Colfax County Real Estate and Livability Trends
Colfax County, New Mexico's real estate market offers intriguing potential for investors and buyers. Despite a peak statewide and national trends, median home values rose to $138,400 in 2022 from $117,700 in 2015, suggesting more affordable investment opportunities. Real estate taxes have almost doubled since 2012, which is crucial for forecasting future costs. Fluctuations in second home... Read more
Colfax County Market Trends
Colfax County, New Mexico has seen a fluctuating yet generally upward trend in median home values, peaking at $138,400 in 2022 from $117,700 in 2015. This increase, although significant for the area, still lags behind New Mexico’s state median and national averages, possibly presenting opportunities for more affordable investments. Real estate taxes have nearly doubled from $1,775.61 in 2012 to... Read more
Median Value of Occupied Housing Units in Colfax County, New Mexico Over the Last 8 Years
Colfax County, New Mexico has seen a fluctuating but generally upward trend in median home values over the last eight years, peaking at $138,400 in 2022. This is a notable increase from $117,700 in 2015, despite some dips along the way. In comparison, New Mexico’s state median value rose steadily from $160,300 in 2015 to $216,000 in 2022. Nationally, median home values also climbed significantly from $125,500 in 2015 to $179,400 in 2022. This disparity might suggest that while Colfax County's housing market is recovering, it still lags behind state and national averages, potentially presenting opportunities for more affordable investments in a burgeoning market.
Residential Energy Tax Credit Per Tax Return in Colfax County, NM Over the Last 8 Years
Colfax County, New Mexico has experienced fluctuating averages in residential energy tax credits per tax return over the past eight years, with noticeable peaks and troughs ranging from a low of $266.67 in 2015 to a high of $1,140.00 in 2021. This variability indicates changing levels of taxpayer investment in energy-efficient home improvements, potentially influenced by economic conditions, local policies, or available incentives. Insurance agents and appraisers might find this data useful to understand the value residents place on energy efficiency, while investors, real estate agents, and prospective homeowners could see these trends as a signal of increasing commitment to sustainable living in the area.
Average Real Estate Taxes Per Tax Return in Colfax County, NM Over the Last 10 Years
Over the past decade, real estate taxes per tax return in Colfax County, New Mexico have shown a consistent upward trajectory, nearly doubling from approximately $1,775.61 in 2012 to roughly $3,311.76 in 2021. There was a particularly significant spike in 2020, with taxes jumping to about $4,122.22, which was the highest within this period. This trend suggests that property owners and prospective buyers might need to anticipate higher tax liabilities moving forward, which could impact investment strategies, property values, and overall cost of living.
Percentage of Farm Returns in Colfax County, NM Over the Last 10 Years
Farm tax returns in Colfax County, New Mexico have shown slight fluctuations over the last decade. In 2012, farm tax returns were approximately 3.34%, peaking in 2014 and 2015 at around 3.49%. By 2021, however, there was a drop to about 2.68%. These returns give an insight into the financial activity and viability of agriculture in the region. For potential investors or those looking to build property, understanding these trends could be crucial in making informed decisions about the agricultural potential and economic health of the county.
Number of Mortgages by Occupancy Type in Colfax County, NM Over the Last 5 Years in Colfax County
In Colfax County, New Mexico, the trends in mortgage counts over the past five years show some intriguing shifts in occupancy type. Principal residence mortgages have fluctuated but remained generally high, peaking at 551 in 2021. Conversely, second residence mortgages saw significant growth peaking in 2021 at 384 but then dipped sharply in 2022 to 219. Investment property mortgages have had a more modest but steady climb, from just 27 in 2018 to a relatively higher 78 in 2022. This shifting landscape can provide substantial insights for potential investors, appraisers, and real estate professionals. For instance, the sharp increase and then decline in second home mortgages might suggest volatility in the vacation or seasonal home market, potentially indicating changing tourism trends or economic factors influencing second homeownership. Meanwhile, the solid numbers in principal residences suggest steady long-term residential interest, which could affect home values and demand for new builds. Steady investment property numbers point to possibly emerging rental or niche property opportunities that could be lucrative.
Economic Outlook
Colfax County, New Mexico has experienced a steady increase in average taxable income per tax return, growing from $38,798.19 in 2013 to $54,111.25 in 2021. Significant growth periods between 2017-2018 and 2020-2021 make the area attractive for investors and real estate agents by suggesting economic improvement. Despite fluctuations, state and local income taxes have generally risen, peaking at $8,200.00 in 2020 before slightly dropping to $7,066.67 in 2021, hinting at higher future living... Read more
Average Taxable Income per Tax Return in Colfax County, NM over the last 9 years
Over the past nine years, Colfax County, New Mexico has observed a general upward trend in the average taxable income per tax return. From $38,798.19 in 2013, the average income saw fluctuations but generally increased, reaching $54,111.25 by 2021. Notable increments occurred between 2017 and 2018, and again from 2020 to 2021. This growth trend could be appealing to investors and real estate agents, suggesting an improving economic situation in the area. Appraisers and insurance agents might consider this positive trend as a signal for potential property value increases.
Average State and Local Income Taxes Per Tax Return in Colfax County, NM Over the Last 10 Years
Over the past decade, Colfax County, New Mexico has seen considerable fluctuations in average state and local income taxes per tax return. The figures show a notable increase, especially from 2017 to 2020, where taxes spiked from approximately $4,779.37 to $8,200.00. Although there was a slight drop in 2021 to around $7,066.67, the overall trend indicates rising tax liabilities that might affect investment decisions or property values. For potential residents or investors, this pattern could imply higher costs of living or doing business in the future.
Average Total Tax Liability Per Tax Return in Colfax County, NM Over the Last 10 Years
Over the last decade, the average total tax liability per tax return in Colfax County, New Mexico has shown an upward trend with some fluctuations. Peaks occurred in 2018 and 2021, hitting $7,521.96 and $7,549.65 respectively, suggesting periods of increased income or changes in tax policy. Despite a dip in 2016 and again in 2019, the overall movement has been towards higher liabilities, potentially indicating economic growth or accumulating wealth within the county. This insight could be valuable for investors, real estate agents, or anyone interested in financial planning or property development in the area, offering clues into the economic health and potential of Colfax County.
Cost of Living in Colfax County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $968 | $1,657 | $2,438 | $1,349 | $1,342 |
| 1 adult 4 children | $968 | $1,353 | $1,886 | $1,349 | $1,375 |
| 2 adults 3 children | $968 | $1,354 | $2,104 | $1,349 | $1,053 |
| 1 adult 3 children | $968 | $1,105 | $1,553 | $1,349 | $1,083 |
| 2 adults 2 children | $795 | $1,108 | $1,770 | $1,184 | $896 |
| 1 adult 2 children | $795 | $828 | $1,219 | $1,184 | $817 |
| 2 adults 1 child | $795 | $876 | $1,436 | $647 | $798 |
| 1 adult 1 child | $795 | $566 | $885 | $647 | $632 |
| 2 adults | $704 | $703 | $1,103 | $0 | $630 |
| 1 adult | $582 | $384 | $551 | $0 | $507 |
Safety trends & Data
In Colfax County, New Mexico, property crime trends reveal some interesting shifts over the last five years. Burglary occurrences have dropped significantly from 28 in 2018 to just 5 in 2022. Larceny-theft reached a high of 31 in 2019 but declined notably to 8 in 2022. Vandalism showed a high of 15 in 2019 but drastically dropped to only 1 case in 2022, while motor vehicle theft remained stable. This data is essential for stakeholders focusing on risk assessment, property investment, and... Read more
Property Crime Trends in Colfax County, NM Over the Last 5 Years
In Colfax County, New Mexico, property crime trends over the last five years show a notable decrease in burglary, dropping from 28 occurrences in 2018 to a mere 5 in 2022. Larceny-theft peaked significantly in 2019 at 31 occurrences but has since fallen to 8 in 2022. Vandalism fluctuated, with a high of 15 in 2019 but only 1 case in 2022. Overall, the data suggests that while certain crimes like burglary and larceny-theft have decreased, others such as motor vehicle theft have remained relatively stable over the period. For stakeholders, understanding these shifts is crucial for risk assessment, property investment, and community safety initiatives.
Demographics
Colfax County, New Mexico shows a relatively balanced adult population by gender. Educational attainment suggests a community where a substantial portion of residents likely have a high school diploma or some college, but fewer hold graduate degrees. Age distribution trends towards a significant older population, indicating potential needs for services catering to individuals over 55. Racially, the majority is White, with smaller, but important, representations from other ethnic groups like... Read more
Race Distribution in Colfax County, New Mexico (2022)
Educational Attainment in Colfax County, New Mexico (2022)
Age Distribution in Colfax County, New Mexico
Citizen Population in Colfax County, New Mexico (2022)
Political Trends & Data
Colfax County, New Mexico showed a strong Republican tilt in the 2020 U.S. Presidential Election, with 54% of the vote leaning towards the GOP. Democrats garnered a lower 43%, while third-party candidates barely scratched the surface—Libertarians received around 1.4%, and the Green Party took just 0.4%. This voting pattern may indicate a stable Republican preference, with minimal impact from third-party... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Colfax County in New Mexico leaned predominantly Republican in the 2020 U.S. Presidential Election, with the party capturing approximately 54% of the vote. Democratic support was notably lower at around 43%, while third-party influence was minimal, with Libertarians garnering about 1.4% and the Green Party attracting just over 0.4%. This data could suggest a fairly stable Republican preference in the area, with third-party options not making significant inroads.
54.37% of voters voted for the Republican party in the 2020 Presidential Election
43.40% of voters voted for the Democrat party in the 2020 Presidential Election
1.45% of voters voted for the Livertarian party in the 2020 Presidential Election
0.42% of voters voted for the Green party in the 2020 Presidential Election
0.37% of voters voted for the Other party in the 2020 Presidential Election
School Data
Colfax County, New Mexico's student-to-teacher ratio has dipped to a recent low of 9 students per teacher in 2023, consistently staying below the national average of 14. This trend might appeal to families prioritizing quality education, potentially influencing property desirability and attracting interest from demographics valuing educational opportunities. Real estate agents and investors might see this as a unique selling point, while insurance agents and appraisers should consider its... Read more
Student-to-teacher ratio in Colfax County, New Mexico over the last 10 years
Over the past decade, Colfax County, New Mexico's student-to-teacher ratio has generally remained below the national average of 14 students per teacher. Dropping to a recent low of 9 students per teacher in 2023, this lower ratio might be indicative of smaller class sizes and potential for more individualized attention. Investors and real estate agents could see this trend as appealing to families prioritizing education quality. Insurance agents and appraisers should consider how this may influence property desirability, while those looking to build property might find higher interest from demographics valuing education. Current residents and potential newcomers could find this a compelling factor for remaining in or relocating to the area.
