Union County Real Estate and Livability Trends
Union County, New Jersey, exhibits intriguing real estate trends with median home values peaking at $458,000 in 2022, potentially signaling higher property values and increased real estate attractiveness. Average taxable income per tax return has risen significantly, from $78,929.27 in 2013 to $113,992.72 in 2021, suggesting a prospering economic environment. Real estate taxes have also climbed,... Read more
Union County Market Trends
Union County, New Jersey, exhibits a robust housing market with median home values peaking at $458,000 in 2022, outpacing both state and national figures. Residential energy tax credits spiked notably in 2017 and 2018, indicating increased energy-efficient home upgrades, a valuable data point for investors. Real estate taxes climbed steadily, exceeding $13,000 by 2021, suggesting rising home... Read more
Median Value of Occupied Housing Units in Union County, New Jersey Over the Last 8 Years
Over the past 8 years, Union County, New Jersey has seen a steady upward trend in median home values, peaking significantly in 2022 at $458,000. This is markedly higher than both the state average of $401,400 and the national average of $179,400 for the same year. Union County's housing market could be seen as a robust environment for investment and property development, offering higher potential returns. For those considering a move or already living in the area, this trend suggests growing property values and possibly increased equity for homeowners.
Residential Energy Tax Credit Per Tax Return in Union County, NJ Over the Last 9 Years
Union County, New Jersey saw a generally upward trend in residential energy tax credits per tax return over the last nine years. Notable spikes occurred in 2018, peaking at $2673.40, and 2017, reaching $905.71, which could suggest considerable investment in energy-efficient home improvements during these years. These fluctuations might be of interest to those looking to invest in property, as they could hint at periods of enhanced incentives or increased consumer activity in energy-efficient upgrades. For appraisers and real estate agents, understanding these trends in energy-related investments could offer additional insights into property valuations and market dynamics.
Average Real Estate Taxes Per Tax Return in Union County, NJ Over the Last 10 Years
Over the past decade, Union County, New Jersey has shown a steady increase in average real estate taxes per tax return. Notably, there has been an almost consistent year-over-year rise, crossing the $10,000 mark in 2012 and reaching $13,371.70 by 2021. This trend may signal increasing home values or higher local taxation rates, making it a pivotal consideration for investors, potential movers, and property developers. Real estate agents and insurance agents need to factor in these escalating costs when advising clients, while appraisers should account for this trend in property valuations.
Percentage of Farm Returns in Union County, NJ Over the Last 10 Years
Over the past 10 years, the percentage of farm tax returns in Union County, New Jersey, has shown a gradual decline, starting at approximately 0.02% in 2012 and falling to around 0.01% by 2020, with a slight uptick to 0.01% in 2021. Farm tax returns, which document the agricultural income and expenses for tax purposes, offer insights into the commercial viability and activity of the farming sector in this urban-dominated region. For potential investors or those considering relocating, this downtrend suggests limited agricultural investment opportunities and possibly a lower emphasis on rural development in the area. The data could be particularly relevant for developers and planners assessing land use, as the decreasing farm activity may open up more potential for residential or commercial projects.
Number of Mortgages by Occupancy Type in Union County, NJ Over the Last 5 Years in Union County
Mortgage trends in Union County, New Jersey, show a consistent preference for principal residences, with substantial peaks in 2020 and 2021, potentially indicating low-interest rates and housing demand. Investment property mortgages exhibited growth until 2021 but dipped in 2022, possibly hinting at shifting investor confidence or market saturation. Loans for second residences remain marginal, suggesting limited interest in vacation or secondary homes within the county. These variations matter as they can affect property values, rental markets, and community demographics, offering crucial insights for investors, appraisers, real estate agents, and anyone considering a move to or within the area.
Economic Outlook
Union County, New Jersey has seen a steady uptick in average taxable income per tax return, rising from around $78,929.27 in 2013 to more than $113,992.72 in 2021, suggesting a potentially attractive economic environment for investors and real estate agents. State and local income taxes have nearly doubled, with a notable spike from 2017 to 2018, which might affect long-term costs for residents and businesses. Average total tax liability also surged, peaking at $24,375.11 in 2021, hinting at... Read more
Average Taxable Income per Tax Return in Union County, NJ over the last 9 years
In Union County, New Jersey, the average taxable income per tax return has shown a steady increase over the past nine years, with some minor fluctuations. Starting at around $78,929.27 in 2013, it saw a consistent rise, surpassing $113,992.72 in 2021. This trend potentially suggests an improving economic environment which might be attractive to investors, property developers, and real estate agents eyeing growth opportunities. It's also a key indicator for appraisers and insurance agents to consider when evaluating the financial health and risk profiles of the area.
Average State and Local Income Taxes Per Tax Return in Union County, NJ Over the Last 10 Years
Union County, New Jersey has seen a consistent rise in state and local income taxes per tax return over the last decade, with figures nearly doubling from $10,423.59 in 2012 to $27,686.79 in 2021. Notably, there was a significant spike between 2017 and 2018, likely indicating economic changes or policy shifts impacting residents' tax burdens. Investors, real estate agents, and prospective property developers should consider this upward trend when evaluating the long-term costs of living and doing business in the area. Higher taxes may also necessitate adjustments in financial planning, insurance premiums, and appraisals within the county.
Average Total Tax Liability Per Tax Return in Union County, NJ Over the Last 10 Years
Over the past decade, Union County, New Jersey has seen a notable increase in average total tax liability per tax return, peaking at $24,375.11 in 2021 from $15,853.26 in 2012. This sharp rise, particularly from 2017 onwards, might interest potential investors and current residents who are concerned with the financial landscape. For real estate agents and appraisers, this trend may hint at higher property values and potentially higher closing costs. Insurance agents and builders might indirectly be impacted due to more expensive assets and liabilities in the area.
Cost of Living in Union County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,078 | $1,669 | $1,790 | $2,455 | $2,059 |
| 1 adult 4 children | $2,078 | $1,363 | $1,359 | $2,455 | $2,157 |
| 2 adults 3 children | $2,078 | $1,363 | $1,558 | $2,455 | $1,792 |
| 1 adult 3 children | $2,078 | $1,113 | $1,127 | $2,455 | $1,914 |
| 2 adults 2 children | $1,637 | $1,116 | $1,326 | $2,111 | $1,370 |
| 1 adult 2 children | $1,637 | $834 | $895 | $2,111 | $1,403 |
| 2 adults 1 child | $1,637 | $882 | $1,094 | $995 | $1,019 |
| 1 adult 1 child | $1,637 | $570 | $663 | $995 | $937 |
| 2 adults | $1,364 | $709 | $862 | $0 | $770 |
| 1 adult | $1,151 | $387 | $431 | $0 | $636 |
Safety trends & Data
Property crime trends in Union County, New Jersey, show notable fluctuations that could impact property investments and security concerns. Larceny-theft, while peaking at 1,115.00 incidents in 2019, dropped to 342.00 in 2021 before rising again to 690.00 in 2022. Burglary incidents significantly decreased from 152.00 in 2018 to 43.00 in 2021, although they doubled to 82.00 in 2022. Motor vehicle thefts also increased, from 16.00 in 2018 to 36.00 in 2022, highlighting potential needs for... Read more
Property Crime Trends in Union County, NJ Over the Last 5 Years
Over the past five years in Union County, New Jersey, property crime patterns suggest varied activity across different crime types. Larceny-theft consistently leads, peaking at 1,115.00 incidents in 2019 before dropping to 342.00 in 2021 and rebounding to 690.00 in 2022. Burglary saw a significant decline from 152.00 in 2018 to just 43.00 in 2021, but then it doubled to 82.00 in 2022. Fraud and vandalism figures have steadily fluctuated, while embezzlement and forgery/counterfeiting showed minor activity. Spikes in motor vehicle theft from 16.00 in 2018 to 36.00 in 2022 should be noted by prospective buyers and real estate agents, indicating a potential need for enhanced security measures. These trends can inform decisions related to property investments, insurance premiums, and security requirements.
Demographics
Union County, New Jersey shows a fairly balanced gender distribution with just slightly more females than males. Educationally, a significant portion of the population holds at least a high school diploma, while many have attained higher degrees, reflecting perhaps a relatively well-educated community. The age distribution indicates a notable youth presence, with a robust number of residents under 10, but the working-age population remains strong. Racially, the area is diverse, with substantial... Read more
Race Distribution in Union County, New Jersey (2022)
Educational Attainment in Union County, New Jersey (2022)
Age Distribution in Union County, New Jersey
Citizen Population in Union County, New Jersey (2022)
Political Trends & Data
Union County, New Jersey, leaned heavily Democratic in the 2020 U.S. Presidential Election, with roughly 67% of votes cast for the Democratic party and around 32% for the Republican party. This trend could potentially indicate a strong liberal inclination in the area, which might be useful for understanding local policy impacts and real estate market preferences. Consider how these political leanings might influence community investment priorities, public services, and overall neighborhood... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Union County, New Jersey, seems to have leaned heavily Democratic in the 2020 U.S. Presidential Election, with roughly 67% of votes cast for the Democratic party. The Republican party garnered approximately 32% of the vote, while minor parties collectively received less than 2%. This voting pattern might suggest a strong liberal inclination within the county, though further data is needed for a comprehensive analysis.
31.62% of voters voted for the Republican party in the 2020 Presidential Election
67.29% of voters voted for the Democrat party in the 2020 Presidential Election
0.56% of voters voted for the Livertarian party in the 2020 Presidential Election
0.31% 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
Union County, New Jersey has maintained a favorable student-to-teacher ratio over the past decade, consistently below the national average of 14 students per teacher, ranging between approximately 12.09 and 12.68. This stable and effective educational environment likely attracts families and interests real estate investors, potentially enhancing property values and influencing insurance rates due to the perceived higher quality of... Read more
Student-to-teacher ratio in Union County, New Jersey over the last 10 years
Union County, New Jersey has generally maintained a favorable student-to-teacher ratio over the past decade, consistently falling below the national average of 14 students per teacher. From 2014 to 2023, the county's ratio fluctuated mildly, ranging between approximately 12.09 and 12.68, indicating a relatively stable and effective educational environment for students. This lower student-to-teacher ratio likely contributes to a more personalized and quality education, which can be a significant draw for families considering moving to the area and appealing to real estate investors. Additionally, appraisers and insurance agents might view this trend as a positive factor, enhancing property values and potentially influencing insurance rates due to the perceived higher quality of education.
