Broome County Real Estate and Livability Trends
Broome County, New York, has seen a solid increase in median home values from $109,900 in 2015 to $139,200 in 2022. This 26.75% jump, though still below state and national medians, signals climbing property values. Average real estate taxes per return have also risen significantly, from $5,274.53 in 2012 to $7,703.87 in 2021, suggesting a growing tax burden that could affect ownership costs but... Read more
Broome County Market Trends
Broome County, New York, has witnessed a solid increase in the median home value from $109,900 in 2015 to $139,200 in 2022, a 26.75% jump, albeit still below the state and national median values. Average real estate taxes per tax return have climbed substantially from $5,274.53 in 2012 to $7,703.87 in 2021, indicating a growing tax burden that could influence property ownership costs, yet might... Read more
Median Value of Occupied Housing Units in Broome County, New York Over the Last 8 Years
Broome County, New York has seen its median home value increase from $109,900 in 2015 to $139,200 in 2022. This growth trend in Broome County, while impressive at 26.75%, still places it behind the New York state median home value, which soared from $283,400 to $384,100 during the same period. On a national level, home values increased from $125,500 to $179,400, reflecting similar upward momentum. For those considering investment or relocation to Broome County, these numbers suggest potentially more affordable housing options compared to the state and national averages, yet with significant appreciation potential over time.
Residential Energy Tax Credit Per Tax Return in Broome County, NY Over the Last 9 Years
Broome County, New York has seen significant fluctuations in the average residential energy tax credit per tax return over the last nine years. Noteworthy is a dramatic spike in 2018, where the average credit soared to $3,172.73, suggesting a possible surge in energy-efficient home upgrades or a change in policy incentives. Following this peak, the credits stabilized, averaging around $509.73 to $560.71 in subsequent years. These trends could impact real estate investment and development strategies, offering insights for potential investors, property builders, and insurance agents assessing the local market's inclination towards energy efficiency.
Average Real Estate Taxes Per Tax Return in Broome County, NY Over the Last 10 Years
Over the past decade, Broome County, New York, has seen a notable increase in average real estate taxes per tax return, with values rising from around $5,274.53 in 2012 to approximately $7,703.87 in 2021. This upward trend took a significant leap in 2018, crossing the $7,000 mark and staying above it since. For investors and potential homeowners, this indicates a growing tax burden which could affect property valuations and the overall cost of property ownership. Conversely, this might also reflect increased property values or improvements in local amenities and services, which could be appealing for residents. Real estate agents, appraisers, and insurance agents should factor in these rising tax figures when evaluating market conditions and advising clients.
Percentage of Farm Returns in Broome County, NY Over the Last 10 Years
Over the past decade, Broome County, New York has seen a generally stable percentage of farm tax returns, signaling a consistent presence of farming activity. The proportion of farm returns has hovered around 0.47% to 0.41%, indicating a marginal decline. Farm tax returns are vital because they reflect the level of agricultural activity which can influence land use, local economy, and community planning. For potential investors or new residents, this trend suggests a stable agricultural base with slight fluctuations that might impact property values and local market conditions. Understanding this dynamic can be essential for those looking into property development, investing in rural business opportunities, or comprehending the economic landscape of the region.
Number of Mortgages by Occupancy Type in Broome County, NY Over the Last 5 Years in Broome County
In Broome County, New York, mortgage counts over the last five years suggest a dominant preference for principal residences, followed by a notably smaller but gradually increasing interest in investment properties. Second residences consistently trail behind. These shifts in occupancy type can significantly affect various stakeholders. For investors, the steady rise in investment property mortgages, despite economic fluctuations, could indicate a strengthening rental market. Prospective residents might see opportunities in the relatively high number of principal residencies, suggesting good availability of homes. Appraisers and insurance agents should factor in occupancy trends when valuing properties or calculating risks, as they directly impact market stability and potential returns. Builders and real estate agents may want to align their strategies with these trends to meet the local demand effectively.
Economic Outlook
In Broome County, New York, the average taxable income per tax return has risen notably from around $49,691.11 in 2013 to approximately $69,933.25 in 2021, signaling potential economic growth and making the area attractive for investors and real estate developers. However, the average state and local income taxes per tax return also saw a sharp rise, reaching about $17,549.60 by 2021. This increase might indicate higher incomes or elevated tax rates, impacting property appraisals and insurance... Read more
Average Taxable Income per Tax Return in Broome County, NY over the last 9 years
In Broome County, New York, the average taxable income per tax return has shown a consistent upward trend over the last nine years, climbing from approximately $49,691.11 in 2013 to around $69,933.25 in 2021. This notable increase suggests a growing economic prosperity in the area, making it potentially appealing for investors, real estate developers, and new residents. Such financial growth could influence property values, insurance rates, and appraisals positively, marking Broome County as a promising location for economic activities.
Average State and Local Income Taxes Per Tax Return in Broome County, NY Over the Last 10 Years
Over the past decade, Broome County, New York has seen a notable increase in average state and local income taxes per tax return. Starting at approximately $6,497.39 in 2012, the figures show a steady upward trend with a significant jump post-2017, reaching about $17,549.60 by 2021. This spike may suggest rising income levels, higher tax rates, or a combination of both, making it essential for potential investors, homebuyers, and real estate agents to factor in these increasing costs. Increased tax burdens may also impact property appraisals and insurance premiums. This trend underscores the importance of a thorough financial assessment before making property-related decisions.
Average Total Tax Liability Per Tax Return in Broome County, NY Over the Last 10 Years
Broome County, New York has seen a noticeable increase in average total tax liability per tax return over the past decade, jumping from $7,566.26 in 2012 to $10,663.95 in 2021. This upward trend, especially the sharp rise in 2021, could signal an evolving economic landscape, potentially affecting housing market dynamics and real estate values. For potential investors and property developers, this indicates a potentially higher cost of living, which might influence property demand and tax strategies. Appraisers and insurance agents might find this data useful for property value assessments and adjusting coverage plans accordingly.
Cost of Living in Broome County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,256 | $1,564 | $1,521 | $2,193 | $1,479 |
| 2 adults 3 children | $1,256 | $1,278 | $1,484 | $2,193 | $1,269 |
| 1 adult 4 children | $1,256 | $1,278 | $952 | $2,193 | $1,565 |
| 1 adult 3 children | $1,256 | $1,043 | $915 | $2,193 | $1,364 |
| 2 adults 2 children | $960 | $1,046 | $1,447 | $1,911 | $1,071 |
| 1 adult 2 children | $960 | $781 | $878 | $1,911 | $1,071 |
| 2 adults 1 child | $960 | $827 | $1,410 | $994 | $967 |
| 1 adult 1 child | $960 | $534 | $842 | $994 | $778 |
| 2 adults | $755 | $664 | $1,009 | $0 | $666 |
| 1 adult | $722 | $362 | $504 | $0 | $573 |
Safety trends & Data
Broome County, New York has experienced varied property crime rates over the past five years, with Larceny-Theft being the most common, ranging between 892.00 and 1064.00 cases annually. Burglary and Vandalism also remain significant, signaling the need for enhanced security measures for investors and developers. A notable rise in Motor Vehicle Theft in 2022 to 56.00 cases could impact insurance rates. While Arson and Embezzlement cases are low, their presence indicates that vigilance is still... Read more
Property Crime Trends in Broome County, NY Over the Last 5 Years
Broome County, New York, has seen fluctuating property crime rates over the past five years, with Larceny-Theft consistently being the highest-reported offense, ranging between 892.0 and 1064.0 cases annually. Burglary and Vandalism also show significant numbers, making it crucial for potential investors and property developers to consider security measures. The spike in Motor Vehicle Theft in 2022 to 56.0 cases signals a potential area of concern for insurance adjustments. Notably, while crimes like Arson and Embezzlement remain low, their occurrences suggest vigilance is still necessary. These trends could influence real estate valuations and the desirability of different neighborhoods within the county.
Demographics
Broome County, New York shows a nearly balanced gender demographic with a slight female majority. Educational attainment is varied but a significant portion of the population has at least a high school diploma, with a notable number holding bachelor's and graduate degrees. The age distribution reveals a solid representation across age groups, with a slight skew toward older age brackets, as evidenced by a larger population of those aged 55 and over. Racially, the county is predominantly White,... Read more
Race Distribution in Broome County, New York (2022)
Educational Attainment in Broome County, New York (2022)
Age Distribution in Broome County, New York
Citizen Population in Broome County, New York (2022)
Political Trends & Data
Broome County, New York experienced a tight race in the 2020 U.S. Presidential Election, with Democrats receiving about 50.3% of the vote and Republicans close behind at 46.8%. This nearly even split points to a competitive political landscape dominated by the two major parties, potentially influencing the area's policy decisions and community investments. Smaller parties like the Libertarian and Green parties secured only about 1.2% and 0.5% of the vote respectively, indicating limited impact... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Broome County, New York saw a slight edge for Democratic candidates in the 2020 U.S. Presidential Election, with roughly 50.3% of votes compared to approximately 46.8% for Republicans. Minor parties like the Libertarian and Green parties captured a small fraction of the vote, at around 1.2% and 0.5% respectively. This distribution may suggest a competitive environment with a predominant two-party presence, leaving minimal room for smaller parties.
46.85% of voters voted for the Republican party in the 2020 Presidential Election
50.28% of voters voted for the Democrat party in the 2020 Presidential Election
1.18% 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
1.23% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Broome County, New York, the student-to-teacher ratio has declined over the past decade, averaging just above 12 students per teacher recently. This trend of smaller class sizes compared to the national average of 14 students per teacher may appeal to families seeking more individualized attention for their children. For real estate agents and homebuyers, it presents an attractive selling point, while investors in educational infrastructure might see it as a sign of stability in staffing and... Read more
Student-to-teacher ratio in Broome County, New York over the last 10 years
Over the past decade, the student-to-teacher ratio in Broome County, New York, has generally declined from around 13 students per teacher to just above 12 in recent years, dipping as low as 12 students per teacher in 2020 and 2021. This trend suggests that class sizes are smaller compared to the national average of 14 students per teacher, which could appeal to families seeking more individualized attention for their children. For real estate agents and potential homebuyers, this might be an attractive selling point. For those investing in educational infrastructure, it could indicate stability in staffing and resources. Insurance agents might also find this relevant; schools with lower student-to-teacher ratios might experience fewer incidents, potentially lowering insurance risks.
