Summit County Real Estate and Livability Trends
Summit County, Ohio has displayed fascinating real estate market dynamics. Median home values surged by nearly 37% over the past eight years, outstripping both state and national growth trends, possibly enhancing investment allure. Real estate taxes skyrocketed from $3,808.43 in 2012 to $6,546.97 in 2021, indicating a rise in long-term expenses but also reflecting higher property valuations.... Read more
Summit County Market Trends
Summit County, Ohio has seen its median home values soar by 36.7% over the past eight years, outpacing both state and national growth. Residential energy tax credits spiked to $1,907.69 in 2018 before settling much lower in other years, highlighting fluctuating energy-efficient investments. Real estate taxes surged from $3,808.43 in 2012 to $6,546.97 in 2021, pointing to rising long-term costs.... Read more
Median Value of Occupied Housing Units in Summit County, Ohio Over the Last 8 Years
Summit County, Ohio has seen a steady increase in median home values over the past eight years, jumping from $133,500 in 2015 to $182,500 in 2022. This 36.7% rise parallels trends observed statewide and nationally but outpaces the U.S. median home value growth. Ohio's median home values rose from $129,900 to $183,300 during the same period, while the national figures increased from $125,500 to $179,400. For potential investors, developers or residents, this sustained upward trajectory suggests a robust local housing market reflective of wider growth trends yet showing even stronger appreciation.
Residential Energy Tax Credit Per Tax Return in Summit County, OH Over the Last 9 Years
Summit County, Ohio has seen a noteworthy fluctuation in residential energy tax credits over the past nine years, peaking dramatically in 2018 at $1907.69 but averaging significantly lower in other years, such as $237.98 in 2013. This volatility might interest potential investors and property developers as it highlights periods of high energy-efficient investments or incentives that spurred homeowner actions. For real estate agents and appraisers, this trend suggests a shift towards energy-efficient home improvements, potentially impacting property values and market demands. Insurance agents might consider these fluctuations as indicative of homeowners' focus on long-term energy savings, possibly influencing risk assessments.
Average Real Estate Taxes Per Tax Return in Summit County, OH Over the Last 10 Years
Over the past decade, real estate taxes per tax return in Summit County, Ohio have shown a significant upward trend, increasing from approximately $3,808.43 in 2012 to around $6,546.97 in 2021. This sharp rise, particularly notable between 2017 and 2018, suggests a changing fiscal landscape that could impact investors, homebuyers, and property developers looking to understand long-term cost implications in the area. The consistent increases may also affect insurance premiums and appraisals, shaping the considerations for those involved in the real estate market.
Percentage of Farm Returns in Summit County, OH Over the Last 10 Years
The percentage of farm tax returns in Summit County, Ohio, has generally decreased over the past decade, starting at approximately 0.15% in 2012 and declining to about 0.13% by 2021. This subtle yet consistent decrease signals a potential shift away from agricultural businesses or possible changes in the local economy and land use. Prospective investors, property developers, and new residents may find this data relevant when considering the economic landscape and the potential for agricultural ventures in the area. For existing residents, understanding these trends can provide insight into broader economic transitions within Summit County.
Number of Mortgages by Occupancy Type in Summit County, OH Over the Last 5 Years in Summit County
Summit County, Ohio has seen a notable fluctuation in the number of mortgages for principal residences over the last five years, peaking at over 38,000 in 2021 before dipping to approximately 25,600 in 2022. Investment properties have generally seen steadier numbers, hovering around the 1,300 to 1,900 range, while second residences consistently show the lowest counts, never exceeding 300 annually. Such shifts in mortgage trends can influence local property values, insurance rates, and market strategies significantly. For investors, variations in principal residence mortgages might indicate consumer confidence or economic shifts, while appraisers and insurance agents can better assess risk and property valuations accordingly. Builders and real estate agents can tailor their efforts toward the most active markets, optimizing sales pitches and new constructions to align with prevailing demand types.
Economic Outlook
Summit County, Ohio has seen a steady rise in average taxable income per tax return, most notably from $68,379.25 in 2020 to $79,679.09 in 2021. State and local income taxes have also surged, leaping from $11,602.91 in 2018 to $15,727.25 in 2021. This might indicate rising incomes or shifting tax policies. Furthermore, average total tax liability per tax return increased from $11,630.25 in 2020 to $14,050.41 in 2021, suggesting notable economic activity or changes in fiscal regulations. The... Read more
Average Taxable Income per Tax Return in Summit County, OH over the last 9 years
Summit County, Ohio has seen a steady increase in average taxable income per tax return over the past nine years, with a particularly notable jump from $68,379.25 in 2020 to $79,679.09 in 2021. This upward trend in income could indicate a growing local economy and potentially higher property values, making it an appealing prospect for investors and real estate agents. For those considering building property or moving to the area, the income growth might suggest enhanced economic opportunities and rising living standards. Insurance agents and appraisers might also find this trend useful for adjusting their assessments and policies accordingly.
Average State and Local Income Taxes Per Tax Return in Summit County, OH Over the Last 10 Years
Summit County, Ohio has seen a significant increase in state and local income taxes per tax return over the last decade. From a relatively steady range between $7,112.36 in 2012 and $7,370.43 in 2017, there was a sharp spike in 2018 to $11,602.91, continuing to rise to $15,727.25 by 2021. This trend might indicate rising incomes or changes in tax policy, and it could be a key consideration for investors, potential movers, appraisers, insurance agents, property developers, and real estate agents.
Average Total Tax Liability Per Tax Return in Summit County, OH Over the Last 10 Years
Summit County, Ohio has seen a steady increase in average total tax liability per tax return over the last decade, with notable jumps post-2016. Particularly striking is the rise from $11,630.25 in 2020 to $14,050.41 in 2021, suggesting significant economic activity or changes in tax regulations. This trend is crucial for potential investors, property developers, and real estate professionals, as higher tax liabilities may reflect robust market conditions and evolving fiscal policies in the region. For current and prospective residents, these figures could influence decisions around long-term financial planning and housing affordability.
Cost of Living in Summit County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,286 | $1,625 | $1,719 | $1,778 | $1,293 |
| 1 adult 4 children | $1,286 | $1,327 | $1,322 | $1,778 | $1,419 |
| 2 adults 3 children | $1,286 | $1,327 | $1,488 | $1,778 | $1,072 |
| 1 adult 3 children | $1,286 | $1,084 | $1,091 | $1,778 | $1,175 |
| 2 adults 2 children | $1,018 | $1,086 | $1,257 | $1,589 | $894 |
| 1 adult 2 children | $1,018 | $812 | $860 | $1,589 | $889 |
| 2 adults 1 child | $1,018 | $859 | $1,026 | $974 | $813 |
| 1 adult 1 child | $1,018 | $555 | $628 | $974 | $685 |
| 2 adults | $802 | $690 | $795 | $0 | $578 |
| 1 adult | $706 | $376 | $397 | $0 | $475 |
Safety trends & Data
Summit County, Ohio has seen notable declines in property crimes over the last five years, with burglary cases dropping from 310.00 to 104.00 and larceny-theft cases falling from 2001.00 to 1382.00. Motor vehicle theft and arson have also decreased, hinting at improved security or more effective law enforcement. These changes may suggest a safer environment, potentially boosting property values and quality of life for residents and investors. However, the less dramatic decrease in vandalism and... Read more
Property Crime Trends in Summit County, OH Over the Last 5 Years
Summit County, Ohio has experienced a consistent decline in most property crimes over the last five years, particularly noticeable in burglary and larceny-theft, which saw a substantial drop from 310.0 cases to 104.0 and from 2001.0 to 1382.0 cases respectively. Motor vehicle theft and arson cases also decreased significantly, suggesting potentially improved security measures or law enforcement effectiveness. For potential investors, real estate agents, and residents, these trends might signal a safer environment, which can positively impact property values and quality of life. However, vandalism and fraud numbers have shown less dramatic decreases, indicating areas where the community and law enforcement still face challenges.
Demographics
Summit County, Ohio, shows a slight female majority with 216,233 females compared to 200,172 males. A significant portion of the population has at least a high school diploma, with around 111,042 individuals having graduated high school and 83,276 holding bachelor's degrees. The age distribution suggests a fairly balanced mix across age groups, though those between 25 to 34 years old represent a slight peak. Racially, the county is predominantly White at about 409,561 individuals, with African... Read more
Race Distribution in Summit County, Ohio (2022)
Educational Attainment in Summit County, Ohio (2022)
Age Distribution in Summit County, Ohio
Citizen Population in Summit County, Ohio (2022)
Political Trends & Data
Summit County, Ohio exhibits a notable leaning towards the Democratic Party, with around 54% of voters possibly favoring Democratic candidates in the 2020 U.S. Presidential Election. Republicans might have trailed slightly, securing approximately 45% of the vote. This political landscape hints at a slight preference for Democratic policies, which could influence local governance and, consequently, real estate regulations and development projects in this traditionally swing... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Summit County, Ohio saw a majority leaning towards the Democratic Party in the 2020 U.S. Presidential Election, with Democrats potentially securing around 54% of the vote. Republicans might have garnered approximately 45%, while Libertarians and other parties combined could have captured a niche share just over 1%. This data suggests a slight preference for Democratic policies in a historically swing state.
44.51% of voters voted for the Republican party in the 2020 Presidential Election
54.08% of voters voted for the Democrat party in the 2020 Presidential Election
1.07% of voters voted for the Livertarian party in the 2020 Presidential Election
0.35% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the last nine years, Summit County, Ohio has seen its student-to-teacher ratio peak at nearly 19 students per teacher in 2017 and gradually decrease to just under 16 in 2023. This is notably higher than the national average of 14 students per teacher, hinting at more crowded classrooms which might impact educational quality and the appeal of local schools. For real estate agents and potential investors, this data could be a factor in property valuation and attractiveness, while insurance... Read more
Student-to-teacher ratio in Summit County, Ohio over the last 9 years
Over the last nine years, the student-to-teacher ratio in Summit County, Ohio has shown fluctuations, peaking at nearly 19 students per teacher in 2017 and gradually decreasing to just under 16 in 2023. This pattern contrasts with the current national average of 14 students per teacher, suggesting that class sizes in Summit County have been generally larger than the national norm. For those looking to invest in or move to the area, it might imply more crowded classrooms, which could impact educational outcomes and the attractiveness of local schools. Real estate agents and appraisers may find this data relevant as it can influence property values and desirability, while insurance agents and those building property might consider these trends when evaluating community needs and amenities.
