Herkimer County Real Estate and Livability Trends
Herkimer County, New York has seen a consistent rise in average taxable income per tax return from $46,076.56 in 2013 to $60,497.04 by 2021, enticing investors and developers with possible upward pressure on property values. The median home values appreciated steadily, moving from $96,100 in 2015 to $130,900 in 2022, while remaining more affordable than state and national averages. However, the... Read more
Herkimer County Market Trends
Herkimer County's housing market has shown steady appreciation over the last eight years, with median home values rising from $96,100 in 2015 to $130,900 in 2022, still making it more affordable than both state and national medians. The average real estate taxes per tax return have seen a notable increase, which might impact investment attractiveness and overall cost of living. Residential energy... Read more
Median Value of Occupied Housing Units in Herkimer County, New York Over the Last 8 Years
Herkimer County's housing market has shown steady appreciation over the last eight years, with median home values rising from $96,100 in 2015 to $130,900 in 2022. While this increase is impressive, homes here remain more affordable compared to New York State's median, which skyrocketed from $283,400 in 2015 to $384,100 in 2022. On a national scale, Herkimer County still presents a more budget-friendly option, with U.S. median home values climbing from $125,500 in 2015 to $179,400 by 2022. This trend suggests Herkimer County might be an attractive market for those looking to invest in property without breaking the bank, providing relatively lower entry costs than both state and national averages.
Residential Energy Tax Credit Per Tax Return in Herkimer County, NY Over the Last 9 Years
Herkimer County, New York, has experienced notable fluctuations in residential energy tax credits over the past nine years, peaking dramatically at an average of $2,440.00 per tax return in 2018. Other years showed more modest values, generally oscillating between $288.39 and $675.76, with a noticeable dip to $531.43 in 2019. This volatile pattern, especially the surge in 2018, could indicate periods of increased investment in energy-efficient home improvements or changes in available tax incentives. These insights might prove valuable for investors, developers, and those considering energy-efficient upgrades to capitalize on potential tax benefits.
Average Real Estate Taxes Per Tax Return in Herkimer County, NY Over the Last 10 Years
Over the past decade, Herkimer County, New York, has seen a notable increase in average real estate taxes per tax return, rising from approximately $4,077.56 in 2012 to about $6,620.69 by 2021. The most significant jumps occurred between 2017 and 2018, suggesting a rapid escalation in property tax obligations. This uptick in taxes could impact property values, investment attractiveness, and the overall cost of living, which is crucial for those considering migrating, building, or investing in the area. It also offers a valuable perspective for real estate agents and appraisers who need to consider the county's evolving tax landscape in their evaluations.
Percentage of Farm Returns in Herkimer County, NY Over the Last 10 Years
In Herkimer County, New York, the percentage of farm tax returns has generally hovered around 2.00% to 2.21% over the past decade. This consistent level of farm-related financial activity highlights the region's steady agricultural presence. Those eyeing investments, land development, or residency in the area may find this stability indicative of a balanced local economy with reliable agricultural contributions. Farm tax returns, known for their reflection of farm income and operational expenses, serve as a vital economic indicator in this predominantly rural landscape. Such trends suggest a potentially viable environment for future agricultural ventures or real estate investments.
Number of Mortgages by Occupancy Type in Herkimer County, NY Over the Last 5 Years in Herkimer County
Over the last five years in Herkimer County, New York, the number of mortgages for primary residences has been significantly higher than those for investment or second residences, with 2021 peaking at over 2,100 mortgages for principal residences. Investors and potential homeowners might find these trends indicative of a market driven more by people looking to establish long-term homes rather than temporary or investment properties. Changes in occupancy type are crucial because they can influence the local housing economy, insurance risk assessments, and property valuations. Primary residences often signify stable communities, impacting local businesses and service needs, whereas investment properties might signal trends in rental markets and speculative opportunities. These shifts may affect everything from school planning to transportation infrastructure, providing valuable insights for appraisers, real estate agents, and developers.
Economic Outlook
Herkimer County, New York has witnessed a steady rise in average taxable income per tax return, going from $46,076.56 in 2013 to $60,497.04 by 2021. This uptick could be enticing for investors and property developers, suggesting upward pressure on property values. Concurrently, average state and local income taxes have surged, reaching $14,592.45 in 2021 from $5,558.12 in 2012, potentially reflecting either higher incomes or a growing tax burden for residents. The total tax liability per tax... Read more
Average Taxable Income per Tax Return in Herkimer County, NY over the last 9 years
Over the last nine years, Herkimer County, New York has seen a steady increase in average taxable income per tax return, starting from $46,076.56 in 2013 and rising to $60,497.04 in 2021. This trend highlights a growing economic robustness that may attract investors, property developers, and real estate professionals. While the jump in income suggests potentially higher property values, it's worth considering for insurance agents and appraisers in their evaluations. This upward trajectory provides a somewhat promising outlook for those considering moving to or investing in Herkimer County.
Average State and Local Income Taxes Per Tax Return in Herkimer County, NY Over the Last 10 Years
Over the last decade, Herkimer County, New York has seen quite a dramatic increase in average state and local income taxes per tax return, starting from $5,558.12 in 2012 and climbing to $14,592.45 by 2021. Notable spikes are apparent in 2018 and 2019, with values of $10,692.42 and $12,506.15, respectively. Such trends might suggest a growing financial burden on residents or higher levels of income being reported, both pivotal for anyone involved in real estate, investments, or financial planning in the area.
Average Total Tax Liability Per Tax Return in Herkimer County, NY Over the Last 10 Years
Over the past decade, Herkimer County in New York has experienced a notable upward trend in the average total tax liability per tax return, with figures starting at approximately $5,797.29 in 2012 and rising to around $7,962.68 by 2021. This gradual increase, peaking in certain years such as 2019 at roughly $7,400.10, suggests a growing tax burden for residents, which is a crucial consideration for potential investors or those planning to relocate. For real estate agents, appraisers, and insurance agents, understanding this trend is essential as it may influence property values, insurance rates, and overall investment viability in the area.
Cost of Living in Herkimer County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,043 | $1,420 | $1,864 | $2,007 | $1,418 |
| 2 adults 3 children | $1,043 | $1,160 | $1,828 | $2,007 | $1,223 |
| 1 adult 4 children | $1,043 | $1,159 | $1,157 | $2,007 | $1,453 |
| 1 adult 3 children | $1,043 | $947 | $1,120 | $2,007 | $1,262 |
| 2 adults 2 children | $857 | $949 | $1,791 | $1,749 | $1,100 |
| 1 adult 2 children | $857 | $709 | $1,083 | $1,749 | $1,062 |
| 2 adults 1 child | $857 | $750 | $1,754 | $910 | $1,015 |
| 1 adult 1 child | $857 | $485 | $1,047 | $910 | $797 |
| 2 adults | $681 | $603 | $1,250 | $0 | $720 |
| 1 adult | $677 | $329 | $625 | $0 | $609 |
Safety trends & Data
Herkimer County, New York, has experienced noteworthy shifts in property crime over the past five years, with a marked increase in larceny-theft, peaking at 293 incidents in 2022. Simultaneously, arson cases rose unusually in the same year. These crime trends are vital considerations for real estate investors, appraisers, insurance agents, and prospective residents, influencing property risk assessments and... Read more
Property Crime Trends in Herkimer County, NY Over the Last 5 Years
Herkimer County, New York, has seen a fluctuating pattern in property crime over the last five years. Larceny-theft has experienced significant increases, peaking at 293 incidents in 2022, while other crimes like burglary and vandalism have shown a variable yet substantial presence. Noticeable is the steady rise in arson cases, particularly in 2022, reflecting an unusual uptick compared to previous years. These trends are crucial for real estate investors, appraisers, and insurance agents when assessing property risks and values, as well as for prospective residents considering the safety and crime dynamics of the county.
Demographics
Herkimer County, New York shows a slight female majority within its adult population, opening up discussions on gender representation in local demographics. Education levels reveal a concentration around high school graduates, with significant numbers also having some college or associate degrees. Age distribution indicates a substantial aging population, particularly noticeable from the 55 to 64 years group onwards. Racial composition is predominantly White, with minimal representation from... Read more
Race Distribution in Herkimer County, New York (2022)
Educational Attainment in Herkimer County, New York (2022)
Age Distribution in Herkimer County, New York
Citizen Population in Herkimer County, New York (2022)
Political Trends & Data
Herkimer County, New York, displayed a significant Republican inclination during the 2020 U.S. Presidential Election, possibly with around 64% of the vote favoring the Republican party. Approximately 34% of votes went to the Democrat party, hinting at a notable political divide. Votes for Libertarian, Green, and other parties constituted minor percentages, reinforcing the county's potential Republican... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Herkimer County, New York, showed significant support for the Republican party in the 2020 U.S. Presidential Election, with potentially around 64% of the vote. The Democrat party garnered approximately 34%, indicating a notable partisan divide. The remaining votes were split among Libertarian, Green, and other parties, all capturing minor shares. This distribution may suggest a strong Republican leaning in this specific county.
63.84% of voters voted for the Republican party in the 2020 Presidential Election
33.62% of voters voted for the Democrat party in the 2020 Presidential Election
1.01% of voters voted for the Livertarian party in the 2020 Presidential Election
0.33% of voters voted for the Green party in the 2020 Presidential Election
1.21% of voters voted for the Other party in the 2020 Presidential Election
School Data
Herkimer County, New York's student-to-teacher ratio has decreased from a peak of 14 students per teacher in 2017 to 11 in 2023, suggesting smaller class sizes and potentially better educational outcomes. This shift may be a signal for improved educational quality, which can be an attractive factor for homebuyers, possibly driving up property values. Real estate agents, appraisers, and insurance agents might see this trend as a positive indicator for the local... Read more
Student-to-teacher ratio in Herkimer County, New York over the last 10 years
Herkimer County in New York has seen fluctuations in its student-to-teacher ratio over the past decade, with notable drops in recent years. In 2017, the ratio peaked at 14 students per teacher, aligning with the national average. The subsequent decline, reaching as low as 11 in 2023, suggests smaller class sizes, potentially enhancing individualized attention for students. For investors, real estate agents, and residents, these trends could indicate improved educational quality. Appraisers and insurance agents might also find these shifts relevant, as better education systems often correlate with increased property values and reduced risks.
