Erie County Real Estate and Livability Trends
Erie County, New York has witnessed a steady rise in average taxable income, suggesting an improving economic outlook that complements soaring state and local income taxes. Median home values in the county have surged, reaching $197,400 in 2022, offering an attractive yet affordable market for investors. Student-to-teacher ratios have improved to about 11, outpacing national averages and... Read more
Erie County Market Trends
Erie County, New York has seen an impressive increase in median home values, jumping from $130,000 in 2015 to $197,400 in 2022, which outpaces the national trend but still falls behind New York State's median. This suggests an attractive opportunity for investors and homebuyers to enter an appreciating yet affordable market. Residential energy tax credits spiked notably in 2018, reaching... Read more
Median Value of Occupied Housing Units in Erie County, New York Over the Last 8 Years
Erie County, New York, has seen a significant upward trend in median home values over the past eight years, rising from $130,000 in 2015 to $197,400 in 2022. This growth outpaces the national increase, where the median value went from $125,500 to $179,400 over the same period. However, Erie County still lags behind the New York State median, which jumped from $283,400 to $384,100. This disparity highlights an opportunity for potential investors and homebuyers to enter an appreciating market that remains comparatively more affordable than other parts of the state.
Residential Energy Tax Credit Per Tax Return in Erie County, NY Over the Last 9 Years
Erie County, New York, has seen notable fluctuations in residential energy tax credits per tax return over the last nine years. A significant spike occurred in 2018, with an average credit of $3,922.12, potentially indicating a major policy change or incentive program that year. Prior to that, the highest increase was in 2017 with $569.39. Recent years have shown more stability, averaging between $400 and $500. These trends could be relevant for investors and real estate agents looking to capitalize on potential energy efficiency incentives, and for insurance agents to consider risk evaluations tied to property upgrades.
Average Real Estate Taxes Per Tax Return in Erie County, NY Over the Last 10 Years
Erie County, New York has seen a steady increase in average real estate taxes per tax return over the past decade. Starting at approximately $5,294.52 in 2012, taxes have gradually climbed to nearly $7,872.73 by 2021. The most notable years of increase were between 2017 to 2018, where there was a significant jump from $6,167.67 to $7,384.20. This trend could influence decisions for potential homeowners, real estate investors, and property developers as rising taxes might affect overall cost considerations and potential returns on investments. Appraisers and insurance agents might also take this upward trend into account when evaluating the value and risk associated with properties in the area.
Percentage of Farm Returns in Erie County, NY Over the Last 10 Years
Erie County, New York, has seen a slight but consistent decline in the percentage of farm tax returns over the past decade, dropping from approximately 0.19% in 2012 to around 0.17% in 2021. This trend might indicate a gradual shift away from agricultural activities in the area. For those considering investment, property development, or even settling in Erie County, this could suggest an evolving economic landscape with potentially less emphasis on traditional farming, possibly opening up opportunities for diversified land use or alternative commercial enterprises.
Number of Mortgages by Occupancy Type in Erie County, NY Over the Last 5 Years in Erie County
In Erie County, New York, the number of mortgages for principal residences has fluctuated significantly, showing a decrease in recent years; from 40,813 in 2021 to 30,848 in 2022. Investment properties have seen more stable numbers but also experienced a slight decline. Meanwhile, mortgages for second residences remained quite low compared to other categories. These shifts are crucial for investors and real estate professionals as they reflect changing housing market dynamics and can impact property values, insurance rates, and development opportunities. Identifying trends in occupancy type helps in understanding the local demand for different kinds of housing, influencing strategic decisions in real estate investments and policy-making.
Economic Outlook
Erie County, New York has experienced a steady rise in average taxable income per tax return, growing from $57,383.04 in 2013 to $78,184.24 in 2021. This trend complements the significant uptick in state and local income taxes, which have more than doubled over the past decade, hinting at higher incomes or increased tax rates. Notably, the average total tax liability per return also climbed from $9,409.83 in 2012 to $12,835.39 in 2021, suggesting a growing economic burden on residents.... Read more
Average Taxable Income per Tax Return in Erie County, NY over the last 9 years
Over the past nine years, Erie County, New York has seen a steady increase in average taxable income per tax return, climbing from approximately $57,383.04 in 2013 to around $78,184.24 in 2021. This trend suggests a gradually improving economic environment, which might be of interest to potential investors, real estate agents, and those considering moving to or doing business in the area. The notable increase in 2021 hints at potential economic resilience or significant changes in the local job market and salary structures.
Average State and Local Income Taxes Per Tax Return in Erie County, NY Over the Last 10 Years
Erie County, New York has seen a significant uptick in average state and local income taxes per tax return over the past decade. From $7,799.73 in 2012 to $18,815.64 in 2021, the tax burden has more than doubled. Notably, there was a sharp increase between 2017 and 2018, jumping from $9,131.43 to $14,271.77. This trend could indicate rising incomes, higher tax rates, or both, and it's something investors, real estate agents, and anyone considering moving to the area should be aware of. Higher taxes might impact property values, cost of living, and ultimately influence market dynamics in Erie County.
Average Total Tax Liability Per Tax Return in Erie County, NY Over the Last 10 Years
Erie County, New York, has seen a notable increase in average total tax liability per tax return over the past decade, starting at approximately $9,409.83 in 2012 and rising to about $12,835.39 in 2021. Investors and real estate agents might find this trend significant, as it suggests a growing economic burden on residents which could impact disposable income and, consequently, housing market dynamics. Additionally, it indicates a potentially higher demand for tax planning and financial advisory services. Appraisers and insurance agents should also be aware of these shifts, as they could influence property values and insurance premiums.
Cost of Living in Erie County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,341 | $1,609 | $1,278 | $2,638 | $1,651 |
| 2 adults 3 children | $1,341 | $1,314 | $1,241 | $2,638 | $1,404 |
| 1 adult 4 children | $1,341 | $1,314 | $807 | $2,638 | $1,748 |
| 1 adult 3 children | $1,341 | $1,073 | $770 | $2,638 | $1,561 |
| 2 adults 2 children | $1,095 | $1,076 | $1,205 | $2,306 | $1,193 |
| 1 adult 2 children | $1,095 | $804 | $734 | $2,306 | $1,259 |
| 2 adults 1 child | $1,095 | $850 | $1,168 | $1,228 | $1,014 |
| 1 adult 1 child | $1,095 | $549 | $697 | $1,228 | $887 |
| 2 adults | $930 | $683 | $839 | $0 | $697 |
| 1 adult | $890 | $373 | $419 | $0 | $605 |
Safety trends & Data
Erie County, New York has seen fluctuations in property crime rates over the last five years, with notable declines in several categories. Burglary rates dropped from 694 cases in 2018 to 422 by 2022, and larceny-theft decreased from 4,056 to 3,117 during the same period. This downward trend, including drops in fraud and vandalism, could boost investor confidence and be seen as a positive indicator for real estate agents and property insurers assessing risk and market stability in the... Read more
Property Crime Trends in Erie County, NY Over the Last 5 Years
Erie County, New York has witnessed fluctuating property crime rates over the last five years, with notable declines in several categories. Burglary rates dropped from 694 in 2018 to 422 by 2022, and larceny-theft decreased dramatically from 4056 in 2018 to 3117 in 2022. Although there were significant reductions, particularly in larceny-theft, the trend also includes drops in fraud and vandalism from their respective 2018 numbers. These shifts could be relevant for investors, real estate agents, and property insurers considering risk factors and market stability in the county. The overall downward trend may boost confidence in the area's security and potential for safe investments.
Demographics
Erie County, New York, shows a relatively balanced gender population with a slight skew towards females. The adult population indicates varied educational attainment, though a significant portion holds a high school diploma or higher, suggesting a reasonably educated community. Age-wise, the county is diverse, with noteworthy populations in both younger (25 to 34 years) and older (55 to 64 years) age brackets. The racial distribution predominantly features White residents, but there's a... Read more
Race Distribution in Erie County, New York (2022)
Educational Attainment in Erie County, New York (2022)
Age Distribution in Erie County, New York
Citizen Population in Erie County, New York (2022)
Political Trends & Data
Erie County, New York, leans towards the Democratic Party, with about 56% of the vote in the 2020 Presidential Election. Republicans had close to 41% support, revealing substantial but less dominant backing. Minor parties, including the Libertarians and Greens, barely made a mark, getting just around 1%. This trend could reflect the county's political landscape, potentially influencing various socioeconomic aspects, including real... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Erie County, New York, shows a potential trend favoring the Democratic Party, which garnered roughly 56% of the votes in the 2020 U.S. Presidential Election. Republicans secured around 41%, indicating significant, though somewhat minority, support. Alternative parties like the Libertarians and Greens gained minimal traction with percentages just around 1%, suggesting limited influence outside the two major parties. This voting pattern might indicate a predominantly Democratic lean in recent elections.
41.43% of voters voted for the Republican party in the 2020 Presidential Election
56.04% of voters voted for the Democrat party in the 2020 Presidential Election
0.93% 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
1.19% of voters voted for the Other party in the 2020 Presidential Election
School Data
Erie County, New York, has seen its student-to-teacher ratio drop from 13 in 2014 to about 11 in 2023, which is better than the current national average of 14 students per teacher. This trend points to smaller class sizes and potential improvements in educational investment, which might appeal to investors and prospective homebuyers. Real estate agents could highlight this data as a selling point, while appraisers and insurance agents might see it as a factor in community value. Builders might... Read more
Student-to-teacher ratio in Erie County, New York over the last 10 years
Erie County, New York, has seen a steady decrease in the student-to-teacher ratio over the past decade, dropping from 13 in 2014 to about 11 in 2023, which is below the current national average of 14 students per teacher. This trend may suggest smaller class sizes, potentially indicating improvements in educational investment and teacher hiring. For investors and those looking to move to the area, this could reflect positively on the quality of education. Real estate agents might find this a valuable selling point, while appraisers and insurance agents could view the data as a factor in assessing community value. Builders might interpret this as indicative of stable or growing educational infrastructure, while residents and those generally interested in Erie County can appreciate the benefits of more personalized attention in classrooms.
