Tompkins County Real Estate and Livability Trends
Tompkins County, New York, presents intriguing real estate market trends with median home values skyrocketing from $176,500 in 2015 to $264,300 in 2022, potentially signifying strong demand or tight supply. Property taxes have also surged from $6,852.96 per return in 2012 to $10,605.14 in 2021, possibly linked to increased property values or tax rates. Interestingly, energy tax credits peaked in... Read more
Tompkins County Market Trends
Tompkins County, New York, has seen median home values rise sharply from $176,500 in 2015 to $264,300 in 2022, outpacing both national and state trends. This rapid appreciation may hint at rising demand or limited supply, making it a competitive market for potential buyers. Interestingly, energy tax credits peaked in 2018 at $4,570.83 per return but have since declined to about $1,563.64 in 2021,... Read more
Median Value of Occupied Housing Units in Tompkins County, New York Over the Last 8 Years
Median home values in Tompkins County, New York, have seen a significant upward trend over the past eight years, jumping from $176,500 in 2015 to $264,300 in 2022. This local increase outpaces both the national median, which rose from $125,500 to $179,400, and the state median for New York, growing from $283,400 to $384,100 in the same period. The rapid appreciation in Tompkins County may point to a rising demand or limited supply, making it an enticing yet competitive market for potential investors and homebuyers.
Residential Energy Tax Credit Per Tax Return in Tompkins County, NY Over the Last 9 Years
Tompkins County, New York has seen a highly variable trend in residential energy tax credits over the past nine years. These credits peaked significantly in 2018 at $4570.83 per tax return, which could indicate a major policy change or increased investment in energy-efficient home upgrades during that year. Although the average amount has generally fluctuated, there has been a noticeable decline in recent years, with 2021's average at roughly $1563.64. This data is essential for property developers and real estate agents looking to capitalize on energy-saving initiatives, as well as for insurers and appraisers who need to understand the financial landscape of energy efficiency incentives in the area.
Average Real Estate Taxes Per Tax Return in Tompkins County, NY Over the Last 10 Years
Over the past decade, Tompkins County, New York has seen a significant rise in average real estate taxes per tax return, approximately increasing from $6,852.96 in 2012 to $10,605.14 by 2021. This upward trend in property tax expenses could suggest appreciating property values or increased tax rates, which could impact decisions for potential investors, homebuyers, and real estate professionals considering the area. Given these figures, appraisers, insurance agents, and investors may view Tompkins County as a locale with potentially both growing costs and valuation.
Percentage of Farm Returns in Tompkins County, NY Over the Last 10 Years
The percentage of farm tax returns in Tompkins County, New York, shows a slight decrease over the past decade, ranging from 1.00% in 2012 to around 0.84% in 2021. Peaks can be observed in 2014 and 2016 at about 1.05% and 1.01% respectively, while more recent years display a subtle decline. This could be indicative of shifts in local agricultural dynamics or general economic trends impacting the viability of farming operations. Understanding these fluctuations is crucial for prospective investors or property developers as it provides insights into the agricultural sector's health, which could affect land values and local economic stability.
Number of Mortgages by Occupancy Type in Tompkins County, NY Over the Last 5 Years in Tompkins County
Over the past five years, the number of mortgages in Tompkins County, New York has shown a noticeable increase for principal residences, especially peaking in 2021, while second residences and investment property mortgages have largely remained stable with slight dips or modest fluctuations. This could suggest a robust demand for primary housing, likely driven by factors such as job opportunities or lifestyle appeal in the area, making it an attractive spot for homebuyers. For investors, these trends might highlight steadiness in rental or secondary property markets, signaling potential stability but perhaps fewer opportunities for high returns. Changes in occupancy type can dramatically influence the local housing market dynamics, affecting everything from property values and lending risks to insurance costs and urban development strategies. Understanding these patterns is crucial for anyone involved in property transactions or market predictions in Tompkins County.
Economic Outlook
Tompkins County, New York, has seen a steady rise in average taxable income per tax return, jumping from $63,247.56 in 2013 to $89,104.91 in 2021, reflecting potential for continued financial growth. Concurrently, local income taxes have nearly doubled over the past decade, reaching approximately $16,862 by 2021, likely indicating stronger economic activity or policy changes. Despite fluctuations, the poverty rate has remained relatively high, hovering around the low 20s, with a peak of 21.1%... Read more
Average Taxable Income per Tax Return in Tompkins County, NY over the last 9 years
Tompkins County, New York has seen a consistent rise in average taxable income per tax return over the past nine years, with notable growth from $63,247.56 in 2013 to $89,104.91 in 2021. This steady increase suggests economic health and potential for continued financial growth, making it an attractive locale for investors and real estate developers. Interestingly, there was a significant jump between 2020 and 2021, indicating possible changes in economic dynamics or substantial income growth among residents. This trend may also be relevant for appraisers and insurance agents assessing property values and risk in the area.
Average State and Local Income Taxes Per Tax Return in Tompkins County, NY Over the Last 10 Years
Over the past decade, Tompkins County, New York, has seen a noticeable uptrend in average state and local income taxes per tax return, climbing from around $7,814 in 2012 to approximately $16,862 by 2021. This rise, especially pronounced from 2017 onwards, could signal stronger economic activity or policy changes impacting taxpayers. High local tax rates may impact real estate prices and insurance premiums, making it an essential consideration for potential investors and new residents. Real estate agents and appraisers might find this data particularly useful for understanding market dynamics and advising clients.
Average Total Tax Liability Per Tax Return in Tompkins County, NY Over the Last 10 Years
Over the past decade, Tompkins County, New York, has experienced a noticeable increase in the average total tax liability per tax return, starting from around $10,121.38 in 2012 and peaking at approximately $15,054.32 in 2021. This upward trend, particularly the sharp spike in 2021, could suggest rising incomes or changes in tax policies affecting the area. For potential investors or real estate agents, this information may indicate a growing economic base and potentially higher property values. Appraisers and insurance agents might find these trends useful for assessing the economic stability and risk associated with properties in the region.
Cost of Living in Tompkins County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,890 | $1,737 | $1,811 | $2,571 | $2,295 |
| 2 adults 3 children | $1,890 | $1,419 | $1,774 | $2,571 | $2,073 |
| 1 adult 4 children | $1,890 | $1,419 | $1,125 | $2,571 | $2,333 |
| 1 adult 3 children | $1,890 | $1,159 | $1,088 | $2,571 | $2,125 |
| 2 adults 2 children | $1,487 | $1,162 | $1,738 | $2,248 | $1,697 |
| 1 adult 2 children | $1,487 | $868 | $1,052 | $2,248 | $1,690 |
| 2 adults 1 child | $1,487 | $918 | $1,701 | $1,197 | $1,356 |
| 1 adult 1 child | $1,487 | $593 | $1,015 | $1,197 | $1,279 |
| 2 adults | $1,276 | $738 | $1,213 | $0 | $966 |
| 1 adult | $1,187 | $402 | $606 | $0 | $803 |
Safety trends & Data
Tompkins County, New York, has seen varying property crime trends over the past four years, with larceny-theft remaining the most frequent crime but dropping significantly from 316 cases in 2018 to 164 in 2020, before slightly rising to 213 in 2022. Vandalism fluctuated, peaking at 112 cases in 2022. Burglary arrests notably increased in 2022, nearly tripling compared to previous years. These nuances could be critical for prospective investors, property developers, and real estate professionals... Read more
Property Crime Trends in Tompkins County, NY Over the Last 4 Years
Over the past four years in Tompkins County, New York, property crimes have shown varying trends. Notably, larceny-theft consistently remains the most frequent crime, although it saw a significant reduction from 316 instances in 2018 to 164 in 2020 before slightly rebounding to 213 in 2022. Vandalism also presents a fluctuating pattern, peaking at 112 cases in 2022. Burglary arrests show an interesting increase, particularly in 2022, where incidents almost tripled compared to prior years. These nuances in property crime trends could be crucial for prospective investors, property developers, and real estate professionals assessing the local market landscape.
Demographics
In Tompkins County, New York, demographic data suggests a slightly higher female population compared to males. Education levels show a significant portion of adults holding bachelor's or graduate degrees, which may indicate a well-educated community. Young adults (20-24 years) form the largest age group, reflecting the presence of institutions like Cornell University. Predominantly white, the county also includes notable Asian and African American populations, hinting at some diversity. These... Read more
Race Distribution in Tompkins County, New York (2022)
Educational Attainment in Tompkins County, New York (2022)
Age Distribution in Tompkins County, New York
Citizen Population in Tompkins County, New York (2022)
Political Trends & Data
Tompkins County in New York potentially showed a strong Democratic preference in the 2020 U.S. Presidential Election, with about 73.00% of the vote likely supporting the Democratic candidate. Meanwhile, the Republican candidate may have received around 24.00% of the vote. Third-party and independent candidates, including Libertarian and Green parties, seemingly captured a minimal portion, indicating a robust two-party system among local... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Tompkins County in New York leaned heavily Democratic in the 2020 U.S. Presidential Election, with roughly 73% of the vote potentially going to the Democratic candidate. In contrast, the Republican candidate might have received around 24% of the vote. Third-party and independent candidates, including the Libertarian and Green parties, captured only a small fraction of the overall vote, suggesting a strong two-party preference among voters in this county.
24.10% of voters voted for the Republican party in the 2020 Presidential Election
73.01% of voters voted for the Democrat party in the 2020 Presidential Election
1.03% of voters voted for the Livertarian party in the 2020 Presidential Election
0.79% of voters voted for the Green party in the 2020 Presidential Election
1.07% of voters voted for the Other party in the 2020 Presidential Election
School Data
Tompkins County, New York has experienced a significant decline in the student-to-teacher ratio, dropping from 11 in 2014 to nearly 9 in 2023, well below the national average of 14. This trend may suggest improved individual attention in schools, potentially raising the area's appeal to families. For investors, real estate agents, appraisers, and insurance agents, this change could signal enhanced property attractiveness and potentially higher valuation in the neighborhood due to perceived... Read more
Student-to-teacher ratio in Tompkins County, New York over the last 10 years
Tompkins County, New York has shown a notable decrease in the student-to-teacher ratio over the past decade, dropping from around 11 in 2014 to nearly 9 in 2023. This is well below the current national average of 14 students per teacher. These shifts could indicate more individualized attention for students and potentially a higher quality of education, factors that might be appealing to families considering moving to the area. For investors and real estate agents, this lowering ratio might enhance the attractiveness of properties in the county, while appraisers and insurance agents might find this data relevant when assessing school-related aspects of a neighborhood.
