Passaic County Real Estate and Livability Trends
Passaic County, New Jersey, has seen a notable 23% rise in median home values from $336,100 in 2015 to $413,500 in 2022, a rate that surpasses national averages. The average taxable income per tax return grew from $54,893.29 in 2013 to $72,731.68 in 2021, indicating a potentially robust local economy that might boost property values. Property crimes, specifically burglary and larceny-theft, have... Read more
Passaic County Market Trends
Passaic County, New Jersey has seen a significant 23% rise in median home values from $336,100 in 2015 to $413,500 in 2022, mirroring state trends but vastly outpacing the national average. The average Residential Energy Tax Credit per tax return exhibited notable fluctuations, peaking at $3,087.50 in 2018 and settling at $1,235.14 by 2021, hinting at a growing interest in energy-efficient... Read more
Median Value of Occupied Housing Units in Passaic County, New Jersey Over the Last 8 Years
Passaic County, New Jersey has seen a considerable rise in median home values over the last eight years, climbing from $336,100 in 2015 to $413,500 in 2022. This increase of roughly 23% is somewhat aligned with the state-wide trend, where New Jersey’s median home values experienced growth from $315,900 to $401,400 during the same period. However, both these trends vastly outpace the national median, which only saw an increase from $125,500 to $179,400. This could indicate a heightened market demand in Passaic County, potentially spurred by its proximity to major urban centers and local economic factors, making it an attractive area for investors and residents alike.
Residential Energy Tax Credit Per Tax Return in Passaic County, NJ Over the Last 9 Years
Over the past nine years, Passaic County, New Jersey saw significant fluctuations in the average Residential Energy Tax Credit per tax return. This started with a modest average of around $319.41 in 2013, peaking dramatically at $3,087.50 in 2018. By 2021, the average settled around $1,235.14. This suggests a growing yet unpredictable interest in energy-efficient investments among homeowners, offering valuable insights for those in real estate, appraisals, and insurance sectors. Those considering building or moving here should note the potential for substantial tax savings tied to energy efficiency.
Average Real Estate Taxes Per Tax Return in Passaic County, NJ Over the Last 10 Years
Over the past decade, the average real estate taxes per tax return in Passaic County, New Jersey have experienced a steady increase, starting from $9,294.59 in 2012 to $11,138.97 in 2021. This consistent rise possibly indicates an appreciating property market and increasing public funding requirements. For investors, this trend may highlight a growing real estate market with potential property value gains. Prospective homeowners and builders might need to factor in higher taxes when budgeting for future expenses, while insurance agents and appraisers could find this data useful for evaluating risk and property values respectively. Real estate agents might consider this tax trend when advising clients on long-term investment potential in the area.
Percentage of Farm Returns in Passaic County, NJ Over the Last 10 Years
Farm tax returns in Passaic County, New Jersey showed a general decline over the last decade, with percentages ranging from 0.05% to 0.06%. The highest percentage recorded was approximately 0.06% in 2012, and the lowest was about 0.05% in 2021. This trend reflects a gradual reduction in farm-related financial activities. For those considering investments or property development, noting the decrease in farm returns might indicate a shift towards non-agricultural land use. This can be a signal that Passaic County is evolving towards more urban or suburban development, which might affect future property values and land use planning.
Number of Mortgages by Occupancy Type in Passaic County, NJ Over the Last 5 Years in Passaic County
Passaic County, New Jersey has seen an interesting shift in mortgage types over the last five years. Principal residence mortgages consistently dominate, peaking in 2021 at 27,602, but saw a significant drop to 16,193 in 2022. Investment property mortgages had a slight increase up until 2021 but fell to 1,485 in 2022. Second residence mortgages have remained relatively stable yet minimal. These shifts could suggest varying levels of confidence and interest from different buyer groups, potentially influencing property values and availability. Investors, appraisers, or insurance agents might interpret these trends as indicators of changing demand and risk profiles within the market, while real estate agents could adjust their strategies accordingly.
Economic Outlook
Passaic County, New Jersey, appears to be experiencing a generally positive economic trend. From 2013 to 2021, the average taxable income per tax return grew from $54,893.29 to $72,731.68, suggesting a strengthening local economy which could enhance property values. Concurrently, average state and local income taxes per tax return and total tax liability have seen notable rises, possibly indicating rising incomes or policy shifts. Furthermore, the percentage of the population living under the... Read more
Average Taxable Income per Tax Return in Passaic County, NJ over the last 9 years
Over the past nine years, the average taxable income per tax return in Passaic County, New Jersey, has shown a generally upward trend. There was notable growth from $54,893.29 in 2013 to $72,731.68 in 2021, with a slight dip in 2020. This gradual increase might imply a strengthening local economy and could potentially enhance property values, making it an attractive area for real estate investments, new developments, or those considering relocating. This economic stability could likewise affect appraisals and insurance rates positively.
Average State and Local Income Taxes Per Tax Return in Passaic County, NJ Over the Last 10 Years
Passaic County, New Jersey has seen a notable rise in average state and local income taxes per tax return over the past decade, jumping from $6,065.75 in 2012 to $11,326.27 in 2021. This steady increase, particularly the sharp hike between 2017 and 2018 and another between 2020 and 2021, signals potentially rising incomes or changing tax policies. For real estate agents, appraisers, and insurance agents, understanding these trends can aid in assessing the fiscal climate, offering insight on property values and investment opportunities. This data can also be crucial for prospective residents or investors evaluating their potential tax burden.
Average Total Tax Liability Per Tax Return in Passaic County, NJ Over the Last 10 Years
Passaic County, New Jersey, shows a general upward trend in average total tax liability per tax return over the past decade, rising from $9,315.45 in 2012 to $11,829.84 in 2021. Noteworthy increases are seen around 2015, 2017, and particularly in 2021, suggesting possible economic or policy shifts. For potential investors, home builders, and real estate agents, these figures might indicate changes in the local economic landscape. Insurance agents and appraisers might find this data useful for assessing financial risks and property values in the area.
Cost of Living in Passaic County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,054 | $1,637 | $1,790 | $1,661 | $1,698 |
| 1 adult 4 children | $2,054 | $1,337 | $1,359 | $1,661 | $1,809 |
| 2 adults 3 children | $2,054 | $1,337 | $1,558 | $1,661 | $1,428 |
| 1 adult 3 children | $2,054 | $1,092 | $1,127 | $1,661 | $1,552 |
| 2 adults 2 children | $1,654 | $1,095 | $1,326 | $1,427 | $1,112 |
| 1 adult 2 children | $1,654 | $818 | $895 | $1,427 | $1,112 |
| 2 adults 1 child | $1,654 | $865 | $1,094 | $668 | $931 |
| 1 adult 1 child | $1,654 | $559 | $663 | $668 | $826 |
| 2 adults | $1,426 | $695 | $862 | $0 | $781 |
| 1 adult | $1,193 | $379 | $431 | $0 | $644 |
Safety trends & Data
Passaic County, New Jersey, has experienced a general decline in property crimes over the past five years, with burglary incidents dropping from 271 in 2018 to 70 in 2022, and larceny-theft cases decreasing from 909 to 518. However, motor vehicle theft has remained relatively stable, fluctuating between 13 and 46 annually. This overall reduction in risk might lead to favorable premium adjustments for residents, and real estate investors may see this trend as a positive indicator for property... Read more
Property Crime Trends in Passaic County, NJ Over the Last 5 Years
Passaic County, New Jersey, has seen a general decline in property crimes over the past five years. Burglary incidents dropped significantly from 271 in 2018 to 70 in 2022, and larceny-theft cases also saw a decrease from 909 to 518 in the same period. However, certain categories like motor vehicle theft remain relatively stable, fluctuating between 13 and 46 annually. Insurance agents and appraisers might want to note the reduction in overall risk, potentially leading to favorable premium adjustments for residents. Real estate investors could see this trend as a positive indicator for property values and neighborhood desirability.
Demographics
Passaic County, New Jersey sees a somewhat balanced gender distribution with females marginally outnumbering males in the adult population. Educational attainment varies widely, with the most significant segment being high school graduates, yet there's a notable portion with some college education or holding a bachelor's degree. Age-wise, the population is relatively diverse, with higher concentrations in the youthful and working-age brackets, which could influence community services and job... Read more
Race Distribution in Passaic County, New Jersey (2022)
Educational Attainment in Passaic County, New Jersey (2022)
Age Distribution in Passaic County, New Jersey
Citizen Population in Passaic County, New Jersey (2022)
Political Trends & Data
In Passaic County, New Jersey, the 2020 U.S. Presidential Election results suggest a lean towards the Democratic Party, with them possibly receiving around 57.7% of the votes. Republicans potentially garnered roughly 41.1%, while third parties like the Libertarian and Green parties collectively earned about 0.9%. This voting trend hints at a potentially stronger Democratic presence, which could influence local policies and future political... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Passaic County, New Jersey, the 2020 U.S. Presidential Election results might indicate a leaning towards the Democratic Party, as they perhaps received approximately 57.7% of the votes. Republicans possibly garnered around 41.1%, while third parties like the Libertarian and Green parties collectively amounted to about 0.9%. This distribution could suggest a relatively stronger Democratic presence in comparison to other counties, potentially influencing local policies and future political strategies.
41.13% of voters voted for the Republican party in the 2020 Presidential Election
57.71% of voters voted for the Democrat party in the 2020 Presidential Election
0.49% of voters voted for the Livertarian party in the 2020 Presidential Election
0.36% of voters voted for the Green party in the 2020 Presidential Election
0.31% of voters voted for the Other party in the 2020 Presidential Election
School Data
Passaic County, New Jersey's student-to-teacher ratio has seen some changes, peaking at 15 in 2019 before settling around 12 from 2021 onward. With a ratio generally lower than the national average of 14, this suggests more personalized attention for students, potentially making the area more appealing for homebuyers and investors. Real estate agents might find this data useful in highlighting educational strengths to prospective clients, while insurance agents and appraisers could use it to... Read more
Student-to-teacher ratio in Passaic County, New Jersey over the last 10 years
The student-to-teacher ratio in Passaic County, New Jersey has experienced fluctuations over the past decade, with a notable peak reaching 15 in 2019 before returning to a more stable range around 12 from 2021 onward. Compared to the national average of 14 students per teacher, Passaic County tends to maintain lower ratios, which may imply more personalized attention for students. These trends could be significant for potential investors, homebuyers, and real estate agents by highlighting potential educational advantages, and providing context for property values. Additionally, insurance agents and appraisers might consider these ratios when assessing risks and values tied to community quality indicators.
