McKean County Real Estate and Livability Trends
McKean County, Pennsylvania has seen notable economic and real estate shifts. Average taxable income climbed from $46,318.08 in 2013 to $56,014.79 in 2021, suggesting a more robust economic base. Median home values rose to $96,600 in 2022, significantly more affordable than state and national medians, drawing attention to potential market appeal. Energy-efficient home improvements are on the... Read more
McKean County Market Trends
Housing trends in McKean County, Pennsylvania show median home values growing over the past eight years, hitting $96,600 in 2022, which is markedly more affordable than both the state and national medians. Coupled with an uptick in residential energy tax credits from $222.64 in 2013 to $513.64 in 2021, it seems locals are increasingly investing in energy-efficient improvements. Real estate taxes... Read more
Median Value of Occupied Housing Units in McKean County, Pennsylvania Over the Last 8 Years
Housing trends in McKean County, Pennsylvania show consistent growth in median home values over the past eight years, closing at $96,600 in 2022. This is significantly lower compared to Pennsylvania's state median for the same year at $226,200, and even further behind the national median of $179,400. For investors or potential homebuyers, McKean County presents a more affordable market with room for appreciation. This affordability could be appealing for those looking to enter the housing market or invest, as lower entry costs might yield better returns as home values increase.
Residential Energy Tax Credit Per Tax Return in McKean County, PA Over the Last 8 Years
Residential energy tax credits in McKean County, Pennsylvania have shown a noticeable uptick over the past eight years. The average amount per tax return has ascended from $222.64 in 2013 to $513.64 by 2021. This trend suggests a growing local investment in energy-efficient improvements, which could be attractive to potential homeowners and investors aiming for long-term savings. Real estate agents might note the increasing appeal of properties benefitting from these tax credits, while appraisers and insurance agents may need to adjust their assessments accordingly.
Average Real Estate Taxes Per Tax Return in McKean County, PA Over the Last 10 Years
Real estate taxes in McKean County, Pennsylvania, have shown a consistent upward trend over the past decade, rising from an average of $2,985.84 per tax return in 2012 to $4,384.62 in 2021. Notably, there was a significant jump between 2017 and 2018, from $3,532.18 to $4,145.95. This trend could suggest increasing property values or changes in tax policy, making it crucial for potential investors, real estate agents, and residents to factor in rising tax obligations when considering property investments or moves. Such a trajectory in property taxes may also influence appraisals and insurance premiums, reflecting the overall economic health of the area.
Percentage of Farm Returns in McKean County, PA Over the Last 10 Years
The percentage of farm tax returns in McKean County, Pennsylvania, has shown a slight fluctuation over the past decade, typically hovering around 0.84% to 0.96%. These returns, which are submitted by residents with farm income, can offer insights into the county's agricultural activity and potentially influence property values and economic stability. Investors or prospective property developers may find this trend useful when assessing the viability and growth potential of agricultural ventures in the area. Considering the minor upticks and downturns, it suggests a relatively stable but modest farming presence, indicative of potential but limited growth in this sector.
Number of Mortgages by Occupancy Type in McKean County, PA Over the Last 5 Years in McKean County
McKean County, Pennsylvania, has shown a steady rise in mortgage counts for principal residences over the past five years, peaking at 936 in 2021. Investment property and second residence mortgage counts have fluctuated slightly but remained relatively stable compared to principal residences. These occupancy type trends offer valuable insights; a consistent increase in principal residence mortgages may suggest growing population stability or appeal of long-term settlements. For investors, while the data indicates steadiness in investment mortgages, it also hints at a potentially less competitive market. Appraisers, real estate agents, and those in property-related services might find these insights crucial for pricing strategies and market positioning.
Economic Outlook
In McKean County, Pennsylvania, increases in the average taxable income per tax return from $46,318.08 in 2013 to $56,014.79 in 2021 may be signaling a growing economic base, which could attract investors and developers. However, fluctuations in specific years like 2016 and 2020 suggest external factors periodically affecting incomes. State and local income taxes have also varied, with notable rises in 2018 and 2019 and peaking at $9,495.65 in 2021, potentially reflecting economic shifts and... Read more
Average Taxable Income per Tax Return in McKean County, PA over the last 9 years
In McKean County, Pennsylvania, the average taxable income per tax return has generally been on an upward trajectory over the past nine years, with notable increases from $46,318.08 in 2013 to $56,014.79 in 2021. This trend might indicate a growing economic base, which could be appealing for investors and real estate developers eyeing the region. However, fluctuations in specific years like 2016 and 2020 should urge some caution, suggesting external factors might occasionally impact local incomes.
Average State and Local Income Taxes Per Tax Return in McKean County, PA Over the Last 10 Years
Over the past decade, McKean County, Pennsylvania has seen fluctuating average state and local income taxes per tax return, ranging from $6,036.50 in 2013 to $9,495.65 in 2021. Notable increases occurred in 2018 and 2019 with $7,287.88 and $8,064.52 respectively, culminating in a significant rise in 2021. These trends may indicate shifts in economic conditions and policy changes, potentially impacting property values and cost of living considerations for prospective investors and residents alike.
Average Total Tax Liability Per Tax Return in McKean County, PA Over the Last 10 Years
Over the past decade in McKean County, Pennsylvania, the average total tax liability per tax return has shown some fluctuations, suggesting varying economic conditions and possibly changes in tax regulations. Notably, tax liability peaked in 2015 at $7,858.79 and saw a significant decline in 2020 to $6,623.03, potentially reflecting broader economic impacts. This variability might be of interest to investors, real estate professionals, and those considering moving to the area, as it could influence decisions related to property investment, appraisals, and insurance underwriting.
Cost of Living in McKean County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,030 | $1,436 | $1,694 | $1,465 | $1,122 |
| 1 adult 4 children | $1,030 | $1,172 | $1,292 | $1,465 | $1,206 |
| 2 adults 3 children | $1,030 | $1,173 | $1,472 | $1,465 | $921 |
| 1 adult 3 children | $1,030 | $958 | $1,069 | $1,465 | $980 |
| 2 adults 2 children | $821 | $960 | $1,250 | $1,268 | $822 |
| 1 adult 2 children | $821 | $717 | $847 | $1,268 | $744 |
| 2 adults 1 child | $821 | $759 | $1,027 | $628 | $726 |
| 1 adult 1 child | $821 | $490 | $625 | $628 | $603 |
| 2 adults | $636 | $610 | $805 | $0 | $596 |
| 1 adult | $605 | $332 | $403 | $0 | $500 |
Safety trends & Data
McKean County, Pennsylvania has experienced fluctuating property crime trends over the past five years. Larceny-theft incidents notably spiked to 140 in 2022 after previous declines, while fraud and motor vehicle theft remained relatively stable yet consistently present. Vandalism also showed instability, peaking at 45 incidents in 2018 before dropping to 12 in 2020 and then rising again. These crime trends could influence property values and insurance premiums, making them crucial for... Read more
Property Crime Trends in McKean County, PA Over the Last 5 Years
Over the past five years, McKean County, Pennsylvania has seen fluctuating trends in property crimes, with noticeable peaks and troughs in different categories. Larceny-theft incidents have remained consistently high, seeing a significant spike to 140 in 2022 after a sharp decline in previous years. Meanwhile, fraud and motor vehicle theft have shown relatively stable but low figures, indicating a moderate but persistently occurring issue. Vandalism also witnessed instability, peaking at 45 incidents in 2018 and dipping to 12 in 2020 before rising again. These varied property crime trends suggest a dynamic environment for potential investors, appraisers, real estate agents, and residents, impacting considerations for property values and insurance premiums.
Demographics
McKean County, Pennsylvania, has a fairly balanced gender distribution with only a slight male majority. Educational attainment shows a significant portion of the adult population holding a high school diploma or less, while those with a bachelor’s or graduate degree appear less common. The age distribution suggests a more significant concentration in the 45 to 64 age bracket, indicative of an aging population. The racial composition is predominantly white, with other racial groups comprising... Read more
Race Distribution in McKean County, Pennsylvania (2022)
Educational Attainment in McKean County, Pennsylvania (2022)
Age Distribution in McKean County, Pennsylvania
Citizen Population in McKean County, Pennsylvania (2022)
Political Trends & Data
McKean County, Pennsylvania, shows a strong Republican presence with around 72% of voters favoring the GOP in the 2020 U.S. Presidential Election. Democratic support lags at approximately 26%, while Libertarian votes are nearly negligible at under 1.5%. This conservatively skewed electorate could impact local real estate trends, potentially influencing everything from property demand to zoning regulations, and might attract buyers whose political views align with the majority... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In McKean County, Pennsylvania, the 2020 U.S. Presidential Election results suggest a strong Republican presence, with approximately 72% of voters favoring the GOP. Democratic support appears significantly lower at around 26%, with Libertarian votes barely moving the needle at just under 1.5%. This voting pattern might hint at a predominantly conservative electorate in the region.
72.35% of voters voted for the Republican party in the 2020 Presidential Election
26.19% of voters voted for the Democrat party in the 2020 Presidential Election
1.46% of voters voted for the Livertarian party in the 2020 Presidential Election
School Data
Mckean County, Pennsylvania's declining student-to-teacher ratio, which has dropped from thirteen in 2014 to just over eleven in 2023, could make the area more appealing to families prioritizing education. This trend, below the national average of fourteen, may potentially boost property values and attract home buyers favoring smaller class sizes. For appraisers and insurance agents, this could translate to adjusted property valuations and premiums, reflecting the county's increased... Read more
Student-to-teacher ratio in Mckean County, Pennsylvania over the last 10 years
Mckean County, Pennsylvania has seen a steady decline in its student-to-teacher ratio over the past decade, dropping from around thirteen in 2014 to just over eleven in 2023. This trend positions the county below the national average of fourteen, making it an attractive consideration for families seeking more individualized attention in public education. For real estate agents and investors, the favourable student-to-teacher ratio might potentially bolster property values and appeal to prospective home buyers prioritizing smaller class sizes. Additionally, appraisers and insurance agents could better gauge the area’s desirability and adjust their valuations and premiums accordingly. This change reflects a more favorable environment for educators and students, possibly contributing to higher overall education standards and community satisfaction.
