Otero County Real Estate and Livability Trends
Otero County, New Mexico has seen median home values rise from $101,800 in 2015 to $139,100 in 2022, yet this appreciation lags behind state and national trends. The increasing real estate taxes, peaking at $2,730.77 in 2020, point to a growing tax burden. There's a noteworthy decline in farm tax returns, dropping from 1.51% of tax returns in 2012 to 1.12% in 2021, hinting at shifts in the local... Read more
Otero County Market Trends
Median home values in Otero County, New Mexico, have climbed from $101,800 in 2015 to $139,100 in 2022, presenting a slower appreciation rate compared to both state and national averages. The average residential energy tax credit also saw a peak in 2018 at $4,060.00, highlighting a shift towards energy-efficient home improvements, potentially boosting property values. Real estate taxes per tax... Read more
Median Value of Occupied Housing Units in Otero County, New Mexico Over the Last 8 Years
Median home values in Otero County, New Mexico, have shown a steady increase over the past eight years, from $101,800 in 2015 to $139,100 in 2022. This growth is more modest compared to New Mexico’s statewide increase from $160,300 to $216,000 in the same period. Nationally, median home values rose from $125,500 in 2015 to $179,400 in 2022, outpacing both the county and state trends. This could make Otero County an attractive option for potential homeowners or investors seeking more affordable property in an escalating market.
Residential Energy Tax Credit Per Tax Return in Otero County, NM Over the Last 9 Years
Over the past nine years in Otero County, New Mexico, there's been a noticeable increase in the average residential energy tax credit per tax return, peaking in 2018 at $4,060.00. This upward trend suggests growing investments in energy-efficient upgrades and renewable energy solutions among residents. For real estate agents and appraisers, this signals a potential rise in property values linked to green improvements. Investors and developers might see opportunities to cater to an eco-conscious market, while insurance agents could explore specialized green coverage options. Current and prospective homeowners may find long-term savings and incentives driving their energy choices.
Average Real Estate Taxes Per Tax Return in Otero County, NM Over the Last 10 Years
Over the past decade, Otero County, New Mexico has seen a notable increase in average real estate taxes per tax return. Starting at approximately $1,413.48 in 2012, there was a gradual rise to about $1,822.08 in 2017. However, a significant spike occurred between 2017 and 2018, pushing taxes to roughly $2,395.12. Despite some fluctuations, the trend mostly continued upward, peaking at $2,730.77 in 2020 before slightly dropping to $2,522.58 in 2021. For potential investors and homeowners, this trend may indicate a growing tax burden, which is a crucial factor to consider when evaluating the overall cost of property ownership in this region.
Percentage of Farm Returns in Otero County, NM Over the Last 10 Years
Over the last decade, the percentage of farm tax returns in Otero County, New Mexico has generally trended downward, starting from about 1.51% in 2012 to roughly 1.12% in 2021, with some minor fluctuations in between. Farm tax returns are essential indicators of agricultural activity, reflecting the economic stability and investment viability in rural areas. For investors, property developers, and residents, this trend might suggest shifting dynamics in local agriculture, possibly affecting land values and future development opportunities.
Number of Mortgages by Occupancy Type in Otero County, NM Over the Last 5 Years in Otero County
Otero County, New Mexico has seen a notable fluctuation in mortgage counts by occupancy type over the past five years, with principal residences consistently dominating the market. Investment properties and second residences, while generally increasing, remain significantly lower in volume. These trends could be vital for investors eyeing rental opportunities, as rising interest in principal residences suggests a stable demand for long-term housing. Appraisers and insurance agents might prioritize these data points for assessing property values and risks. Real estate agents and developers should note the gradual growth in investment properties, indicating potential for development or rental income, while stakeholders and residents should consider how these patterns may influence future community and infrastructure planning.
Economic Outlook
Otero County, New Mexico has seen a steady increase in average taxable income per tax return, growing from $39,990.08 in 2013 to $48,693.38 in 2021, which might suggest a strengthening local economy. However, average state and local income taxes per tax return have more than doubled from $3,760.56 in 2012 to $7,187.30 in 2021, hinting at a potentially growing tax burden. The general trend in average total tax liability has also risen, reflecting increasing economic activity or income levels.... Read more
Average Taxable Income per Tax Return in Otero County, NM over the last 9 years
Over the past nine years, Otero County, New Mexico has seen a gradual increase in average taxable income per tax return, rising from $39,990.08 in 2013 to $48,693.38 in 2021. Notable annual growth occurred particularly between 2017 and 2018, and again from 2020 to 2021. This trend could indicate a strengthening local economy, which might be of interest to potential investors, real estate agents, and others looking to assess financial opportunities in the area.
Average State and Local Income Taxes Per Tax Return in Otero County, NM Over the Last 10 Years
In Otero County, New Mexico, average state and local income taxes per tax return have significantly increased over the last decade. In 2012, taxpayers faced an average of approximately $3,760.56, but by 2021, this figure had risen to about $7,187.30. The steepest rise appears between 2017 and 2018, suggesting a notable shift in tax policies or economic factors during that period. This trend indicates a potentially growing tax burden, which is critical for prospective investors, appraisers, and those considering moving to or building property in the area. Understanding these increases is essential for financial planning and predicting future economic conditions in the county.
Average Total Tax Liability Per Tax Return in Otero County, NM Over the Last 10 Years
Otero County, New Mexico, has shown a general upward trend in average total tax liability per tax return over the last decade, with amounts ranging from around $5,434.63 in 2014 to approximately $6,272.53 in 2021. Despite some fluctuations, such as a peak in 2017 at $6,019.23 and a slight dip in 2014, the overall growth suggests increasing economic activity or income levels. This steady rise can inform potential investors, real estate agents, and property developers about the financial health and evolving economic landscape of the region.
Cost of Living in Otero County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,130 | $1,448 | $2,438 | $1,421 | $1,332 |
| 1 adult 4 children | $1,130 | $1,182 | $1,886 | $1,421 | $1,411 |
| 2 adults 3 children | $1,130 | $1,183 | $2,104 | $1,421 | $1,085 |
| 1 adult 3 children | $1,130 | $966 | $1,553 | $1,421 | $1,112 |
| 2 adults 2 children | $795 | $968 | $1,770 | $1,247 | $857 |
| 1 adult 2 children | $795 | $723 | $1,219 | $1,247 | $782 |
| 2 adults 1 child | $795 | $765 | $1,436 | $682 | $764 |
| 1 adult 1 child | $795 | $494 | $885 | $682 | $613 |
| 2 adults | $695 | $615 | $1,103 | $0 | $594 |
| 1 adult | $568 | $335 | $551 | $0 | $486 |
Safety trends & Data
Property crime in Otero County, New Mexico has generally seen a decline over the last three years, with larceny-theft dropping from 366 incidents in 2018 to 107 in 2020, and burglary cases reducing from 41 to 29 over the same period. Vandalism reports have remained stable, averaging 58 incidents per year, while motor vehicle theft has fluctuated mildly. These shifts might indicate improving community security or effective law enforcement but highlight areas still in need of attention. Investors... Read more
Property Crime Trends in Otero County, NM Over the Last 3 Years
Property crime in Otero County, New Mexico has generally seen a decline over the last three years, with notable decreases in larceny-theft, which dropped from 366 incidents in 2018 to 107 in 2020. Burglary cases also reduced significantly from 41 in 2018 to 29 in 2020. However, vandalism reports have remained relatively stable, averaging around 58 incidents per year, and motor vehicle theft has fluctuated mildly. These shifts could indicate improving community security or effective law enforcement but also highlight persistent areas that may require targeted interventions. Investors and real estate agents might find the declining trends in major theft categories encouraging, suggesting a gradually safer environment for property assets.
Demographics
Otero County, New Mexico's population skews slightly male with around 26,261 men compared to 23,177 women. When it comes to education, a significant portion of the adult population holds at least a high school diploma, with many residents having some college experience but no degree. The county also features a youthful demographic, with notable populations in the under-10 and 25 to 34 years age groups. Racially, the area is predominantly White, though there is a blend of other races, including... Read more
Race Distribution in Otero County, New Mexico (2022)
Educational Attainment in Otero County, New Mexico (2022)
Age Distribution in Otero County, New Mexico
Citizen Population in Otero County, New Mexico (2022)
Political Trends & Data
Otero County in New Mexico likely leaned heavily towards Republicans in the 2020 U.S. Presidential Election, with the GOP possibly securing around 62% of the vote. Democrats trailed considerably, securing close to 36%, while Libertarian and Green parties barely made a blip with around 1.6% and 0.5%, respectively. This probable preference for traditional two-party voting might influence local policies and, subsequently, real estate dynamics, possibly resulting in conservative-driven development... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Otero County in New Mexico likely leaned heavily towards the Republican party in the 2020 U.S. Presidential Election, with Republicans garnering around 62% of the vote. Democrats trailed significantly, securing close to 36%. The Libertarian and Green parties potentially had minimal impact, barely crossing 1.6% and 0.5%, respectively. Other parties combined probably didn't make much of a dent either, suggesting a predominantly two-party preference in this county.
61.61% of voters voted for the Republican party in the 2020 Presidential Election
36.00% of voters voted for the Democrat party in the 2020 Presidential Election
1.64% of voters voted for the Livertarian party in the 2020 Presidential Election
0.46% 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
Otero County, New Mexico has seen significant changes in its student-to-teacher ratio over the past decade, once peaking at nearly 20 students per teacher in 2018—well above the national average of 14. However, 2023 marked a shift, with the ratio dropping to just over 12 students per teacher. This trend suggests more individualized attention for students, which could make the area more appealing to families and investors. Real estate agents and appraisers might view this as a value-add, while... Read more
Student-to-teacher ratio in Otero County, New Mexico over the last 10 years
Over the past decade, Otero County, New Mexico has experienced considerable fluctuations in its student-to-teacher ratio, peaking at almost 20 students per teacher in 2018, significantly above the national average of 14. More recently, the ratio has stabilized, trending below the national average, with 2023 seeing a low of just over 12 students per teacher. This lower ratio could hint at more individualized attention for students, potentially making the area more attractive to families and investors. Real estate agents and appraisers might view this as a value-add, while insurance agents could consider it in risk assessments. For those looking to build or move to Otero County, the shifting education dynamics might indicate evolving community needs and investments in local schools.
