Westchester County Real Estate and Livability Trends
Westchester County, New York, has experienced substantial growth in home values, rising from $506,900 in 2015 to $619,000 in 2022, outpacing state and national averages. Taxable income per return and local taxes indicate rising earnings potential, possibly driving higher property values and living costs. The student-to-teacher ratio has improved, suggesting better educational quality, potentially... Read more
Westchester County Market Trends
Westchester County, New York has experienced a significant rise in home values, climbing from $506,900 in 2015 to $619,000 in 2022, surpassing state and national growth. The sharp fluctuations in average residential energy tax credits highlight shifting incentives for energy-efficient investments, potentially impacting property values. Real estate taxes have steadily increased over the past... Read more
Median Value of Occupied Housing Units in Westchester County, New York Over the Last 8 Years
Westchester County, New York has seen a steady rise in home values over the past 8 years, climbing from $506,900 in 2015 to $619,000 in 2022, outpacing both New York State and national figures. For comparison, the median home value in New York State increased from $283,400 to $384,100, while nationally, the median home value grew from $125,500 to $179,400 over the same period. This suggests Westchester County remains a premium market, potentially reflecting its desirability and robust economic conditions compared to broader averages. Those looking to invest or move might see heftier price tags but also the promise of stable property value growth.
Residential Energy Tax Credit Per Tax Return in Westchester County, NY Over the Last 9 Years
Westchester County, New York has seen significant fluctuations in the average residential energy tax credit per tax return over the last nine years. Between 2013 and 2017, the credits saw a steady increase from $716.56 to $1,446.53. Notably, 2018 experienced a dramatic spike to $4,706.51, followed by a marked decrease to $2,389.02 in 2019 and stabilizing around $1,951.16 in 2021. These variations suggest evolving incentives for residential energy investments, potentially impacting property values and energy-efficient home initiatives.
Average Real Estate Taxes Per Tax Return in Westchester County, NY Over the Last 10 Years
Over the past decade, average real estate taxes per tax return in Westchester County, New York have experienced a steady increase, with notable spikes in 2017 and 2021. Starting at approximately $13,842.95 in 2012, taxes rose to about $20,034.47 by 2021. This trend might suggest rising property values or increased tax rates, which could be crucial for investors, real estate agents, and potential homebuyers to factor in when making decisions. The substantial jump between 2016 and 2017, and again between 2019 and 2020, highlights periods of significant tax policy changes or property revaluations. Understanding these trends can help in strategic planning for anyone looking to enter the Westchester County real estate market.
Percentage of Farm Returns in Westchester County, NY Over the Last 10 Years
Over the last decade, Westchester County, New York has seen a steady decline in the percentage of farm tax returns, decreasing from around 0.04% in 2012 to about 0.03% in 2021. Farm tax returns refer to filings by farm owners indicating agricultural activity and revenue which can impact local tax revenues and economic insights. For potential investors, property developers, or those considering moving to the area, this trend might suggest a pivot away from agriculture-based income, possibly influencing decisions on land use, investment opportunities, and community planning in Westchester County.
Number of Mortgages by Occupancy Type in Westchester County, NY Over the Last 5 Years in Westchester County
Westchester County, New York has shown a notable shift in mortgage counts by occupancy type over the last five years, with principal residences consistently leading the numbers. Investment property mortgages have seen a modest decline, while second residence mortgages have fluctuated slightly but remain low in comparison. This trend may indicate a prevailing preference for primary homes, possibly driven by shifting work-from-home trends or lifestyle changes prompting long-term residential stability. Understanding these shifts is crucial for potential investors, developers, real estate agents, appraisers, and insurance agents who need insights into market demands and risk profiles for accurately assessing property values and opportunities.
Economic Outlook
In Westchester County, New York, the average taxable income per tax return has surged from $134,600.29 in 2013 to $208,412.85 by 2021, indicating possible economic growth or rising earnings potential. State and local income taxes also climbed significantly, from $21,652.13 in 2012 to $59,260.88 in 2021, highlighting income increases or tax policy changes. Total tax liability shows a similar upward trend, with notable fluctuations, reaching $54,775.78 in 2021. The percentage of residents under... Read more
Average Taxable Income per Tax Return in Westchester County, NY over the last 9 years
Westchester County in New York has experienced a notable increase in average taxable income per tax return over the last nine years. Starting at approximately $134,600.29 in 2013, the income saw various shifts and notably spiked to around $208,412.85 by 2021. This upward trend, particularly the sharp rise from 2020 to 2021, could imply a strengthening local economy or increased earnings potential in the area. For investors, real estate agents, and anyone considering moving to or doing business in Westchester, this trend might suggest a relatively affluent community with rising property values and potentially higher living costs.
Average State and Local Income Taxes Per Tax Return in Westchester County, NY Over the Last 10 Years
The average state and local income taxes per tax return in Westchester County, New York have seen considerable increases over the past decade, rising from $21,652.13 in 2012 to $59,260.88 in 2021. Such significant growth may reflect an increase in income levels, changes in tax policies, or both, potentially impacting property values and living costs. This trend is critical for investors, appraisers, and real estate agents as it underscores the area's evolving economic landscape and may influence future financial planning, property appraisals, and housing market dynamics.
Average Total Tax Liability Per Tax Return in Westchester County, NY Over the Last 10 Years
The average total tax liability per tax return in Westchester County, New York has seen notable fluctuations over the past decade, rising from $34,300.33 in 2012 to $54,775.78 in 2021. A significant uptick was observed in 2021, suggesting potential economic or policy shifts impacting local taxpayers. Investors, appraisers, and real estate agents might find this trend relevant for gauging the area's fiscal landscape. Additionally, the variability could inform insurance agents and those planning to move or build property in understanding the evolving economic environment of Westchester County.
Cost of Living in Westchester County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $2,515 | $1,753 | $1,864 | $3,577 | $3,019 |
| 2 adults 3 children | $2,515 | $1,432 | $1,828 | $3,577 | $2,799 |
| 1 adult 4 children | $2,515 | $1,432 | $1,157 | $3,577 | $2,941 |
| 1 adult 3 children | $2,515 | $1,169 | $1,120 | $3,577 | $2,800 |
| 2 adults 2 children | $2,029 | $1,173 | $1,791 | $3,096 | $2,357 |
| 1 adult 2 children | $2,029 | $876 | $1,083 | $3,096 | $2,384 |
| 2 adults 1 child | $2,029 | $927 | $1,754 | $1,531 | $1,792 |
| 1 adult 1 child | $2,029 | $599 | $1,047 | $1,531 | $1,690 |
| 2 adults | $1,669 | $744 | $1,250 | $0 | $1,100 |
| 1 adult | $1,436 | $406 | $625 | $0 | $939 |
Safety trends & Data
Westchester County, New York has seen some wild shifts in property crime over the past five years. Motor vehicle thefts spiked from just 6 in 2021 to 123 in 2022. Larceny-theft incidents fluctuated, peaking at 1,830 in 2019, then dipping to 264 in 2021 before rising to 1,235 in 2022. Burglary numbers dropped sharply from a high of 256 in 2020 to 31 in 2021, then slightly increased to 150 in 2022. Vandalism rates peaked at 648 in 2019 but declined to 411 by 2022. These crime trends can influence... Read more
Property Crime Trends in Westchester County, NY Over the Last 5 Years
Westchester County, New York has shown significant fluctuations in property crime arrests over the past five years. Notably, there has been a significant spike in motor vehicle thefts in 2022 reaching 123, up from just 6 in 2021. Larceny-theft remains the most common property crime each year despite a spike in 2019 at 1,830 incidents, then a dip in 2021 to 264 before rising again in 2022 to 1,235. Burglary incidents saw a sharp drop from a high of 256 in 2020 to just 31 in 2021, but slightly increased to 150 in 2022. While vandalism rates have been somewhat steady, they peaked at 648 in 2019 and showed a substantial decline by 2022 at 411. These trends suggest varying levels of stability and volatility in different categories of property crimes, impacting everything from property values to community safety perceptions in Westchester County.
Demographics
Westchester County, New York, reveals a near-equal split between male and female adults with a slight female majority. There is a significant concentration of residents having achieved a bachelor's or graduate degree, suggesting a highly educated population. The age distribution leans towards a mature community, with a notable chunk being in the 35-64 age bracket. The racial composition shows a predominance of White residents, though there is meaningful diversity with Black, Asian, and other... Read more
Race Distribution in Westchester County, New York (2022)
Educational Attainment in Westchester County, New York (2022)
Age Distribution in Westchester County, New York
Citizen Population in Westchester County, New York (2022)
Political Trends & Data
Westchester County's real estate market could be subtly influenced by its political landscape, given that the county leaned predominantly Democratic in the 2020 U.S. Presidential Election. This political preference might signal a community that values liberal policies, potentially attracting buyers who align with those values. The minimal impact of minor parties like the Libertarians and Greens suggests a relatively stable two-party system, which might contribute to predictable market... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Westchester County in New York tended to lean Democratic in the 2020 U.S. Presidential Election, with a significant portion of the votes likely favoring the Democratic candidate. The Republican party trailed behind, potentially capturing less than a third of the votes. Minor parties such as the Libertarian and Green parties were present but contributed minimally to the overall vote distribution.
31.31% of voters voted for the Republican party in the 2020 Presidential Election
67.57% of voters voted for the Democrat party in the 2020 Presidential Election
0.56% of voters voted for the Livertarian party in the 2020 Presidential Election
0.28% of voters voted for the Green party in the 2020 Presidential Election
0.29% of voters voted for the Other party in the 2020 Presidential Election
School Data
Westchester County, New York, has seen its student-to-teacher ratio drop from about 15 in 2014 to around 12 in 2023. This improvement in educational quality could hint at better property values and draw families seeking superior classroom attention and resources. For real estate agents, appraisers, and insurers, the lower ratio may suggest an attractive living environment and community... Read more
Student-to-teacher ratio in Westchester County, New York over the last 10 years
Over the past decade, Westchester County, New York, has seen its student-to-teacher ratio decrease from just above the national average to well below it. Back in 2014, the ratio was about 15, but it's dropped significantly to around 12 in 2023. For those considering investment or real estate in the area, a lower student-to-teacher ratio can imply better educational outcomes, potentially boosting property values. This trend could also be significant for families moving to the county, as it suggests improvements in classroom attention and resources. Real estate agents and appraisers may find this data particularly useful when highlighting the attractiveness of Westchester's educational environment. Similarly, insurers might consider lower ratios a proxy for enhanced community investment in education, which can influence risk assessments.
