Petroleum County Real Estate and Livability Trends
Petroleum County, Montana's real estate market has shown marked swings in median home values, from $78,600 in 2015 to a peak of $181,300 in 2019, before settling at $152,600 in 2022—contrasting predictable state and national trends. Coupled with fluctuations in farm tax returns and consistent predominance of principal residence mortgages, this signals a stable, resident-centric housing market... Read more
Petroleum County Market Trends
Petroleum County, Montana, has experienced significant volatility in median home values, swinging from $78,600 in 2015 to a high of $181,300 in 2019 before settling at $152,600 in 2022. This is in stark contrast to the more predictable growth trends observed nationally and statewide. Interestingly, the percentage of farm tax returns has fluctuated, peaking at 33.33% in 2018 but dropping to 28.26%... Read more
Median Value of Occupied Housing Units in Petroleum County, Montana Over the Last 8 Years
Petroleum County, Montana has seen significant volatility in its median home values over the past eight years. Starting at $78,600 in 2015, values peaked at $181,300 in 2019 before dipping to $119,000 in 2021 and recovering to $152,600 in 2022. This fluctuating trend contrasts sharply with the more consistent and steady increases observed on a national level and within Montana state, where 2022 median values reached $179,400 and $305,700 respectively. For those considering investing or relocating, Petroleum County presents unique opportunities and risks, especially compared to the more predictable growth patterns seen elsewhere.
Percentage of Farm Returns in Petroleum County, MT Over the Last 10 Years
Over the last decade, the percentage of farm tax returns in Petroleum County, Montana, has shown modest fluctuations ranging from approximately 28.26% to 33.33%. The largest spike occurred in 2018, reaching 33.33%, suggesting a potential increase in agricultural activity or reporting for that year. However, this was followed by a steady decline, with the lowest percentage in 2021 at about 28.26%. Farm tax returns are critical for assessing the economic health and activity of the agricultural sector within the county. These returns reflect the financial contributions of farming operations, which can influence local economic policies, investment opportunities, and real estate development. For those considering investment or relocation to Petroleum County, the trends in farm returns may indicate the stability and growth potential of the agricultural industry in the area.
Number of Mortgages by Occupancy Type in Petroleum County, MT Over the Last 5 Years in Petroleum County
Petroleum County, Montana, has seen varying mortgage counts by occupancy type over the last five years, with principal residences consistently leading the way. Notably, in 2021 and 2022, the numbers for principal residences surged to six, while second residence mortgages remained minimal and investment properties saw negligible activity. Such shifts in occupancy types could impact local housing dynamics, affecting everything from property values and insurance rates to community planning and real estate strategies. Investors and agents might find the dominance of principal residence mortgages indicative of a more stable, resident-centric market, contrasting with areas dominated by investment properties.
Economic Outlook
Recent fluctuations in average taxable income and total tax liability in Petroleum County, Montana, could significantly influence real estate investments, appraisals, and developments. With the highest taxable income at $45,243.48 in 2021 and notable dips to $36,060.00 and $35,775.00 in 2017 and 2019, these patterns may suggest economic shifts or changes in local employment. Additionally, spikes in tax liability, particularly in 2014 at $6,546.67 and a recent high in 2021 at $6,194.44, might... Read more
Average Taxable Income per Tax Return in Petroleum County, MT over the last 9 years
Over the past nine years, the average taxable income per tax return in Petroleum County, Montana has displayed notable fluctuations. Recently, there has been a growth trend, culminating in the highest average of $45,243.48 in 2021. However, the years 2017 and 2019 experienced notable dips to $36,060.00 and $35,775.00, respectively. This variability could impact real estate investments, appraisals, and property developments, possibly hinting at economic shifts or changes in local employment patterns. For anyone interested in the area, understanding these trends can provide insights into economic stability and growth prospects.
Average Total Tax Liability Per Tax Return in Petroleum County, MT Over the Last 10 Years
Petroleum County, Montana's average total tax liability per tax return over the past decade has shown considerable fluctuation. Notably, 2014 experienced a significant spike to $6,546.67, which stands out among the other years. More recently, 2021 saw another high at $6,194.44, suggesting a potential upward trend. These variations could hint at changing income levels or shifts in local economic conditions, making it important for investors, real estate agents, and insurance professionals to keep an eye on these financial indicators when considering their next move in this area.
Cost of Living in Petroleum County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,258 | $1,456 | $1,968 | $1,035 | $1,434 |
| 1 adult 4 children | $1,258 | $1,189 | $1,524 | $1,035 | $1,595 |
| 2 adults 3 children | $1,258 | $1,189 | $1,698 | $1,035 | $1,176 |
| 1 adult 3 children | $1,258 | $971 | $1,254 | $1,035 | $1,313 |
| 2 adults 2 children | $929 | $974 | $1,428 | $897 | $955 |
| 1 adult 2 children | $929 | $727 | $984 | $897 | $957 |
| 2 adults 1 child | $929 | $769 | $1,159 | $448 | $870 |
| 1 adult 1 child | $929 | $497 | $714 | $448 | $741 |
| 2 adults | $706 | $618 | $889 | $0 | $684 |
| 1 adult | $670 | $337 | $444 | $0 | $610 |
Demographics
Petroleum County, Montana shows a near-equal gender split among its adult population with slightly more males than females. Educational achievement highlights a majority holding high school diplomas or some college experience, but fewer residents with advanced degrees. The age distribution skews older, with significant percentages in the 45 to 64 age brackets, reflecting a community that may be aging. Racially, the county is predominantly White, with negligible representation from other racial... Read more
Race Distribution in Petroleum County, Montana (2022)
Educational Attainment in Petroleum County, Montana (2022)
Age Distribution in Petroleum County, Montana
Citizen Population in Petroleum County, Montana (2022)
Political Trends & Data
Petroleum County, Montana leans heavily towards the Republican party, with around 86% of votes favoring them in the most recent U.S. presidential election. Democrats garnered about 11%, while Libertarians held a minor 3% share. Such a dominant conservative preference could influence local policies and economic trends, potentially affecting real estate investment and development opportunities in the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Petroleum County, Montana showcased a significant lean towards the Republican party, with an estimated 86% of the votes. The Democratic party trailed considerably, capturing just around 11% of the vote share. Libertarians had a slight presence at about 3%, while the Green party and other candidates seemed to have negligible or no impact. This pattern might suggest a deeply entrenched preference for conservative politics within the county's electorate.
85.63% of voters voted for the Republican party in the 2020 Presidential Election
11.21% of voters voted for the Democrat party in the 2020 Presidential Election
3.16% of voters voted for the Livertarian party in the 2020 Presidential Election
School Data
Petroleum County, Montana has witnessed its student-to-teacher ratio drop from over nine students per teacher in 2014 to just under six in 2023, significantly lower than the national average of fourteen. This shift might signal strong community investment in education, which could make the area more attractive to families. For potential investors and real estate agents, this could indicate a stable and valuable community... Read more
Student-to-teacher ratio in Petroleum County, Montana over the last 10 years
Petroleum County, Montana has seen its student-to-teacher ratio drop markedly from just over nine students per teacher in 2014 to just under six in 2023. With a ratio consistently lower than the national average of fourteen, this trend suggests more personalized attention for students, potentially benefiting educational outcomes. For potential investors, homebuilders, real estate agents, and those considering moving to the area, such a low ratio may indicate strong community investment in education and a potentially appealing environment for families. Appraisers and insurance agents might also see this as a sign of community stability and value.
