Torrance County Real Estate and Livability Trends
Torrance County, New Mexico's real estate market tells an intriguing story of economic growth and shifting property values. The average taxable income has seen a notable increase, climbing from $35,433.22 in 2013 to $47,442.21 in 2021, which could be appealing for investors and developers. The median home value rose from $106,400 in 2015 to $132,600 in 2022, suggesting a potentially lucrative... Read more
Torrance County Market Trends
Torrance County, New Mexico's housing market is notably more affordable compared to state and national averages, with the median home values rising from $106,400 in 2015 to $132,600 in 2022. This appreciation trend presents a potentially lucrative investment opportunity. A significant uptick in residential energy tax credits, peaking at $2,100.00 in 2018, mirrors a growing focus on... Read more
Median Value of Occupied Housing Units in Torrance County, New Mexico Over the Last 8 Years
For those eyeing investments or relocation in Torrance County, New Mexico, the median home values exhibited a consistent upward trend over the past eight years, from $106,400 in 2015 to $132,600 in 2022. Comparatively, the state of New Mexico's median home values were higher, increasing from $160,300 to $216,000 in the same period. Nationally, the median values spiked from $125,500 to $179,400. This suggests that while Torrance County might offer more affordable housing options relative to state and national averages, the steady appreciation could make it a potentially lucrative area for future investment.
Residential Energy Tax Credit Per Tax Return in Torrance County, NM Over the Last 9 Years
Torrance County, New Mexico has seen a significant uptick in average residential energy tax credits per tax return over the past nine years. Starting at $325.00 in 2013, there has been a general increase with particular spikes in 2016 and 2018, where the average credits reached $1,037.50 and $2,100.00 respectively. This trend suggests a growing investment in energy-efficient home improvements, which could indicate enhanced property values and potentially more attractive real estate opportunities. For investors, builders, and real estate agents, this increase might hint at a community increasingly focused on sustainable living, and insurance agents may need to consider these upgrades when assessing policy costs.
Average Real Estate Taxes Per Tax Return in Torrance County, NM Over the Last 10 Years
Over the past decade, average real estate taxes per tax return in Torrance County, New Mexico have shown a notable upward trend, more than doubling from $1,274.39 in 2012 to a peak of $2,400.00 in 2020. This increase could be indicative of rising property values or adjustments in tax rates, likely affecting budget planning for potential homebuyers, appraisers, and real estate agents. Investors and builders might view this escalation as a sign of growing desirability and economic activity in the area, while insurance agents may need to adjust their forecasts and risk assessments accordingly.
Percentage of Farm Returns in Torrance County, NM Over the Last 10 Years
In Torrance County, New Mexico, the percentage of farm tax returns generally fluctuated with a slight downward trend over the past decade, decreasing from 6.20% in 2012 to 5.34% in 2021. Farm tax returns represent the portion of tax filings related to agricultural operations, hinting at the local economic vitality and efficiency of farming activities. These metrics may be of interest to potential investors looking at agricultural ventures, as well as those considering moving to or developing properties in the area, as they reflect broader economic health and sustainability of farming in the region.
Number of Mortgages by Occupancy Type in Torrance County, NM Over the Last 5 Years in Torrance County
In Torrance County, New Mexico, the number of mortgages for principal residences has shown a steady increase from 362 in 2018 to 744 in 2021. Investment properties and second residences have consistently smaller counts but exhibit similar upward trends, with investment property mortgages increasing from 8 in 2018 to 26 in 2021. This suggests a growing confidence in the area's housing market. For investors, real estate agents, and insurance agents, understanding these changes in occupancy types could be crucial for assessing market stability and targeting opportunities. A rise in principal residence mortgages indicates potentially higher long-term residency, which could influence neighborhood development and property values. Meanwhile, a steady investment in second residences and rental properties might point to a robust rental market and secondary housing demand.
Economic Outlook
Torrance County, New Mexico, has experienced a significant rise in average taxable income per tax return, jumping from $35,433.22 in 2013 to $47,442.21 in 2021. The most notable spike occurred between 2018 and 2019, indicating potential economic growth that may appeal to investors and property developers. Alongside this, the average state and local income taxes per tax return surged from $3,220.55 in 2012 to $7,276.92 in 2020, hinting at increasing property values or incomes. Furthermore, the... Read more
Average Taxable Income per Tax Return in Torrance County, NM over the last 9 years
In Torrance County, New Mexico, the average taxable income per tax return has shown noticeable growth over the last nine years, climbing from approximately $35,433.22 in 2013 to around $47,442.21 in 2021. The most significant increase appears between 2018 and 2019, with a jump from roughly $39,901.21 to $42,965.95. This upward trend in taxable income could be intriguing for investors, property developers, and real estate agents as it may signal economic growth and an improving standard of living in the area. Additionally, this data might be useful for appraisers and insurance agents as a factor in evaluating property values and risks.
Average State and Local Income Taxes Per Tax Return in Torrance County, NM Over the Last 10 Years
Over the past decade, Torrance County in New Mexico has seen a noticeable rise in average state and local income taxes per tax return, starting from approximately $3,220.55 in 2012 and peaking at around $7,276.92 in 2020. While fluctuations are evident, the overall trend indicates an increasing tax burden, particularly significant between 2018 and 2020. This could suggest an escalating property value or income within the county, making it essential for potential investors, real estate agents, and appraisers to consider these changing fiscal dynamics. Additionally, for those planning to move to, build property in, or handle insurance and valuation in Torrance County, the climbing taxes might imply evolving economic factors worth noting.
Average Total Tax Liability Per Tax Return in Torrance County, NM Over the Last 10 Years
Over the past decade, Torrance County, New Mexico has seen fluctuations in average total tax liability per tax return, with a noticeable upward trend. From $5086.43 in 2012 to $6370.96 in 2021, there are potential implications for property investors, real estate agents, and insurance agents. The notable increase, especially from $5421.29 in 2018 to $6408.17 in 2019, suggests rising taxable incomes or changes in tax regulations, making it crucial for those involved in the local economy to stay informed.
Cost of Living in Torrance County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,205 | $1,464 | $1,594 | $1,482 | $1,182 |
| 1 adult 4 children | $1,205 | $1,195 | $1,230 | $1,482 | $1,317 |
| 2 adults 3 children | $1,205 | $1,196 | $1,377 | $1,482 | $978 |
| 1 adult 3 children | $1,205 | $976 | $1,014 | $1,482 | $1,087 |
| 2 adults 2 children | $848 | $979 | $1,161 | $1,303 | $808 |
| 1 adult 2 children | $848 | $731 | $797 | $1,303 | $779 |
| 2 adults 1 child | $848 | $774 | $944 | $721 | $735 |
| 1 adult 1 child | $848 | $500 | $580 | $721 | $610 |
| 2 adults | $698 | $622 | $728 | $0 | $543 |
| 1 adult | $567 | $339 | $364 | $0 | $467 |
Safety trends & Data
In Torrance County, New Mexico, property crime rates have seen some fluctuations over the past five years. Burglary incidents notably dropped from 8 in 2018 to just 4 recently, while larceny-theft has also decreased. However, the introduction of motor vehicle thefts in 2020, peaking at 5 incidents, raises some concerns for future trends. Steadily low numbers in arson and forgery suggest these targeted crimes are infrequent. These shifts could potentially influence insurance premiums, property... Read more
Property Crime Trends in Torrance County, NM Over the Last 5 Years
Over the past five years, Torrance County, New Mexico has seen notable fluctuations in property crime rates. Burglary incidents dropped significantly from 8 in 2018 to 4 in recent years, while larceny-theft has also seen a marked decrease. The introduction of motor vehicle thefts in 2020, peaking at 5 incidents, is potentially concerning for future trends. Consistent low numbers in categories such as arson and forgery suggest targeted crimes are less frequent. For those interested in the real estate market or related fields, these trends might influence insurance premiums, property values, and investment decisions in the area.
Demographics
Torrance County, New Mexico shows an interesting demographic profile. The adult population skews slightly towards males with perhaps a higher proportion of Whites compared to other racial groups. Educational attainment varies widely, indicating a significant portion of residents have a high school diploma or some college experience, though advanced degrees are less common. The age distribution seems broadly balanced, with notable segments in the 35 to 64 age range, potentially hinting at a... Read more
Race Distribution in Torrance County, New Mexico (2022)
Educational Attainment in Torrance County, New Mexico (2022)
Age Distribution in Torrance County, New Mexico
Citizen Population in Torrance County, New Mexico (2022)
Political Trends & Data
Torrance County in New Mexico skewed heavily toward conservative politics in the 2020 U.S. Presidential Election, with about 66% of votes likely cast for the Republican candidate and roughly 32% for the Democrat. Third-party candidates barely made a dent, collectively securing under 5% of the vote. This trend hints at a predominantly conservative voter base that could influence local policies and market... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Torrance County in New Mexico showed a clear preference in the 2020 U.S. Presidential Election, with approximately 66% of the vote potentially going to the Republican candidate. Democrats might have garnered around 32%, while third-party candidates like Libertarians, Greens, and others collectively may have received less than 5%. This suggests a strong leaning toward more conservative politics in this area.
65.54% of voters voted for the Republican party in the 2020 Presidential Election
32.19% of voters voted for the Democrat party in the 2020 Presidential Election
1.44% of voters voted for the Livertarian party in the 2020 Presidential Election
0.40% of voters voted for the Green party in the 2020 Presidential Election
0.43% of voters voted for the Other party in the 2020 Presidential Election
School Data
Torrance County, New Mexico's student-to-teacher ratio has dropped to 11 students per teacher in 2023, down from a high of 16 in 2018. This trend might make the area more attractive to families seeking personalized education for their children, potentially boosting property values and demand. Real estate professionals and investors could see growth opportunities, while appraisers and insurance agents might find adjustments in property assessments and policies due to enhanced location... Read more
Student-to-teacher ratio in Torrance County, New Mexico over the last 10 years
Torrance County, New Mexico has experienced fluctuations in its student-to-teacher ratio over the past decade, peaking at 16 students per teacher in 2018 before steadily declining to 11 in 2023, which is notably lower than the current US national average of 14. This declining ratio could attract those seeking a more personalized education environment for their children, potentially boosting property values and demand in the county. For real estate agents and investors, such trends might signal an opportunity for growth as families may prioritize areas with favorable educational settings. Appraisers and insurance agents should also consider these changes, as lower ratios can enhance the perceived desirability of the location, affecting property assessments and insurance policies.
