Elk County Real Estate and Livability Trends
Elk County, Pennsylvania offers a unique real estate opportunity given its reasonable median home value of $121,900 in 2022, notably lower than the state median. This affordability, coupled with an increase in residential energy tax credits, suggests homeowners are investing in efficiency. Real estate taxes, however, have surged to an average of $4,147.62 per return. Meanwhile, the dip in farm... Read more
Elk County Market Trends
Elk County, Pennsylvania has seen a steady rise in median home values, reaching $121,900 in 2022, presenting a more affordable option compared to Pennsylvania's overall median of $226,200. A notable increase in the average residential energy tax credit, from $251.16 in 2013 to $479.17 in 2021, hints at growing homeowner investment in energy-efficient upgrades. Real estate taxes have surged,... Read more
Median Value of Occupied Housing Units in Elk County, Pennsylvania Over the Last 8 Years
Elk County, Pennsylvania, has seen a steady rise in median home values over the last eight years, culminating at $121,900 in 2022. This growth, although modest compared to the national jump to $179,400, signals a strong local market. Pennsylvania's overall median home value also surpassed Elk County, hitting $226,200 in 2022. For investors and homebuyers, Elk County's more affordable values could present lucrative opportunities, especially considering its steady appreciation trend.
Residential Energy Tax Credit Per Tax Return in Elk County, PA Over the Last 8 Years
Over the last eight years, Elk County, Pennsylvania, has seen a noticeable increase in the average residential energy tax credit claimed per tax return, with amounts ranging from $251.16 in 2013 to $479.17 in 2021. This uptick might suggest rising investments in energy-efficient upgrades among homeowners. The spike in the value during the years 2016, 2017, 2020, and 2021 could reflect growing incentives or heightened awareness of energy-saving measures in the region. These trends could be useful for those looking to invest in property or energy-efficient upgrades, as well as for real estate agents advising clients on the potential benefits of such investments.
Average Real Estate Taxes Per Tax Return in Elk County, PA Over the Last 10 Years
The average real estate taxes per tax return in Elk County, Pennsylvania have experienced a noticeable upward trajectory over the past decade. Values have climbed from approximately $2,664.32 in 2012 to roughly $4,147.62 in 2021. Particularly sharp increases were observed after 2017, with the average jumping to over $4,184.38 by 2018 and creeping upwards thereafter. This trend might influence decisions for those considering property investments, constructing new buildings, or adjusting insurance coverage in the area. Real estate agents and appraisers should be mindful of this ongoing rise to provide accurate advice and assessments.
Percentage of Farm Returns in Elk County, PA Over the Last 10 Years
The percentage of farm tax returns in Elk County, Pennsylvania has shown a slight but consistent decline over the last decade, dropping from 0.72% in 2012 to a low of 0.55% in 2019, before edging back up to 0.64% in 2021. Farm tax returns indicate the proportion of taxpayers who report farm income, providing insight into the agricultural activity. A downward trend could suggest various factors such as migration away from farming, consolidation of smaller farms into larger operations, or shifts towards non-agricultural land use. For potential investors or residents, this subtle decline might influence the perceived sustainability and economic viability of agricultural ventures within the county.
Number of Mortgages by Occupancy Type in Elk County, PA Over the Last 5 Years in Elk County
Over the last five years, Elk County, Pennsylvania has seen fluctuating mortgage numbers, with investment property mortgages ranging from 24 to 46, second residences holding steady around the 18-25 range, and principal residence mortgages seeing the most notable shifts, peaking at 1248 in 2021. These changes in occupancy type might influence housing demand and inventory, affecting market dynamics significantly. For investors, builders, and real estate agents, understanding these patterns is crucial as they indicate where financial opportunities and risks lie. Appraisers could see values sway depending on the dominant occupancy type, and insurance agents might adjust premiums based on perceived risk tied to the primary use of properties.
Economic Outlook
Elk County, Pennsylvania has experienced a notable increase in average taxable income per tax return, peaking at $61,117.33 in 2021, up from $47,202.54 in 2013. This could indicate a strengthening local economy, possibly appealing to investors and property developers. Average state and local income taxes also rose significantly, from approximately $4,975.98 in 2012 to $10,761.90 in 2021, with a sharp rise between 2017 and 2019. Such fiscal changes might affect perceptions of economic stability... Read more
Average Taxable Income per Tax Return in Elk County, PA over the last 9 years
Elk County, Pennsylvania has seen a varied upward trend in average taxable income per tax return over the past nine years, most notably peaking at $61,117.33 in 2021, up from $47,202.54 in 2013. Despite occasional dips, the overall increase in taxable income could suggest a strengthening local economy and potentially greater investment opportunities. Such financial trends may interest real estate agents, potential investors, and property developers as indicators of economic health and growth prospects in the county. Appraisers and insurance agents might also find these figures relevant for assessing property values and risk management.
Average State and Local Income Taxes Per Tax Return in Elk County, PA Over the Last 10 Years
In Elk County, Pennsylvania, the average state and local income taxes per tax return have shown a significant upward trend over the last decade, starting from approximately $4,975.98 in 2012 to around $10,761.90 in 2021. Notably, there's a surge between 2017 and 2019, where the average jumped from about $6,309.70 to $11,572.00. This steep rise may point to changing economic conditions or tax policies impacting residents, crucial for potential investors, real estate agents, and appraisers to monitor. Understanding these fiscal shifts could be essential in making informed decisions regarding property value assessments and long-term investment strategies in this area.
Average Total Tax Liability Per Tax Return in Elk County, PA Over the Last 10 Years
Elk County, Pennsylvania has shown variability in its average total tax liability per tax return over the past decade. Beginning at $6,961.45 in 2012, the amount peaked at $8,590.53 in 2021, with notable fluctuations in between. The highest surge occurred between 2015 and 2016, jumping from $7,493.53 to $8,310.98. These changes could impact perceptions of economic stability and the attractiveness for potential investors or residents considering relocation. Real estate agents and builders may find this data compelling when evaluating market trends, while appraisers and insurance agents might need to account for these variations in their assessments and policies.
Cost of Living in Elk County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,106 | $1,375 | $1,854 | $1,465 | $1,191 |
| 1 adult 4 children | $1,106 | $1,123 | $1,415 | $1,465 | $1,282 |
| 2 adults 3 children | $1,106 | $1,124 | $1,610 | $1,465 | $986 |
| 1 adult 3 children | $1,106 | $917 | $1,171 | $1,465 | $1,051 |
| 2 adults 2 children | $821 | $920 | $1,366 | $1,268 | $846 |
| 1 adult 2 children | $821 | $687 | $927 | $1,268 | $768 |
| 2 adults 1 child | $821 | $727 | $1,122 | $628 | $747 |
| 1 adult 1 child | $821 | $470 | $683 | $628 | $620 |
| 2 adults | $691 | $584 | $878 | $0 | $630 |
| 1 adult | $549 | $319 | $439 | $0 | $496 |
Safety trends & Data
Elk County, Pennsylvania's property crime rates have shown a general downward trend over the past five years, with larceny-theft cases dropping from 170 in 2018 to 62 in 2022. Although burglary incidents have decreased overall, they did spike to 11 cases in 2022 after a low of 2 in 2021. Arson and motor vehicle theft remain relatively uncommon, potentially making the area more attractive to investors and potential residents. However, the uptick in vandalism cases in 2022 could be a point of... Read more
Property Crime Trends in Elk County, PA Over the Last 5 Years
Elk County, Pennsylvania has witnessed notable fluctuations in property crime over the past five years. Larceny-theft remains the most prevalent crime but has decreased significantly from 170 cases in 2018 to 62 in 2022. Burglary incidents have also seen a gradual decline but experienced a notable dip in 2021 with only 2 occurrences before rising to 11 in 2022. Cases of arson and motor vehicle theft have remained relatively low throughout the period, suggesting these are less common concerns for the area. Investors, real estate agents, and prospective residents might find the general downward trend in property crimes reassuring, although the rise in vandalism in 2022 should be monitored closely.
Demographics
In Elk County, Pennsylvania, the population skews slightly male with 12,655 males to 12,220 females. Educational attainment reveals a significant portion (over 11,000) have completed high school or equivalent, while higher education sees lower numbers, with around 2,800 bachelor's degrees and 1,311 with graduate or professional degrees. The age distribution indicates a mature population, particularly from 45 to 64 years old, suggesting possible workforce implications. Racially, the county is... Read more
Race Distribution in Elk County, Pennsylvania (2022)
Educational Attainment in Elk County, Pennsylvania (2022)
Age Distribution in Elk County, Pennsylvania
Citizen Population in Elk County, Pennsylvania (2022)
Political Trends & Data
Elk County, Pennsylvania, leaned heavily Republican in the 2020 U.S. Presidential Election with roughly 72% of the vote. Democrats managed just under 27%, and Libertarians had a modest 1.4%. This strong Republican preference might indicate deeper regional trends, potentially shaping future elections and influencing the local political... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Elk County, Pennsylvania, leaned heavily Republican in the 2020 U.S. Presidential Election with approximately 72% of the vote. Democrats captured just under 27%, while Libertarians garnered a modest 1.4%. The strong Republican preference here might suggest deeper regional trends that could influence future elections.
71.81% of voters voted for the Republican party in the 2020 Presidential Election
26.75% of voters voted for the Democrat party in the 2020 Presidential Election
1.44% of voters voted for the Livertarian party in the 2020 Presidential Election
School Data
In Elk County, Pennsylvania, the student-to-teacher ratio has consistently declined from 13:1 in 2014 to 12:1 in 2023. This could mean smaller class sizes and more personalized education, potentially attracting families who prioritize schooling. Real estate agents may find it a significant selling point, while investors and developers might interpret it as a sign of either gradual population decline or shifting demographics, necessitating a tailored approach to new... Read more
Student-to-teacher ratio in Elk County, Pennsylvania over the last 10 years
The student-to-teacher ratio in Elk County, Pennsylvania has seen a subtle yet consistent decline over the past decade, with the ratio dropping from 13 students per teacher in 2014 to about 12 per teacher in 2023. This trend might signal smaller class sizes and more personalized attention in classrooms, potentially appealing to families prioritizing education. Real estate agents and appraisers could see this as a key selling point while insurance agents and investors might interpret such data as indicative of a stable, community-focused region. For those looking to build properties, this decline might suggest a gradual population decrease or shifting demographics, requiring a tailored approach to new developments.
