Somerset County Real Estate and Livability Trends
Somerset County, New Jersey, has seen a consistent rise in average taxable income per tax return over the past nine years, with a sharp increase between 2020 and 2021 from $133,348.20 to $160,842.57. Median home values jumped from $399,000 in 2015 to $489,500 in 2022, outpacing state and national trends. The county's lower-than-average poverty rate, peaking at 5.2% in 2017, points to a stable and... Read more
Somerset County Market Trends
Somerset County, New Jersey, has seen a notable rise in median home values, jumping from $399,000 in 2015 to $489,500 in 2022, outpacing state and national trends. Residential energy tax credits have fluctuated significantly, with a dramatic spike in 2018, which might suggest evolving energy policies or a push for energy-efficient improvements. Real estate taxes have been climbing, from $9,842.94... Read more
Median Value of Occupied Housing Units in Somerset County, New Jersey Over the Last 8 Years
Somerset County, New Jersey, has experienced a sharp rise in median home values over the past eight years, jumping from $399,000 in 2015 to $489,500 in 2022. This increase contrasts with the broader state trend, where New Jersey saw values climb from $315,900 to $401,400 over the same period. Nationally, the median home value rose from $125,500 to $179,400. Investors and those planning to build or move to Somerset County might find this growth indicative of a strong local real estate market, potentially outperforming both state and national averages.
Residential Energy Tax Credit Per Tax Return in Somerset County, NJ Over the Last 9 Years
Residential energy tax credits in Somerset County, New Jersey have shown significant fluctuation over the last nine years. After a steady climb from $506.26 in 2013 to $1,023.55 in 2017, there was a dramatic spike in 2018, reaching an average of $4,488.33. Subsequent years saw a decrease, stabilizing around $1,437.91 in 2021. This volatility could suggest changes in local energy policies or a growing investment in energy-efficient home improvements. This is particularly relevant for investors, homebuyers, and contractors interested in energy-efficient projects, as it might reflect broader trends in sustainable living incentives in the area.
Average Real Estate Taxes Per Tax Return in Somerset County, NJ Over the Last 10 Years
Real estate taxes in Somerset County, New Jersey have shown a steady increase over the last decade, with the average taxes per return starting at around $9,842.94 in 2012 and climbing to approximately $12,892.28 by 2021. There was a significant jump in 2017, reaching over $12,077.69, and although there was a slight dip in 2018, the overall upward trend suggests rising property valuations or tax rates. This trend could impact those considering moving to the area, real estate investments, property appraisals, and insurance estimations, signaling the importance of factoring in increasing property tax costs when making housing decisions in Somerset County.
Percentage of Farm Returns in Somerset County, NJ Over the Last 10 Years
Over the past decade, farm tax returns in Somerset County, New Jersey, have shown a slight downward trend, dropping from approximately 0.23% in 2012 to around 0.19% in 2021. These figures may indicate a shift away from agricultural activities, potentially reflecting broader economic and developmental trends in the area. This could be relevant for potential investors or new residents considering the region, as the decline in farm returns might influence land use policies and local market dynamics, possibly pointing to increased urbanization or diversified economic activities. It's crucial to analyze these patterns within the context of overall county development and economic health for a holistic view before making any decisions.
Number of Mortgages by Occupancy Type in Somerset County, NJ Over the Last 5 Years in Somerset County
Mortgages in Somerset County, New Jersey have revealed a consistent preference for principal residences, with counts peaking at nearly 28,127 in 2020 and showing strong activity through 2021 before a notable decline in 2022. Investment properties and second residences have relatively lower but stable counts, suggesting focused interest but limited in scale compared to principal residences. Shifts in occupancy type matter as they reflect changing priorities and economic conditions, influencing local market stability and planning decisions for investors, builders, and policymakers. This balance impacts property values, insurance risks, and the overall character of housing development in the county.
Economic Outlook
Somerset County, New Jersey, has experienced a consistent rise in average taxable income per tax return over the past nine years, with a sharp increase between 2020 and 2021 from $133,348.20 to $160,842.57. This trend might suggest economic growth and a potentially lucrative real estate market. The average state and local income taxes have also doubled in the past decade, hitting $27,932.29 by 2021, indicating improved public services but higher financial commitments for residents. Meanwhile,... Read more
Average Taxable Income per Tax Return in Somerset County, NJ over the last 9 years
Somerset County, New Jersey has seen a notable upward trend in average taxable income per tax return over the past nine years. The most significant jump occurred between 2020 and 2021, where the average taxable income increased from $133,348.20 to $160,842.57. While the income showed some fluctuations, the general increase suggests economic growth, which could be appealing for investors, real estate agents, or anyone considering moving to the area. Higher taxable incomes often indicate a prosperous local economy, potentially impacting property values and living standards.
Average State and Local Income Taxes Per Tax Return in Somerset County, NJ Over the Last 10 Years
Over the last decade, Somerset County, New Jersey has seen a notable rise in average state and local income taxes per tax return, starting at about $12,907.32 in 2012 and climbing to approximately $27,932.29 by 2021. The most significant increases occurred after 2017, peaking in 2021. This surge may interest those investing or moving to the area, as higher taxes often correlate with enhanced public services and infrastructure, though they also indicate a larger financial commitment for property owners and residents. These trends are crucial for appraisers, insurance agents, and real estate professionals when evaluating the economic landscape and advising clients.
Average Total Tax Liability Per Tax Return in Somerset County, NJ Over the Last 10 Years
Over the past decade in Somerset County, New Jersey, the average total tax liability per tax return has generally increased, peaking at $35,969.40 in 2021. Noteworthy is the significant jump from 2020's $30,015.96, which signals a sharp rise in tax liabilities that year. Despite fluctuations, this upward trend might concern potential new residents and investors, which could imply higher tax costs in the future. Real estate agents, appraisers, and insurance agents in the area may need to account for these steady increases when advising clients or evaluating property values.
Cost of Living in Somerset County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,466 | $1,697 | $1,790 | $2,872 | $2,512 |
| 1 adult 4 children | $2,466 | $1,386 | $1,359 | $2,872 | $2,551 |
| 2 adults 3 children | $2,466 | $1,386 | $1,558 | $2,872 | $2,258 |
| 1 adult 3 children | $2,466 | $1,132 | $1,127 | $2,872 | $2,347 |
| 2 adults 2 children | $2,026 | $1,135 | $1,326 | $2,486 | $1,801 |
| 1 adult 2 children | $2,026 | $848 | $895 | $2,486 | $1,878 |
| 2 adults 1 child | $2,026 | $897 | $1,094 | $1,232 | $1,311 |
| 1 adult 1 child | $2,026 | $579 | $663 | $1,232 | $1,274 |
| 2 adults | $1,602 | $721 | $862 | $0 | $876 |
| 1 adult | $1,412 | $393 | $431 | $0 | $780 |
Safety trends & Data
Somerset County, New Jersey's property crime rates have fluctuated over the past five years, with larceny-theft steadily being the most common offense. Burglary and vandalism also pose concerns, while embezzlement and forgery incidents tend to remain low. Fraud cases, however, frequently experience spikes. These varying crime trends highlight the importance of robust security measures for property investors and insurers, underscoring the need for real estate agents and residents to stay updated... Read more
Property Crime Trends in Somerset County, NJ Over the Last 5 Years
Somerset County, New Jersey has seen fluctuating property crime rates over the last five years, with larceny-theft consistently the most prevalent. Burglary and vandalism numbers show some variation but remain concerning issues. While embezzlement and forgery incidents generally stay low, fraud cases often spike. This varied crime landscape suggests a need for comprehensive security measures for both prospective property investors and insurers. Real estate agents and residents must stay informed on these trends to make informed decisions.
Demographics
Somerset County, New Jersey's adult population is slightly more female than male. The region is highly educated, with a notable portion holding bachelor's degrees or higher. The age distribution reveals a balanced spread across age groups, implying a diverse set of needs and opportunities. The racial composition shows a predominant White majority, with significant representations from Asian and Black or African American communities. This diversity can influence cultural, economic, and social... Read more
Race Distribution in Somerset County, New Jersey (2022)
Educational Attainment in Somerset County, New Jersey (2022)
Age Distribution in Somerset County, New Jersey
Citizen Population in Somerset County, New Jersey (2022)
Political Trends & Data
Somerset County, New Jersey, showed a tendency towards Democratic preferences in the 2020 Presidential Election, with about 60% of votes going blue. Approximately 39% leaned Republican, while minor parties scraped under 1% each. This trend implies that Democratic candidates could have considerable support here, making it potentially less competitive for Republican and third-party... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Somerset County, New Jersey, appeared to lean Democratic with roughly 60% of the vote in the 2020 Presidential Election. The Republican party garnered about 39%, while minor parties like the Libertarian and Green parties had less than 1% each. This distribution likely indicates a strong preference for Democratic candidates in this county, with only a small proportion of the electorate supporting third-party options.
38.74% of voters voted for the Republican party in the 2020 Presidential Election
59.82% of voters voted for the Democrat party in the 2020 Presidential Election
0.88% of voters voted for the Livertarian party in the 2020 Presidential Election
0.33% of voters voted for the Green party in the 2020 Presidential Election
0.23% of voters voted for the Other party in the 2020 Presidential Election
School Data
The student-to-teacher ratio in Somerset County, New Jersey, has consistently stayed below the national average of 14, with figures around 10 to 11 students per teacher, even dropping to 9.95 in 2022. This trend of smaller class sizes suggests a higher quality of education, which could be a strong selling point for families considering moving to the area. Real estate agents and investors might find this information useful for marketing, potentially increasing the county's appeal to homebuyers.... Read more
Student-to-teacher ratio in Somerset County, New Jersey over the last 10 years
The student-to-teacher ratio in Somerset County, New Jersey, has consistently remained below the national average of 14 students per teacher, indicating smaller class sizes. Over the past decade, this ratio has hovered around 10 to 11 students per teacher, even dipping to 9.95 in 2022. This trend suggests a focus on providing more personalized attention to students, which could be seen as a selling point for families considering a move to the area. For real estate agents, investors, and property developers, this could mean emphasizing the high quality of education in marketing materials, potentially making the county more attractive to prospective homebuyers. Appraisers and insurance agents might also find this data useful when assessing the value and risk profile of properties, while those already living in the area might perceive the low ratios as a continued commitment to educational excellence.
