Lea County Real Estate and Livability Trends
Lea County, New Mexico's real estate market displays economic volatility, with average taxable income swinging from $51,612.36 in 2016 to $66,721.82 in 2018, which could imply a resilient yet unpredictable community. Median home values have risen from $108,600 in 2015 to $162,000 in 2022, a steady increase albeit still below state and national medians. Real estate taxes have nearly doubled since... Read more
Lea County Market Trends
In Lea County, New Mexico, median home values have steadily risen from $108,600 in 2015 to $162,000 in 2022, staying below state and national medians. Residential energy tax credits per tax return have increased significantly, peaking at $1,548.91 in 2019, suggesting rising investments in energy-efficient home improvements. Real estate taxes per tax return have nearly doubled over the past... Read more
Median Value of Occupied Housing Units in Lea County, New Mexico Over the Last 8 Years
Lea County, New Mexico has seen a steady increase in median home values over the last eight years, rising from $108,600 in 2015 to $162,000 in 2022. While this growth is significant, it remains below both the state and national medians. New Mexico's median values moved from $160,300 in 2015 to $216,000 in 2022, and the national figures went from $125,500 to $179,400 over the same period. This relatively lower cost may appeal to investors and homebuyers seeking affordability compared to broader market trends.
Residential Energy Tax Credit Per Tax Return in Lea County, NM Over the Last 9 Years
Lea County, New Mexico has seen quite a fluctuating yet upward trend in residential energy tax credits per tax return over the last nine years. Starting at $331.75 in 2013, there was a significant hike peaking at $1,548.91 in 2019 and maintaining high values close to that figure in subsequent years. This trend might reveal growing investments in energy-efficient home improvements, suggesting that property owners in the area are proactively enhancing their homes' energy profiles, a likely attraction for potential buyers and real estate investors. For appraisers and insurance agents, understanding these improvements could also influence property valuations and insurance premiums accordingly.
Average Real Estate Taxes Per Tax Return in Lea County, NM Over the Last 10 Years
Over the last decade, average real estate taxes per tax return in Lea County, New Mexico, have shown a clear upward trend, increasing from approximately $1,282.13 in 2012 to around $2,462.24 in 2021. This consistent rise may reflect the area's growing property values and development, particularly notable from 2016 onwards. Given this pattern, potential investors, property developers, and those considering moving to Lea County might be interested in these rising tax rates as an indicator of the county's expanding real estate market.
Percentage of Farm Returns in Lea County, NM Over the Last 10 Years
Over the past decade, Lea County, New Mexico saw a gradual decline in the percentage of farm tax returns, starting from a high of 2.33% in 2012 and dipping to 1.58% in 2021. This trend could potentially indicate a shift away from agricultural activities, possibly affecting the county's economic landscape and influencing investment opportunities. For those considering property investment or relocation, these trends may suggest evolving economic dynamics, potentially impacting land values and development prospects. Understanding these changes is crucial for anyone making location-based decisions here.
Number of Mortgages by Occupancy Type in Lea County, NM Over the Last 5 Years in Lea County
In Lea County, New Mexico, mortgage trends over the last five years indicate a strong preference for Principal Residences, which dominate the market with consistently high numbers compared to Investment and Second Residences. Interestingly, while Investment Property mortgages hold steady yet smaller shares, there's a slight year-on-year decline, possibly signaling a shift in investment strategies. Second Residences remain minimally impacted with little variance, hinting at their niche demand. Changes in occupancy type could affect everything from market stability to long-term investment returns, influencing decisions for investors, homebuyers, real estate agents, and insurers evaluating risk and opportunity in this region.
Economic Outlook
Lea County, New Mexico's real estate market is marked by notable volatility in economic indicators. Average taxable income per tax return has seen a rollercoaster from $51,612.36 in 2016 to $66,721.82 in 2018, reflecting a community that could be resilient yet unpredictable. The fluctuating state and local income taxes, peaking at $10,602.54 in 2019, point to varying local economic conditions that should be a key consideration for investors. Total tax liability changes, such as the dip to... Read more
Average Taxable Income per Tax Return in Lea County, NM over the last 9 years
Over the past nine years, Lea County, New Mexico has seen fluctuations in average taxable income per tax return, ranging from a low of $51,612.36 in 2016 to a peak of $66,721.82 in 2018. Despite some volatility, the general trend points towards a recovery in recent years, with the latest figure for 2021 at $60,981.53. This dynamic suggests that potential investors and real estate agents could be witnessing a resilient community with varying economic cycles, making it a potentially intriguing market for diverse investing and development opportunities.
Average State and Local Income Taxes Per Tax Return in Lea County, NM Over the Last 10 Years
Lea County, New Mexico has seen fluctuating trends in average state and local income taxes per tax return over the past decade. Notably, there was a high spike in 2019 with an average of $10,602.54 and a preceding jump in 2018 to $8,431.62. This volatility may hint at local economic conditions influencing individual tax burdens. Investors, appraisers, and real estate professionals should consider these fluctuations while analyzing the area's financial health and stability.
Average Total Tax Liability Per Tax Return in Lea County, NM Over the Last 10 Years
Lea County, New Mexico has experienced notable fluctuations in average total tax liability per tax return over the past decade, with peaks of $11,990.93 in 2014 and a significant dip to $8,534.24 in 2020. This variability may indicate economic shifts or demographic changes that could be of interest to potential investors and property developers. For real estate agents and those looking to move, the rise and fall in tax liabilities could reflect broader economic conditions that might impact property values and overall cost of living.
Cost of Living in Lea County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,319 | $1,416 | $2,438 | $1,532 | $1,472 |
| 1 adult 4 children | $1,319 | $1,156 | $1,886 | $1,532 | $1,575 |
| 2 adults 3 children | $1,319 | $1,156 | $2,104 | $1,532 | $1,223 |
| 1 adult 3 children | $1,319 | $944 | $1,553 | $1,532 | $1,306 |
| 2 adults 2 children | $1,021 | $947 | $1,770 | $1,344 | $988 |
| 1 adult 2 children | $1,021 | $707 | $1,219 | $1,344 | $965 |
| 2 adults 1 child | $1,021 | $748 | $1,436 | $735 | $884 |
| 1 adult 1 child | $1,021 | $483 | $885 | $735 | $719 |
| 2 adults | $776 | $601 | $1,103 | $0 | $633 |
| 1 adult | $688 | $328 | $551 | $0 | $536 |
Safety trends & Data
Lea County, New Mexico has experienced significant shifts in property crime trends over the past five years, particularly with larceny-theft spiking to 510 cases in 2020 before dropping to 174 in 2022. Burglary cases followed a similar pattern, peaking at 98 in 2020 and declining to 28 in 2022. These changes may be tied to law enforcement efforts or community initiatives and are especially important for investors and prospective homeowners. Trends in motor vehicle theft, while less volatile,... Read more
Property Crime Trends in Lea County, NM Over the Last 5 Years
Lea County, New Mexico has seen a noticeable fluctuation in property crime trends over the past five years, impacting key indicators for potential investors and residents. The most significant category, larceny-theft, spiked notably in 2020 with 510 cases, but experienced a substantial decline to 174 in 2022. Similarly, burglary cases peaked in 2020 at 98 but subsequently decreased to 28 by 2022. These variations suggest possible changes in law enforcement efficacy or community initiatives. Other categories like motor vehicle theft showed less drastic changes but still warrant monitoring, especially for auto insurance agents and realtors advising clients on safe neighborhoods. Property crime trends are a crucial consideration for anyone looking to buy, sell, or invest in real estate in Lea County.
Demographics
Lea County, New Mexico, seems to have a population that's fairly balanced between males and females, with a slightly higher number of males. Educational attainment appears varied, though a significant portion have not completed high school, which could impact employment opportunities and economic growth. The age distribution highlights a youthful demographic, with a substantial number of residents under 35, potentially pointing to a future focus on amenities and services catering to young... Read more
Race Distribution in Lea County, New Mexico (2022)
Educational Attainment in Lea County, New Mexico (2022)
Age Distribution in Lea County, New Mexico
Citizen Population in Lea County, New Mexico (2022)
Political Trends & Data
In Lea County, New Mexico, the 2020 U.S. Presidential Election results possibly reveal a strong conservative inclination, with approximately 79% of the vote favoring Republican candidates. Democrats secured about 19% of the votes, while minor parties like Libertarian, Green, and others received minimal support, each polling around 1% or less. The dominance of Republican votes suggests that this area can be characterized as predominately two-party with a significant Republican... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Lea County, New Mexico, the 2020 U.S. Presidential Election saw Republican candidates likely commanding a significant majority with approximately 79% of the vote. In comparison, about 19% of votes were cast for Democrat candidates, indicating a possibly strong conservative leaning in the region. The Libertarian, Green, and other parties collectively garnered minimal support, each securing around 1% or less of the total votes. This trend might suggest a predominantly two-party system with overwhelming Republican preference in this county.
79.03% of voters voted for the Republican party in the 2020 Presidential Election
19.41% of voters voted for the Democrat party in the 2020 Presidential Election
1.02% of voters voted for the Livertarian party in the 2020 Presidential Election
0.24% of voters voted for the Green party in the 2020 Presidential Election
0.30% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Lea County, New Mexico, the student-to-teacher ratio has consistently hovered above the national average, peaking at 17.74 in 2020 and decreasing to 15.83 in 2023. These fluctuations can serve as indicators of the local education quality and community support, which are crucial considerations for investors, homebuyers, and real estate professionals. Areas with lower ratios may appeal to families seeking better educational settings, potentially boosting property values and housing demand. For... Read more
Student-to-teacher ratio in Lea County, New Mexico over the last 10 years
Over the past decade, the student-to-teacher ratio in Lea County, New Mexico has generally been above the national average of 14 students per teacher. While there's been variation, ranging as high as 17.74 in 2020, recent trends show a decrease, with a ratio of 15.83 in 2023. This fluctuation matters for potential investors, homebuyers, and real estate professionals as it can signal the quality of education and community support for local schools. Areas with lower student-to-teacher ratios might attract families seeking better educational environments, potentially impacting property values and demand for housing. For insurance agents and appraisers, shifts in these ratios could also affect risk assessments and valuations tied to local educational infrastructure.
