 adults 2 children | $826 | $920 | $1,299 | $1,076 | $844 |
| 1 adult 2 children | $826 | $687 | $901 | $1,076 | $867 |
| 2 adults 1 child | $826 | $727 | $1,048 | $564 | $779 |
| 1 adult 1 child | $826 | $470 | $650 | $564 | $691 |
| 2 adults | $628 | $584 | $796 | $0 | $644 |
| 1 adult | $552 | $319 | $398 | $0 | $544 |
Safety trends & Data
Red Lake County, Minnesota has experienced notable shifts in property crime rates over the past five years. Fraud saw a significant drop from 18.0 cases in 2018 to just 1.0 by 2020, while Larceny-Theft peaked in 2019 with 12.0 cases, subsequently declining. Burglary has remained relatively stable with minimal yearly changes, and motor vehicle thefts have consistently stayed low, indicating a potentially safer environment. These trends could be valuable for investors, insurance agents, and real... Read more
Property Crime Trends in Red Lake County, MN Over the Last 5 Years
Over the past five years, Red Lake County, Minnesota has seen fluctuating property crime rates. Notably, 2018 reported higher incidents of fraud at 18.0 cases, which decreased to 1.0 by 2020. Larceny-Theft peaked in 2019 with 12.0 cases but dropped significantly in subsequent years. Burglary has remained relatively low, with only minor yearly variations. Interestingly, instances of motor vehicle theft have been consistently minimal, suggesting a potential area of lower risk. For investors, insurance agents, and real estate professionals, these trends can offer valuable insights into the evolving safety and security landscape of the area.
Demographics
Red Lake County, Minnesota, showcases a relatively balanced gender distribution among adults, with males making up a slightly higher proportion than females. Educational attainment varies, with a significant portion completing high school, while advanced degrees are less common. The age distribution hints at an aging population, particularly strong in the 55-64 and 65-74 year categories. Racially, the county is predominantly White, with very small representations from other races, notably no... Read more
Race Distribution in Red Lake County, Minnesota (2022)
Educational Attainment in Red Lake County, Minnesota (2022)
Age Distribution in Red Lake County, Minnesota
Citizen Population in Red Lake County, Minnesota (2022)
Political Trends & Data
Red Lake County in Minnesota potentially leans heavily Republican, with approximately 66% of the vote in the 2020 U.S. Presidential Election. Democrats garnered about 31%, while third parties collectively accounted for only a small fraction. This distribution might indicate a strong conservative presence, though the small percentages for third parties could suggest minimal but diverse political... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Red Lake County in Minnesota potentially leans heavily Republican with approximately 66% of the vote in the 2020 U.S. Presidential Election. Democrats garnered about 31%, while third parties like the Libertarians, Green Party, and others collectively accounted for a small fraction of the vote. This distribution might indicate a strong conservative presence in the area, though the small percentages for third parties could suggest minimal but diverse political engagement.
66.21% of voters voted for the Republican party in the 2020 Presidential Election
31.47% of voters voted for the Democrat party in the 2020 Presidential Election
0.82% of voters voted for the Livertarian party in the 2020 Presidential Election
0.32% of voters voted for the Green party in the 2020 Presidential Election
1.18% of voters voted for the Other party in the 2020 Presidential Election
School Data
Red Lake County, Minnesota, has experienced varying student-to-teacher ratios over the last decade, hitting a low of 10 in 2019 and peaking at nearly 13 in 2021, while the national average is 14. These smaller class sizes might mean more personalized education, possibly impacting property values and demand as families and investors consider the quality of education. This knowledge is crucial for insurance agents and appraisers for risk assessments and valuations linked to community dynamics and... Read more
Student-to-teacher ratio in Red Lake County, Minnesota over the last 10 years
The student-to-teacher ratio in Red Lake County, Minnesota, has seen fluctuations over the past decade, with a notable low of 10 in 2019 and a peak of nearly 13 in 2021. When compared to the national average of 14 students per teacher, Red Lake County generally enjoys smaller class sizes, potentially leading to more individualized attention for students. These shifts could be important for real estate investors, builders, and families considering relocation, as smaller class sizes are often associated with higher quality education and may affect property values and demand in the region. For insurance agents and appraisers, understanding these trends could impact risk assessments and valuations due to potential shifts in community demographics and school funding.
