Essex County Real Estate and Livability Trends
In Essex County, New Jersey, the real estate market has experienced notable home value increases, climbing from $356,600 in 2015 to $466,500 in 2022, outpacing state and national trends. This growth aligns with the county's rising taxable income, peaking at $115,872.59 in 2021, and an increase in state and local income taxes, suggesting a more affluent population and premium real estate... Read more
Essex County Market Trends
The real estate market in Essex County, New Jersey, has seen a substantial rise in home values, increasing from $356,600 in 2015 to $466,500 in 2022, surpassing both state and national trends. The region's real estate taxes have also climbed steadily over the past decade, from roughly $11,369.93 in 2012 to around $15,768.37 in 2021, which could influence buyer and investor decisions. The uptick... Read more
Median Value of Occupied Housing Units in Essex County, New Jersey Over the Last 8 Years
The median home values in Essex County, New Jersey have demonstrated a steady upward trend from $356,600 in 2015 to $466,500 in 2022. This regional growth outpaced the state of New Jersey, which saw an increase from $315,900 to $401,400 over the same period, and significantly exceeded the national median, which rose from $125,500 to $179,400. These patterns suggest a more dynamic real estate market in Essex County, potentially offering stronger investment returns and robust property value appreciation for homeowners and investors.
Residential Energy Tax Credit Per Tax Return in Essex County, NJ Over the Last 9 Years
Over the past nine years, the average residential energy tax credit per tax return in Essex County, New Jersey has shown significant fluctuations. Notably, there was a sharp increase in 2017, jumping from approximately $591.97 in 2016 to $915.06, and an even more dramatic rise to $3,103.13 in 2018. This uptick suggests potential incentives or increased awareness of energy-efficient improvements among homeowners. Despite some variability, the overall trend points toward growing benefits for those investing in energy-efficient properties. For real estate professionals, appraisers, and insurance agents, this evolving financial landscape underscores the importance of considering energy efficiency in property valuations and client advisories.
Average Real Estate Taxes Per Tax Return in Essex County, NJ Over the Last 10 Years
Real estate taxes per tax return in Essex County, New Jersey have consistently increased over the past decade, from approximately $11,369.93 in 2012 to around $15,768.37 in 2021. This gradual rise suggests a climbing tax burden which might impact decisions for potential homeowners, investors, and real estate professionals. Notably, there's been a marked uptick beginning in 2017, possibly indicating economic or policy shifts within the county. Keeping an eye on these trends is essential for anyone engaged in the local property market.
Percentage of Farm Returns in Essex County, NJ Over the Last 10 Years
In Essex County, New Jersey, the percentage of farm returns over the past decade has fluctuated between 0.02% and 0.02%, indicating a generally low yet slightly variable agricultural presence. Farm tax returns can be a useful indicator of agricultural activity and economic health in rural areas, and in Essex County, these figures might suggest a niche but consistently present farming sector. Investors, potential residents, and developers looking at this county may see relatively stable but small agricultural investments as part of the broader economic landscape.
Number of Mortgages by Occupancy Type in Essex County, NJ Over the Last 5 Years in Essex County
Over the last five years in Essex County, New Jersey, there is a noticeable dominance of principal residence mortgages, peaking significantly in 2021 with over 44,000 loans. Investment property mortgages show a modest fluctuating trend, while second residence mortgages remain consistently low. For investors, shifts towards more principal residences could indicate a stable family-oriented market. Developers and real estate agents might see opportunities in catering to homeowners rather than transient populations. Appraisers and insurance agents would likely factor these trends into valuation and risk assessments, ensuring they address the most active segments for accurate service provision.
Economic Outlook
Essex County, New Jersey has observed a steady rise in average taxable income, peaking at $115,872.59 in 2021. The significant climb in state and local income taxes, from roughly $13,843.04 in 2012 to $34,059.05 in 2021, alongside a sharp increase in total tax liability, could point to broader economic growth. These trends might indicate a growing affluent population, creating a ripe environment for premium real estate opportunities and lucrative development projects. Investors, real estate... Read more
Average Taxable Income per Tax Return in Essex County, NJ over the last 9 years
Essex County, New Jersey has generally seen an upward trend in average taxable income per tax return over the past nine years, with a notable spike in 2021 reaching $115,872.59. The income has grown steadily, especially after 2017, providing an encouraging sign for investors and appraisers gauging economic health. Real estate agents and insurance agents can likely use this data to underscore growing affluence, which could drive demand for premium housing and insurance products. For those looking to build property, this indicates potential for lucrative development opportunities.
Average State and Local Income Taxes Per Tax Return in Essex County, NJ Over the Last 10 Years
Over the past decade, Essex County, New Jersey has witnessed a notable surge in average state and local income taxes per tax return. This metric, which started at approximately $13,843.04 in 2012, climbed dramatically to $34,059.05 by 2021. The steepest increases occurred post-2017, when the average jumped from around $15,703.17 to $21,820.84 in 2018 and continued to rise sharply. These trends could signify changing economic conditions, policy shifts, or evolving income levels in the county, influencing decisions for investors, potential residents, and real estate stakeholders.
Average Total Tax Liability Per Tax Return in Essex County, NJ Over the Last 10 Years
Essex County, New Jersey has seen a noticeable upward trend in average total tax liability per tax return over the past decade, peaking significantly at $26,645.79 in 2021. These fluctuations and increases could be of particular interest to investors, real estate agents, and prospective homeowners as they might reflect economic growth and rising property values. Insurance agents and appraisers may also find this data useful when estimating risk and market value, respectively. Those in the building and development sectors might see this as indicative of a robust economic environment with potential for profitable ventures.
Cost of Living in Essex County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,889 | $1,769 | $1,790 | $1,724 | $1,665 |
| 1 adult 4 children | $1,889 | $1,445 | $1,359 | $1,724 | $1,761 |
| 2 adults 3 children | $1,889 | $1,446 | $1,558 | $1,724 | $1,389 |
| 1 adult 3 children | $1,889 | $1,180 | $1,127 | $1,724 | $1,497 |
| 2 adults 2 children | $1,488 | $1,183 | $1,326 | $1,506 | $1,076 |
| 1 adult 2 children | $1,488 | $884 | $895 | $1,506 | $1,063 |
| 2 adults 1 child | $1,488 | $935 | $1,094 | $798 | $916 |
| 1 adult 1 child | $1,488 | $604 | $663 | $798 | $800 |
| 2 adults | $1,240 | $751 | $862 | $0 | $732 |
| 1 adult | $1,046 | $410 | $431 | $0 | $601 |
Safety trends & Data
Essex County, New Jersey, has experienced notable shifts in property crime over the past five years, influencing local real estate markets. While larceny-theft and fraud incidents peaked in 2019 with 1,544 and 1,652 cases, respectively, dramatic reductions occurred by 2021. Burglary incidents saw a significant drop from 376 in 2018 to 134 in 2021, signaling possibly effective law enforcement. However, motor vehicle theft increased to 111 incidents in 2022 from just 44 in 2020, highlighting... Read more
Property Crime Trends in Essex County, NJ Over the Last 5 Years
Essex County, New Jersey has seen significant fluctuations in property crimes over the past five years. Notably, larceny-theft and fraud were consistently high, peaking in 2019 at 1,544 and 1,652 reported incidents, respectively. However, there was a dramatic downturn in these crimes by 2021, potentially signaling effective law enforcement or community interventions. Burglary and vandalism also presented marked reductions, with a significant drop in burglaries from 376 in 2018 to 134 in 2021. Motor vehicle theft showed a different trend, with a notable increase in 2022, reaching 111 incidents from a low point of 44 in 2020. These trends suggest evolving crime patterns that could impact local real estate markets, insurance risks, and community safety perceptions.
Demographics
Essex County, New Jersey shows a slightly higher female adult population compared to males. The residents have varied educational backgrounds, with a substantial portion holding at least a high school diploma, and many achieving higher education degrees. Age distribution reveals a balanced mix across all age groups, with notable cohorts in both younger and mid-age ranges. Racially, the county is quite diverse with significant populations of both White and Black or African American residents,... Read more
Race Distribution in Essex County, New Jersey (2022)
Educational Attainment in Essex County, New Jersey (2022)
Age Distribution in Essex County, New Jersey
Citizen Population in Essex County, New Jersey (2022)
Political Trends & Data
In Essex County, New Jersey, the 2020 U.S. Presidential Election revealed a strong Democratic favor, with around 77% of the vote going to Democratic candidates. The Republican Party lagged significantly with roughly 22%, while third-party candidates barely made a dent. This pronounced Democratic tilt may shape political strategy and campaign efforts in the county moving... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Essex County, New Jersey saw a significant leaning towards the Democratic Party in the 2020 U.S. Presidential Election, capturing around 77% of the vote. In contrast, the Republican Party garnered roughly 22% of the votes, while third-party candidates like the Libertarian and Green parties made up less than 1% each. This data suggests a strong Democratic presence in the county, which could influence future political strategies and campaigning efforts.
21.86% of voters voted for the Republican party in the 2020 Presidential Election
77.27% of voters voted for the Democrat party in the 2020 Presidential Election
0.38% of voters voted for the Livertarian party in the 2020 Presidential Election
0.28% of voters voted for the Green party in the 2020 Presidential Election
0.21% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Essex County, New Jersey, the student-to-teacher ratio has seen notable fluctuations over the past decade, spiking to 22 students per teacher in 2017 before stabilizing around 12, and then increasing again to 15 in 2023. This matters for real estate because educational quality influences property values and desirability. Changes in this ratio may impact investor decisions, appraisals, and insurance assessments. Real estate agents and prospective residents should consider these ratios to... Read more
Student-to-teacher ratio in Essex County, New Jersey over the last 10 years
Over the past decade, the student-to-teacher ratio in Essex County, New Jersey has shown notable fluctuations, with a spike to 22 students per teacher in 2017 before stabilizing around 12 students per teacher in subsequent years. However, 2023 saw an increase to 15 students per teacher, slightly above the national average of 14. These changes could impact investor decisions, influence appraisals, and alter insurance assessments as educational quality often affects property values and desirability. Real estate agents and prospective residents alike should be aware of these ratios, as they can indicate the quality of education and potential class sizes in the region. For developers and builders, understanding these trends may guide decisions about where to construct new properties and amenities.
