Cape May County Real Estate and Livability Trends
Cape May County, New Jersey, has seen a surge in average taxable incomes, from around $56,474.92 in 2013 to $94,018.92 in 2021, signaling robust economic growth attractive to investors. Median home values also rose from $299,700 in 2015 to $372,300 in 2022, though still trailing slightly behind the state average. Education quality improvements, evidenced by a drop in the student-to-teacher ratio... Read more
Cape May County Market Trends
Cape May County, New Jersey's median home values generally saw steady growth over the past eight years, reaching $372,300 in 2022 from $299,700 in 2015. While this increase slightly lags behind New Jersey's average, which reached $401,400 in 2022, it's still ahead of the national growth rate, suggesting a strong local housing market. Real estate taxes per tax return also climbed, rising from... Read more
Median Value of Occupied Housing Units in Cape May County, New Jersey Over the Last 8 Years
Cape May County, New Jersey's median home values generally saw a steady rise over the past eight years, topping out at an impressive $372,300 in 2022 from $299,700 in 2015. This growth pattern, while consistent, tends to lag slightly behind New Jersey's state-level increase, which reached $401,400 in 2022, up from $315,900 in 2015. Nationally, the median home value grew from $125,500 in 2015 to $179,400 in 2022. Despite the county's slower growth compared to state figures, its increase outpaces the national rate, suggesting a strong local real estate market. This trend could mean higher returns for investors and a competitive market for buyers.
Residential Energy Tax Credit Per Tax Return in Cape May County, NJ Over the Last 9 Years
Cape May County, New Jersey has seen a significant uptick and fluctuations in residential energy tax credits over the past nine years. From 2013 to its peak in 2018, the average credit per tax return rose from approximately $330.22 to $3721.21. This sharp increase may suggest growing investments in energy-efficient improvements among residents. Though the figures dipped in subsequent years, from $1876.00 in 2019 to $1113.59 in 2020, it stabilized slightly at $1582.05 in 2021. Such trends could be intriguing for those looking to invest or build in the county, hinting at an increasing valuation of energy-efficient properties.
Average Real Estate Taxes Per Tax Return in Cape May County, NJ Over the Last 10 Years
Cape May County, New Jersey has seen a notable increase in real estate taxes per tax return over the past decade, with average taxes rising from $5,356.10 in 2012 to $7,860.51 in 2021. This upward trend could indicate a shift in the local economy and property markets, potentially driving higher property valuations and insurance rates. For prospective investors, real estate professionals, and current residents, this trend suggests a changing landscape in terms of cost and market dynamics. Analysts and appraisers might surf this data to predict future tax implications and property value trajectories, making it crucial for decision-making and financial planning.
Percentage of Farm Returns in Cape May County, NJ Over the Last 10 Years
Farm tax returns in Cape May County, New Jersey have seen minimal fluctuation over the last decade, ranging from about 0.26% to 0.30%. These figures suggest relative stability in the agricultural sector here, which may signal low risk for farmland investments. This consistency might attract individuals interested in building property or relocating to a region with a steady farming community.
Number of Mortgages by Occupancy Type in Cape May County, NJ Over the Last 5 Years in Cape May County
The mortgage counts in Cape May County, New Jersey, indicate fluctuating trends over the past five years, with the number of principal residence and second residence mortgages generally higher than those for investment properties. Notably, the volume of second residence mortgages peaked in 2020 and then sharply declined in subsequent years, suggesting potential shifts in market dynamics or buyer priorities. Changes in occupancy type matter as they can impact everything from property values to local economic stability. For investors, this could signal varying levels of rental demand or investment opportunities, while potential homeowners and real estate agents might see changes in buying patterns. For insurance agents and appraisers, understanding these trends can help in more accurately assessing risk and property values, respectively.
Economic Outlook
Cape May County, New Jersey, has shown a notable rise in average taxable income per tax return, from approximately $56,474.92 in 2013 to about $94,018.92 in 2021. This trend likely appeals to potential investors and real estate agents due to the area's economic growth and potential property value increases. Additionally, significant increases in average state and local income taxes—from $5,940.06 in 2012 to $15,582.31 in 2021—might influence financial planning and the perceived cost of... Read more
Average Taxable Income per Tax Return in Cape May County, NJ over the last 9 years
Cape May County, New Jersey, has seen a consistent rise in average taxable income per tax return over the past nine years, starting at approximately $56,474.92 in 2013 and peaking at roughly $94,018.92 in 2021. This trend may catch the interest of potential investors and real estate agents, as it suggests gradual economic growth and possibly increasing property values. For insurance agents and appraisers, the upward shift could imply a changing risk profile and adjustments in property valuations. This steady income increase also indicates a healthier local economy, which might appeal to those considering a move to the area.
Average State and Local Income Taxes Per Tax Return in Cape May County, NJ Over the Last 10 Years
The past decade in Cape May County, New Jersey, saw a notable upward trend in average state and local income taxes per tax return, starting at $5,940.06 in 2012 and climbing to $15,582.31 by 2021. Particularly sharp increases are evident from 2018 onwards, potentially impacting financial planning for new residents or investors eyeing the area. Those in real estate and insurance should consider these escalating tax burdens when advising clients on the cost of living and overall investment viability.
Average Total Tax Liability Per Tax Return in Cape May County, NJ Over the Last 10 Years
Over the past decade, Cape May County, New Jersey has seen a consistent increase in the average total tax liability per tax return. Starting from $9,595.71 in 2012, the liability has risen sharply to $17,104.46 in 2021, highlighting a nearly 80% jump. This upward trend may signal a strengthening local economy or changes in tax policies, both of which could impact property values and living costs. For potential investors or people considering moving to the area, understanding these shifts is crucial for financial planning and long-term investment strategies.
Cost of Living in Cape May County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,925 | $1,741 | $1,838 | $2,064 | $1,950 |
| 1 adult 4 children | $1,925 | $1,422 | $1,396 | $2,064 | $2,046 |
| 2 adults 3 children | $1,925 | $1,423 | $1,600 | $2,064 | $1,665 |
| 1 adult 3 children | $1,925 | $1,161 | $1,157 | $2,064 | $1,762 |
| 2 adults 2 children | $1,551 | $1,164 | $1,361 | $1,793 | $1,278 |
| 1 adult 2 children | $1,551 | $870 | $919 | $1,793 | $1,308 |
| 2 adults 1 child | $1,551 | $920 | $1,123 | $911 | $1,019 |
| 1 adult 1 child | $1,551 | $594 | $681 | $911 | $922 |
| 2 adults | $1,178 | $739 | $885 | $0 | $748 |
| 1 adult | $1,046 | $403 | $442 | $0 | $611 |
Safety trends & Data
Cape May County, New Jersey, has seen fluctuating property crime trends over the past five years. Notably, Larceny - Theft spiked dramatically from 233 incidents in 2018 to 658 in 2022. Burglary numbers also had their ups and downs, reaching a low of 31 in 2021 before slightly increasing to 42 in 2022. Motor Vehicle Theft peaked in 2020 with 17 cases but generally stayed low overall. Meanwhile, Fraud incidents more than doubled in 2022 compared to previous years. For real estate and property... Read more
Property Crime Trends in Cape May County, NJ Over the Last 5 Years
Cape May County, New Jersey, has experienced shifting trends in property crimes over the past five years. The most notable change is a significant spike in Larceny - Theft, jumping from 233 incidents in 2018 to 658 in 2022. Burglary numbers have fluctuated, seeing a decline from 70 incidents in 2018 to a low of 31 in 2021, before rising slightly to 42 in 2022. Motor Vehicle Theft incidents peaked in 2020 with 17 cases but have generally remained low. Interestingly, Fraud incidents remained relatively low until 2022 when they more than doubled compared to the previous years. For those in real estate and property development, understanding these patterns could be crucial for making informed decisions about investment, security measures, and insurance assessments.
Demographics
Cape May County in New Jersey has a noticeable gender balance with a slight tilt towards females. Educational attainment shows a mixed spectrum, with a significant portion holding a high school diploma, some college, or a bachelor's degree, although a notable number have not completed high school. Age distribution data suggests an older demographic, particularly with a higher percentage in the 55 to 74 years range, which potentially reflects on both social services and healthcare needs. Racial... Read more
Race Distribution in Cape May County, New Jersey (2022)
Educational Attainment in Cape May County, New Jersey (2022)
Age Distribution in Cape May County, New Jersey
Citizen Population in Cape May County, New Jersey (2022)
Political Trends & Data
Cape May County, New Jersey, appears to have tended toward the Republican side in the 2020 U.S. Presidential Election, possibly pulling in about 57% of the vote compared to the Democrats' 41%. Third parties, including Libertarian and Green Party, seemingly played a negligible role. This predominantly two-party dynamic could influence local real estate trends, as certain political inclinations might affect property values and community... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Cape May County in New Jersey might have leaned Republican in the 2020 U.S. Presidential Election with approximately 57% of the vote. Democrats trailed with around 41%, while Libertarian and Green Party candidates, as well as other parties, accounted for marginal percentages. This could indicate a largely two-party system within this county, with third parties rarely making a significant impact.
57.45% of voters voted for the Republican party in the 2020 Presidential Election
41.48% of voters voted for the Democrat party in the 2020 Presidential Election
0.54% of voters voted for the Livertarian party in the 2020 Presidential Election
0.24% of voters voted for the Green party in the 2020 Presidential Election
0.28% of voters voted for the Other party in the 2020 Presidential Election
School Data
The student-to-teacher ratio in Cape May County, New Jersey, has steadily decreased from about 11 students per teacher in 2014 to just under 10 in 2023, making it lower than the national average of 14. This improvement suggests efforts to enhance education quality, potentially attracting families and homebuyers looking for areas with better schooling. For real estate investors and builders, lower ratios might point to a more appealing community, possibly contributing to a stable demand for... Read more
Student-to-teacher ratio in Cape May County, New Jersey over the last 10 years
The student-to-teacher ratio in Cape May County, New Jersey, has consistently decreased over the past decade, from about eleven students per teacher in 2014 to just under ten in 2023. This trend might be indicative of efforts to improve the quality of education by decreasing class sizes, making it more appealing for families considering relocating to the area. Compared to the national average of fourteen students per teacher, Cape May County generally offers more individualized attention, which could be an attractive attribute for prospective homebuyers, real estate investors, or those looking to build new properties. For appraisers and insurance agents, these lower ratios could potentially indicate a more stable and appealing community infrastructure.
