Otsego County Real Estate and Livability Trends
Otsego County, New York's real estate market offers a moderately stable investment environment with median home values rising from $142,800 in 2015 to $166,500 in 2022. Tax liabilities on property have climbed from $4,631.10 in 2012 to $7,381.72 in 2021, which could be a consideration for buyers and investors. Interestingly, energy tax credits experienced a spike in 2018, hinting at a rise in... Read more
Otsego County Market Trends
Otsego County, New York, has seen a moderate increase in median home values from $142,800 in 2015 to $166,500 in 2022. This growth is slower compared to the statewide surge but suggests a more predictable investment environment. Notably, average residential energy tax credits spiked dramatically in 2018 and have stabilized at higher levels, hinting at increased homeowner investment in green... Read more
Median Value of Occupied Housing Units in Otsego County, New York Over the Last 8 Years
Otsego County, New York, has witnessed a relatively moderate rise in median home values from $142,800 in 2015 to $166,500 in 2022. While this county-level growth is somewhat slow compared to the statewide increase in New York, where median values surged from $283,400 to $384,100 in the same period, it’s still a steady appreciation. Interestingly, Otsego's median values tend to be more stable and less volatile than the national trend, which saw a larger jump, especially from 2021 to 2022, indicating a potential for a more predictable investment environment in Otsego County. This could be appealing for prospective homebuyers or investors looking for a less aggressive, yet still upwardly trending market.
Residential Energy Tax Credit Per Tax Return in Otsego County, NY Over the Last 9 Years
Over the past nine years, Otsego County, New York has seen significant fluctuations in the average residential energy tax credit per tax return, surging dramatically in 2018 to around $3,333.33 compared to the more modest $333.33 seen in 2013. Post-2018, the credits have somewhat stabilized but remain higher than earlier years, hinting at increased energy-efficient investments. For potential investors, real estate agents, and appraisers, these trends could suggest growing homeowner interest in green technologies, potentially driving up both property desirability and valuations. Residents and insurance agents might also find the shift towards energy efficiency pertinent, as it could impact home insurance rates and long-term sustainability initiatives.
Average Real Estate Taxes Per Tax Return in Otsego County, NY Over the Last 10 Years
Over the past decade, Otsego County, New York, has experienced a notable upward trend in average real estate taxes per tax return, with figures rising from approximately $4,631.10 in 2012 to about $7,381.72 in 2021. This steady increase could impact investment decisions, property valuations, and insurance premiums. For those considering moving to the area, or for real estate agents and appraisers, understanding these escalations might be crucial for financial planning and market forecasting.
Percentage of Farm Returns in Otsego County, NY Over the Last 10 Years
Otsego County in New York has seen a fluctuating but overall minor increase in farm tax returns over the last decade, peaking at around 3.11% in 2016 and dropping slightly to 2.74% by 2021. Farm tax returns indicate the proportion of tax filings from agricultural enterprises, offering a snapshot of the economic vitality of farming in the area. This data suggests that while agricultural activity remains a stable presence, it hasn't experienced significant growth, which might be a key point of consideration for investors and potential residents evaluating the area's economic landscape.
Number of Mortgages by Occupancy Type in Otsego County, NY Over the Last 5 Years in Otsego County
Over the past five years in Otsego County, New York, there seems to be a noticeable fluctuation in mortgage counts based on occupancy type. Principal residences consistently lead in the number of mortgages, peaking in 2021, which may point to a strong demand for primary living spaces. Investment properties and second residences, while smaller in volume, have shown some variability but generally appear stable. The shifts in these data could suggest evolving market dynamics such as economic conditions influencing investment behaviors, lifestyle changes impacting second home purchases, or policy shifts affecting housing affordability and accessibility. This variability is likely to interest investors monitoring market health, appraisers and insurance agents assessing property risk and value, and real estate agents advising clients looking to buy or sell in this region.
Economic Outlook
Otsego County, New York has experienced a rise in average taxable income per tax return, increasing from $49,213 in 2013 to $67,113 in 2021. This trend, indicating potential economic growth, might correlate with rising real estate values. Additionally, the average state and local income taxes have increased significantly since 2018, adding complexity for investors and financial professionals by highlighting changing tax liabilities. Total tax liabilities per tax return have also climbed from... Read more
Average Taxable Income per Tax Return in Otsego County, NY over the last 9 years
Over the last nine years, Otsego County, New York has seen a notable increase in average taxable income per tax return. From $49,213 in 2013 to $67,113 in 2021, this steady rise in income could suggest economic growth and potentially increased real estate values. This trend may interest investors, property developers, and real estate agents, as higher incomes often correlate with higher demand for housing and services. For insurance agents and appraisers, understanding these income trends can assist in assessing property values and risks more accurately.
Average State and Local Income Taxes Per Tax Return in Otsego County, NY Over the Last 10 Years
Average state and local income taxes per tax return in Otsego County, New York, have shown a notable upward trajectory over the last decade. Between 2012 and 2017, the values held below $8,000 but saw a significant uptick in 2018, reaching around $11,464.77. This spike continued through 2019 and 2021, peaking at approximately $14,485.71 in 2019, before slightly stabilizing around the $13,662.65 mark in 2021. This trend may indicate increased tax liabilities or changing income levels, highlighting essential considerations for potential investors, prospective residents, and financial professionals.
Average Total Tax Liability Per Tax Return in Otsego County, NY Over the Last 10 Years
Over the past decade, Otsego County, New York, has seen a general increase in average total tax liability per tax return, with notable fluctuations. Starting at $7,198.99 in 2012 and climbing to $10,692.47 in 2021, there's been a significant upward trend, especially in recent years. This could indicate rising incomes or changes in tax policy impacting residents. For potential investors or those considering moving to the area, it's essential to keep this trend in mind, as it may affect the overall cost of living and financial planning. Real estate agents and appraisers might find this useful for estimating property taxes and advising clients accordingly.
Cost of Living in Otsego County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,254 | $1,524 | $1,873 | $1,610 | $1,432 |
| 2 adults 3 children | $1,254 | $1,245 | $1,840 | $1,610 | $1,227 |
| 1 adult 4 children | $1,254 | $1,245 | $1,154 | $1,610 | $1,452 |
| 1 adult 3 children | $1,254 | $1,017 | $1,121 | $1,610 | $1,253 |
| 2 adults 2 children | $990 | $1,019 | $1,807 | $1,396 | $1,076 |
| 1 adult 2 children | $990 | $761 | $1,088 | $1,396 | $1,018 |
| 2 adults 1 child | $990 | $806 | $1,774 | $698 | $1,031 |
| 1 adult 1 child | $990 | $520 | $1,055 | $698 | $806 |
| 2 adults | $827 | $647 | $1,273 | $0 | $795 |
| 1 adult | $720 | $353 | $637 | $0 | $638 |
Safety trends & Data
Otsego County, New York, has seen fluctuating property crime rates over the past five years. Larceny-Theft peaked at 173.00 incidents in 2018 before dipping to 92.00 in 2020 and recovering to 115.00 in 2022. Burglary cases dropped sharply to just 1.00 incident in 2021, only to surge to 20.00 in 2022. While vandalism incidents show a decreasing trend, arson and fraud reveal sporadic upticks, which could concern both investors and residents aiming for long-term stability. These patterns matter... Read more
Property Crime Trends in Otsego County, NY Over the Last 5 Years
Otsego County, New York, has experienced fluctuating property crime rates over the past five years. Notably, Larceny-Theft ranks consistently high, peaking at 173.00 incidents in 2018 before dipping significantly to 92.00 in 2020 and recovering slightly to 115.00 in 2022. Burglary cases have seen considerable variance, with significant drops in 2021 at just 1.00 incident but surging again to 20.00 in 2022. Vandalism incidents show a decreasing trend over the years but remain noteworthy. Arson and Fraud, though low in numbers, reveal sporadic upticks that could concern both investors and residents aiming for long-term stability. These trends provide key insights for stakeholders in real estate, insurance, and local development as they underscore periods of significant crime fluctuation impacting perceived community safety and property values.
Demographics
Otsego County, New York, shows a slightly higher female to male population ratio in its adult demographic. Educational attainment data suggests residents are predominantly high school graduates, with a notable proportion achieving some college education or higher degrees. The age distribution highlights a significant presence of both younger adults (20-24 years) and those nearing retirement (55-64 years). When considering race, the county is primarily White, with smaller representations of... Read more
Race Distribution in Otsego County, New York (2022)
Educational Attainment in Otsego County, New York (2022)
Age Distribution in Otsego County, New York
Citizen Population in Otsego County, New York (2022)
Political Trends & Data
Otsego County, New York leaned slightly Republican in the 2020 U.S. Presidential Election, with just over 50.00% of the vote for the Republican candidate and around 46.00% for the Democrat. Minor parties like the Libertarian and Green parties had minimal impact, highlighting a predominantly bipartisan political... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Otsego County in New York seemed to lean slightly Republican in the 2020 U.S. Presidential Election, with just over 50% of the vote going to the Republican candidate. The Democrats trailed somewhat with around 46%, indicating a relatively competitive race. Minor parties like the Libertarian and Green parties garnered minimal support, suggesting limited influence outside the two dominant parties. This distribution hints at a predominantly bipartisan political landscape in the county.
50.96% of voters voted for the Republican party in the 2020 Presidential Election
45.97% of voters voted for the Democrat party in the 2020 Presidential Election
1.45% of voters voted for the Livertarian party in the 2020 Presidential Election
0.48% of voters voted for the Green party in the 2020 Presidential Election
1.14% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the past decade, Otsego County, New York has seen its student-to-teacher ratio drop from around 12 students per teacher in 2014 to about 10 in 2023. This is significantly below the national average of fourteen students per teacher, suggesting more personalized and focused classroom attention. This trend could be particularly appealing for families prioritizing educational opportunities, and beneficial for real estate agents, investors, appraisers, and insurance agents focused on the... Read more
Student-to-teacher ratio in Otsego County, New York over the last 10 years
Over the past decade, Otsego County in New York has seen its student-to-teacher ratio decrease from around 12 students per teacher in 2014 to about 10 in 2023. This lower ratio compared to the national average of fourteen students per teacher suggests that students in Otsego County could be receiving more personalized and focused attention in the classroom. This trend is potentially beneficial for families considering moving to the area for better educational opportunities, as well as for real estate agents who can highlight this advantage. Additionally, it could be reassuring for education-focused investors, appraisers, and insurance agents looking at the stability and appeal of local schools. This shift might also attract educators interested in smaller class sizes and more manageable workloads.
