Wake County Real Estate and Livability Trends
Wake County, North Carolina has seen a noteworthy rise in average taxable income per tax return, climbing from $73,715.28 in 2013 to $117,608.74 in 2021. Home prices have also surged, from $234,000 in 2015 to $385,700 in 2022, outpacing both state and national averages, and reflecting growing demand and rising property values. The average total tax liability per tax return increased from... Read more
Wake County Market Trends
Home prices in Wake County, North Carolina have surged from $234,000 in 2015 to a notable $385,700 in 2022, outpacing both state and national averages. With real estate taxes rising from $2,970.49 in 2012 to $5,114.12 in 2021, this trend underscores the region's growing property values and demand. Meanwhile, fluctuations in the residential energy tax credit, peaking at $3,258.77 in 2018, hint at... Read more
Median Value of Occupied Housing Units in Wake County, North Carolina Over the Last 8 Years
Home prices in Wake County, North Carolina have surged impressively over the past eight years. Starting at $234,000 in 2015, the median value experienced a steady climb, peaking at $385,700 in 2022. This growth outpaces both state and national averages, where North Carolina saw a rise from $154,900 to $234,900, and the national median home value increased from $125,500 to $179,400 in the same period. For investors and prospective homeowners, Wake County's robust market signals strong demand and an attractive investment opportunity in comparison to broader regional and national trends.
Residential Energy Tax Credit Per Tax Return in Wake County, NC Over the Last 9 Years
Wake County, North Carolina has seen notable fluctuations in the average residential energy tax credit per tax return over the past nine years. Peaks were observed in 2018 ($3,258.77) and 2019 ($1,543.03), suggesting potential spikes in energy-efficient home installations or retrofits during those years. While there was a noticeable dip in 2016 ($473.16), the general upward trend since then could hint at increasing investments in energy-saving home improvements. These trends might be of interest to real estate agents, investors, and homeowners looking to capitalize on potential tax savings and property value increases associated with energy-efficient upgrades.
Average Real Estate Taxes Per Tax Return in Wake County, NC Over the Last 10 Years
Over the past decade, real estate taxes per tax return in Wake County, North Carolina, have shown a significant upward trend, growing from around $2,970.49 in 2012 to roughly $5,114.12 in 2021. The most notable increases occurred between 2017 and 2019, suggesting a potential correlation with rising property values during that period. This consistent rise in tax dues is particularly insightful for investors, real estate developers, and insurance agents as it reflects the growing value and demand for properties in the region, which can impact future appraisals and investment returns. Current and prospective residents should also be aware of this trend as it hints at increasing costs associated with property ownership in Wake County.
Percentage of Farm Returns in Wake County, NC Over the Last 10 Years
Wake County, North Carolina has seen a gradual decline in farm tax returns over the past decade, dropping from roughly 0.32% in 2012 to about 0.21% in 2021. This trend may indicate a shift away from agricultural activities, which could be meaningful for those considering investments or property development. Decreasing farm returns suggest that the area might be transitioning towards more urban or suburban land uses, potentially increasing opportunities for residential and commercial development. For potential investors and residents, this could signify a move towards modernization and growth, influencing land values and the economic landscape of the county.
Number of Mortgages by Occupancy Type in Wake County, NC Over the Last 5 Years in Wake County
Wake County, North Carolina, has seen fluctuations in the number of mortgages across different occupancy types over the past five years. While principal residences consistently dominate the mortgage market, the count for investment properties surged substantially in 2021, reaching 9,140, compared to a lower 6,102 in 2020. Conversely, second residences have relatively minor but steady figures. These changes in occupancy type might pique investor interest as they hint at shifting market dynamics and investment opportunities. For appraisers and insurance agents, understanding these trends could refine property valuation methods and risk assessments, respectively. Moreover, for those planning to build or move in, the trend underscores the county's evolving demand for primary homes, potential investor activity, and a stable yet limited desire for secondary homes.
Economic Outlook
Wake County, North Carolina, has seen a consistent rise in its average taxable income per tax return, jumping from $73,715.28 in 2013 to $117,608.74 in 2021. This trend could hint at a thriving economic landscape, possibly increasing property values and attracting affluent residents. The average state and local income taxes per tax return have also increased, from $8,429.19 in 2012 to over $15,000 in 2021, perhaps indicating economic growth or tax policy shifts. Likewise, the average total tax... Read more
Average Taxable Income per Tax Return in Wake County, NC over the last 9 years
The average taxable income per tax return in Wake County, North Carolina, has shown a consistent upward trend over the past nine years, rising from approximately $73,715.28 in 2013 to around $117,608.74 in 2021. This significant increase suggests a robust economic environment, making it an attractive region for potential investors and real estate developers. Additionally, for appraisers and insurance agents, the growing income levels could indicate higher property values and a more affluent resident base. This trend could be a signal for growing prosperity in Wake County, appealing to those considering moving to or doing business in the area.
Average State and Local Income Taxes Per Tax Return in Wake County, NC Over the Last 10 Years
In Wake County, North Carolina, over the past decade, there's been a notable upward trend in average state and local income taxes per tax return, particularly in recent years. From $8,429.19 in 2012, the average amount gradually increased, surpassing $15,000 by 2021. This sharp rise could indicate robust economic growth, increased income levels, or shifts in tax policies. For investors or real estate agents, these trends might suggest an evolving affluence in the area, potentially affecting property values and investment returns. For appraisers and insurance agents, this data might imply changing demographics and a need for adjusted valuations and coverage.
Average Total Tax Liability Per Tax Return in Wake County, NC Over the Last 10 Years
In Wake County, North Carolina, over the last decade, there has been a notable increase in the average total tax liability per tax return, rising from approximately $13,318.56 in 2012 to around $22,796.52 in 2021. This upward trend suggests a growing economic landscape that could be of interest to investors, real estate agents, and those considering relocation. However, the spike in 2021 stands out, potentially indicating changes in the tax structure or significant economic growth, factors worth further investigation for anyone engaged in property development, appraisals, or insurance within the county.
Cost of Living in Wake County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,818 | $1,665 | $1,681 | $1,760 | $1,852 |
| 1 adult 4 children | $1,818 | $1,360 | $1,283 | $1,760 | $1,977 |
| 2 adults 3 children | $1,818 | $1,360 | $1,459 | $1,760 | $1,580 |
| 1 adult 3 children | $1,818 | $1,110 | $1,062 | $1,760 | $1,719 |
| 2 adults 2 children | $1,481 | $1,113 | $1,238 | $1,552 | $1,272 |
| 1 adult 2 children | $1,481 | $832 | $840 | $1,552 | $1,316 |
| 2 adults 1 child | $1,481 | $880 | $1,016 | $876 | $1,086 |
| 1 adult 1 child | $1,481 | $568 | $619 | $876 | $1,000 |
| 2 adults | $1,311 | $707 | $795 | $0 | $858 |
| 1 adult | $1,273 | $386 | $397 | $0 | $771 |
Safety trends & Data
Wake County, North Carolina has seen fluctuating property crime trends over the past five years, with Larceny - Theft consistently high, peaking at 1,584 incidents in 2022. Burglary saw a dip in 2019 to just 162 cases but rose to 257 by 2022. Interestingly, Arson reached its highest in 2022 with 9 cases. Embezzlement hit a low of 33 in 2019 before increasing to 61 in 2022. These crime trends are crucial for stakeholders evaluating the region's stability and... Read more
Property Crime Trends in Wake County, NC Over the Last 5 Years
Over the past five years, Wake County, North Carolina has seen fluctuating trends in property crime. While Larceny - Theft remains consistently high, peaking at 1,584 incidents in 2022, Burglary saw a notable decrease in 2019 with just 162 cases but climbed back to 257 in 2022. Interestingly, Arson had its highest incidence in 2022 with 9 reported cases. Meanwhile, categories like Embezzlement and Fraud also show variability, with Embezzlement reaching a low of 33 in 2019 before increasing to 61 in 2022. These trends are essential for stakeholders considering the stability and safety of this region.
Demographics
Wake County's adult population leans slightly female, and the age distribution indicates a significant concentration of residents in the 25-44 age range, hinting at a vibrant, working-age populace. Educational attainment trends show a high level of post-secondary education, with a considerable portion holding bachelor's and graduate degrees, perhaps reflecting a well-educated workforce. Racial diversity includes substantial White and Black communities, alongside a notable Asian presence,... Read more
Race Distribution in Wake County, North Carolina (2022)
Educational Attainment in Wake County, North Carolina (2022)
Age Distribution in Wake County, North Carolina
Citizen Population in Wake County, North Carolina (2022)
Political Trends & Data
Wake County, North Carolina, possibly showed a significant tilt towards the Democratic Party in the 2020 U.S. Presidential Election, with about 62% of votes favoring the Democratic candidate. Republicans captured around 36%, while third parties secured a minimal portion. This could indicate shifting voter demographics or broader statewide... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Wake County in North Carolina potentially leaned Democratic in the 2020 U.S. Presidential Election, with around 62% of the vote going to the Democratic candidate. Republicans garnered approximately 36%, while Libertarians and Green Party candidates collectively had a minor share. These trends might reflect broader statewide shifts or specific local demographic changes in voter preferences.
35.80% of voters voted for the Republican party in the 2020 Presidential Election
62.25% of voters voted for the Democrat party in the 2020 Presidential Election
1.19% of voters voted for the Livertarian party in the 2020 Presidential Election
0.26% of voters voted for the Green party in the 2020 Presidential Election
0.50% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the past decade, Wake County, North Carolina, has seen a slight decrease in the student-to-teacher ratio, starting at 15 students per teacher in 2014, peaking at 16 in 2019, and settling back to around 15 in 2023. This trend towards lower ratios can imply better individual attention for students, potentially boosting educational outcomes and property values. For investors and families, these changes could be a key consideration when evaluating the local real estate... Read more
Student-to-teacher ratio in Wake County, North Carolina over the last 10 years
Over the past decade, Wake County, North Carolina, has seen the student-to-teacher ratio fluctuate slightly but with a general trend toward a slight decrease. Starting at 15 students per teacher in 2014, the ratio peaked at 16 in 2019 before falling to around 15 in recent years, settling at around 15 in 2023, which aligns more closely with the national average of 14 students per teacher. These changes in student-to-teacher ratios can be significant for prospective investors, real estate agents, and families considering moving to the area, as lower ratios often suggest better individual attention for students, potentially improving educational outcomes and, subsequently, property values. For appraisers and insurance agents, understanding these trends could help in making more accurate assessments of local market conditions.
