Salem County Real Estate and Livability Trends
Salem County, New Jersey's average taxable income per tax return jumped from $57,785.75 in 2013 to $74,622.17 in 2021, reflecting economic growth paralleled by rising state and local taxes. Median home values showed a dip from $187,800 in 2015 to $184,600 in 2019 but have since climbed to $208,200 in 2022, hinting at a potential market recovery. Real estate taxes have increased significantly,... Read more
Salem County Market Trends
Salem County's median home values showed a downtrend from 2015 to 2019, dropping from $187,800 to $184,600, then rising to $208,200 in 2022, hinting at a recovery trend and potential investment appeal. Compared to New Jersey's higher median of $401,400 in 2022, Salem County offers a more budget-friendly entry point for buyers. The average residential energy tax credit has fluctuated... Read more
Median Value of Occupied Housing Units in Salem County, New Jersey Over the Last 8 Years
Salem County's median home values have seen gradual declines from 2015 to 2019, dropping from $187,800 to $184,600, before a recent uptick to $208,200 in 2022. This subtle yet steady recovery trend could indicate growing investment potential. In contrast, New Jersey's overall median home values have been consistently higher, reaching $401,400 in 2022, while the national median lagged behind at $179,400. This disparity suggests Salem County might offer a more affordable entry point relative to the broader state market, appealing to budget-conscious buyers or investors looking for value opportunities in southern New Jersey.
Residential Energy Tax Credit Per Tax Return in Salem County, NJ Over the Last 9 Years
Over the past nine years, the average residential energy tax credit per tax return in Salem County, New Jersey has experienced notable fluctuations, peaking at $4,460.71 in 2018 and dipping to a low of $565.22 in 2014. This volatility may indicate shifting incentives or varying levels of investment in energy-efficient home upgrades. For investors, homeowners, or property developers, these trends could signal the potential for substantial tax benefits linked to energy-efficient improvements. Conversely, the fluctuations might suggest an unpredictable return on investment in this sector, warranting a strategic approach.
Average Real Estate Taxes Per Tax Return in Salem County, NJ Over the Last 10 Years
Over the past decade, Salem County, New Jersey, has seen a noticeable upward trend in average real estate taxes per tax return, increasing from around $5,804 in 2012 to approximately $8,142 in 2021. This incremental growth might reflect rising property values and possibly increased county services. For real estate investors and potential homeowners, this data hints at a higher entry cost for property ownership. Appraisers and insurance agents should consider these figures for accurate property valuations and risk assessments. This trajectory could suggest greater returns for property developers and real estate agents, but it may also imply a heavier tax burden for current residents.
Percentage of Farm Returns in Salem County, NJ Over the Last 10 Years
Over the last decade, Salem County, New Jersey has seen a slight but consistent decrease in the percentage of farm tax returns, dropping from 2.32% in 2012 to 1.96% in 2021. Farm tax returns, representing the portion of tax filings related to agricultural activities, can signal the health of the farming sector and rural economy. For those considering investing, moving, or developing property in Salem County, this marginal decline in farm-related tax filings may suggest an evolving economic landscape with potential shifts away from traditional agriculture.
Number of Mortgages by Occupancy Type in Salem County, NJ Over the Last 5 Years in Salem County
Principal residences dominate the mortgage landscape in Salem County, New Jersey, sharply outpacing investment and second properties. Notably, the dip in principal residence mortgages from 2021 to 2022 suggests potential cooling in the housing market, possibly offering opportunities for investors or new residents looking for more competitive pricing. Such shifts could influence everything from property appraisals to insurance risk assessments, as changes in occupancy type often signal broader economic conditions and local real estate dynamics. Real estate agents and builders might find these trends valuable when strategizing developments, pitches, or price adjustments.
Economic Outlook
Salem County, New Jersey, has seen a noteworthy rise in average taxable income per tax return, escalating from $57,785.75 in 2013 to $74,622.17 by 2021, suggesting growing economic stability. This increase, coupled with higher average state and local income taxes, which went from $4,590.69 in 2012 to $8,102.97 in 2021, presents a complex landscape for potential investors and homebuyers considering long-term costs. Fluctuations in total tax liability, peaking at $11,017.42 in 2021, further... Read more
Average Taxable Income per Tax Return in Salem County, NJ over the last 9 years
Salem County, New Jersey, has seen a notable increase in the average taxable income per tax return over the past nine years. Starting at around $57,785.75 in 2013, it gradually rose to $74,622.17 by 2021. This could suggest a growing economic stability or enhanced earning potential within the county. For investors and real estate agents, this trend might indicate a potentially lucrative market. Property developers and insurance agents should also find this data useful when evaluating the region's financial health and market conditions.
Average State and Local Income Taxes Per Tax Return in Salem County, NJ Over the Last 10 Years
Salem County, New Jersey has experienced a notable rise in average state and local income taxes per tax return over the past decade, with amounts climbing from approximately $4,590.69 in 2012 to about $8,102.97 in 2021. This trend could potentially impact prospective homebuyers and investors considering the tax implications on their finances. For real estate agents, understanding this increase is crucial in advising clients accurately about the long-term costs of living in the area. Insurance agents and appraisers might also find this data useful in their assessments, potentially influencing premiums and property values.
Average Total Tax Liability Per Tax Return in Salem County, NJ Over the Last 10 Years
Over the past decade, residents of Salem County, New Jersey have seen fluctuations in their average total tax liability per tax return, with notable highs and lows. Starting at $7,964.70 in 2012 and peaking at $11,017.42 in 2021, the overall trend suggests an upward trajectory. The spike in 2021 could signal increased earnings or changes in tax legislation, which might impact investment considerations, property development, appraisals, and insurance adjustments in the area. For current or prospective residents, understanding these tax trends could influence financial planning and real estate decisions.
Cost of Living in Salem County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,540 | $1,681 | $1,790 | $1,822 | $1,621 |
| 1 adult 4 children | $1,540 | $1,373 | $1,359 | $1,822 | $1,727 |
| 2 adults 3 children | $1,540 | $1,373 | $1,558 | $1,822 | $1,348 |
| 1 adult 3 children | $1,540 | $1,121 | $1,127 | $1,822 | $1,458 |
| 2 adults 2 children | $1,265 | $1,124 | $1,326 | $1,572 | $1,082 |
| 1 adult 2 children | $1,265 | $840 | $895 | $1,572 | $1,066 |
| 2 adults 1 child | $1,265 | $888 | $1,094 | $760 | $885 |
| 1 adult 1 child | $1,265 | $574 | $663 | $760 | $758 |
| 2 adults | $1,048 | $714 | $862 | $0 | $711 |
| 1 adult | $930 | $389 | $431 | $0 | $589 |
Safety trends & Data
In Salem County, New Jersey, property crime trends over the past five years show notable fluctuations, particularly with larceny-theft remaining high, ranging from around 133.00 to 175.00 incidents annually. Burglary rates saw a significant decline from 48.00 in 2018 to just 16.00 by 2022. Vandalism peaked in 2018 but dropped dramatically by 2021 before climbing again. Motor vehicle theft remained relatively steady, while arson incidents were minimal but present each year. These insights are... Read more
Property Crime Trends in Salem County, NJ Over the Last 5 Years
In Salem County, New Jersey, property crime trends over the past five years show fluctuating figures with notable categories like larceny-theft consistently high, ranging from around 133.00 to 175.00 incidents annually. Burglary rates significantly dropped from 48.00 in 2018 to just 16.00 by 2022. Vandalism incidents peaked in 2018 but saw a dramatic decrease by 2021 before climbing again. Interestingly, motor vehicle theft remained relatively steady with slight peaks, while arson incidents were minimal but present each year. These trends offer valuable insights for potential investors, property developers, real estate agents, and local appraisers, highlighting areas where preventive measures and community safety initiatives might be concentrated.
Demographics
Salem County, New Jersey continues to show a moderate gender balance with a slight male skew within its adult population. The county's educational attainment data reveals a dominant segment of high school graduates, but a substantial portion has also pursued some college education, while those with less than a high school education remain a critical minority. Age distribution figures suggest a larger proportion of adults in the 35 to 64-year range, potentially pointing to a stable, working-age... Read more
Race Distribution in Salem County, New Jersey (2022)
Educational Attainment in Salem County, New Jersey (2022)
Age Distribution in Salem County, New Jersey
Citizen Population in Salem County, New Jersey (2022)
Political Trends & Data
In Salem County, New Jersey, the 2020 U.S. Presidential Election hinted at a Republican-leaning voter base, with about 56% supporting the GOP and around 43% backing Democrats. This competitive margin could indicate a balanced political climate, potentially influencing local policies and development... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Salem County, New Jersey, the 2020 U.S. Presidential Election results appeared to lean Republican with approximately 56% of the votes, while Democrats garnered close to 43%. Libertarian support was minimal, capturing about 1% of the vote, with the Green Party and other candidates collectively drawing around 0.7%. This trend suggests a possible Republican inclination in local voter sentiment, though the margin indicates a relatively competitive political landscape.
55.50% of voters voted for the Republican party in the 2020 Presidential Election
42.68% of voters voted for the Democrat party in the 2020 Presidential Election
1.20% of voters voted for the Livertarian party in the 2020 Presidential Election
0.27% of voters voted for the Green party in the 2020 Presidential Election
0.34% of voters voted for the Other party in the 2020 Presidential Election
School Data
Salem County, New Jersey has experienced notable fluctuations in its student-to-teacher ratio over the past decade, with a high of 24 in 2015 and dipping as low as 11 more recently. Currently, this ratio sits at 16, higher than the national average of 14. These shifts might influence property values and overall community desirability, given that lower ratios are often tied to better educational outcomes. For investors or homebuyers, understanding these trends could be crucial for making... Read more
Student-to-teacher ratio in Salem County, New Jersey over the last 10 years
Over the past decade, the student-to-teacher ratio in Salem County, New Jersey has shown significant volatility, peaking at 24 in 2015 and fluctuating down to around 11 in more recent years. Currently, the ratio stands at 16, which is higher than the national average of 14 students per teacher. These changes can impact property values and community desirability, as lower student-to-teacher ratios are often associated with better educational outcomes. For investors, real estate agents, and individuals considering a move to the area, these trends might suggest varying quality in educational resources over time, which can be crucial when making decisions related to property or residency.
