Lake County Real Estate and Livability Trends
Lake County, South Dakota's real estate market shows promising signs for investors and developers. Home values have surged from $139,800 in 2015 to $196,600 by 2022, outpacing national trends. Taxable incomes and property taxes have both seen notable increases, hinting at a stronger economic environment likely influencing property valuations. The local farming sector remains a steady component,... Read more
Lake County Market Trends
Lake County, South Dakota has seen its median home values rise from $139,800 in 2015 to $196,600 in 2022, growing at a sharper rate compared to national trends. Despite fluctuations in average residential energy tax credits, declining from $1,116.67 in 2017 to $414.29 in 2021, real estate taxes per tax return climbed steadily from $3,201.05 in 2012 to $5,947.06 in 2021, suggesting rising property... Read more
Median Value of Occupied Housing Units in Lake County, South Dakota Over the Last 8 Years
Over the past eight years, Lake County, South Dakota has seen a notable uptick in median home values, jumping from $139,800 in 2015 to $196,600 in 2022. This trajectory is somewhat consistent with the overall state trend, where South Dakota's median home values rose from $140,500 in 2015 to $219,500 in 2022. When compared to national trends, Lake County's growth in home values mirrors the nationwide increase but at a more pronounced rate, offering potential investment opportunities in this region. For those considering relocating or building property in Lake County, this trend could signal a robust real estate market.
Residential Energy Tax Credit Per Tax Return in Lake County, SD Over the Last 8 Years
Lake County, South Dakota has experienced fluctuating trends in average residential energy tax credits per tax return over the past eight years. After a significant increase from $453.85 in 2013 to $1,116.67 in 2017, the figures dropped to $620.00 by 2019, before rebounding slightly to $820.00 in 2020. By 2021, the average had declined again to $414.29. These variations suggest potential instability or changes in energy efficiency investments or policy shifts affecting tax credits, important for investors, builders, real estate agents, and residents to monitor when assessing the financial viability and incentives related to residential properties in the county.
Average Real Estate Taxes Per Tax Return in Lake County, SD Over the Last 10 Years
Lake County, South Dakota has seen a noticeable increase in average real estate taxes per tax return over the last decade. Starting at $3,201.05 in 2012, there has been a consistent upward trend, reaching $5,947.06 in 2021. This escalation is particularly significant between 2017 and 2018, where a sharp rise to $5,170.83 can be observed, continuing to peak in subsequent years. The increase in real estate taxes may reflect rising property values or local government spending changes, which could be key factors for potential investors, real estate professionals, and other stakeholders to consider when evaluating the area's market dynamics and future growth potential.
Percentage of Farm Returns in Lake County, SD Over the Last 10 Years
Lake County, South Dakota, has experienced some fluctuations in farm tax returns over the past decade. Starting at around 8.49% in 2012, there was a slight downward trend until it reached approximately 7.68% in 2016. However, the percentage picked up again in subsequent years, hitting 8.91% in 2018 and maintaining around 8.66% by 2021. This might suggest a somewhat resilient agricultural sector, potentially appealing to investors or developers interested in rural properties. Farm tax returns typically involve the reporting of income generated from agricultural activities, and observing these trends can offer insights into the economic health and viability of farming in the area.
Number of Mortgages by Occupancy Type in Lake County, SD Over the Last 5 Years in Lake County
Recent years in Lake County, South Dakota show a notable fluctuation in the number of mortgages across various occupancy types. Principal residences consistently dominate the market, peaking at 721 in 2020 but showing a drop to 411 by 2022. Conversely, investment property mortgages have seen a modest increase, from 20 in 2020 to 47 in 2022. Second residences also saw a significant dip, from 105 in 2020 to 36 in 2022. These changes matter because they reflect shifting demands and economic forces, which can influence property values and risk assessments. Investors might find opportunities in the increasing trend of investment properties, while potential homeowners should be aware of the fluctuations in available principal residences. Appraisers and insurance agents need to consider these trends for accurate valuations and risk management.
Economic Outlook
Lake County, South Dakota has experienced a consistent rise in average taxable income per tax return, from $59,173.23 in 2013 to $85,986.22 in 2021, reflecting economic growth that could entice investors and real estate developers. State and local income taxes have shown significant fluctuations, with peaks at $15,550.00 in 2019 and $20,350.00 in 2021, potentially influenced by economic or policy changes. Additionally, the average tax liability per return rose from approximately $9,302.88 in... Read more
Average Taxable Income per Tax Return in Lake County, SD over the last 9 years
Lake County, South Dakota has seen a notable increase in average taxable income per tax return over the past nine years, jumping from $59,173.23 in 2013 to $85,986.22 in 2021. This trend suggests a consistent economic growth that might be appealing to potential investors and real estate developers. While there have been slight fluctuations, the overall trajectory indicates a promising economic environment that could influence property values, insurance rates, and investment potential. For homeowners and those looking to move to Lake County, this data reflects an increased financial stability which could potentially result in stronger community development and improved local services.
Average State and Local Income Taxes Per Tax Return in Lake County, SD Over the Last 10 Years
In Lake County, South Dakota, average state and local income taxes per tax return have shown significant fluctuations over the past decade. The trendline suggests occasional sharp increases, notably peaking at $15,550.00 in 2019 and an even more pronounced jump to $20,350.00 in 2021. These spikes may indicate economic or policy changes affecting the area. Investors, real estate agents, and insurance agents should consider these trends as they could impact property values, investment returns, and cost of living in Lake County.
Average Total Tax Liability Per Tax Return in Lake County, SD Over the Last 10 Years
In Lake County, South Dakota, the average tax liability per return has seen a significant upward trend over the past decade, starting at approximately $9,302.88 in 2012 and rising to about $13,880.95 by 2021. This gradual increase suggests a growing economic base and potential rises in income levels, which could be attractive for investors and real estate agents eyeing the region's long-term growth prospects. Moreover, those building property or purchasing homes might expect higher valuations, impacting appraisals and insurance considerations.
Cost of Living in Lake County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,174 | $1,544 | $2,449 | $1,018 | $1,083 |
| 1 adult 4 children | $1,174 | $1,261 | $1,877 | $1,018 | $1,156 |
| 2 adults 3 children | $1,174 | $1,262 | $2,123 | $1,018 | $848 |
| 1 adult 3 children | $1,174 | $1,030 | $1,551 | $1,018 | $902 |
| 2 adults 2 children | $826 | $1,033 | $1,797 | $883 | $697 |
| 1 adult 2 children | $826 | $771 | $1,225 | $883 | $632 |
| 2 adults 1 child | $826 | $816 | $1,470 | $443 | $675 |
| 1 adult 1 child | $826 | $527 | $898 | $443 | $539 |
| 2 adults | $634 | $656 | $1,144 | $0 | $601 |
| 1 adult | $575 | $358 | $572 | $0 | $475 |
Safety trends & Data
In Lake County, South Dakota, property crime trends over the past five years show varying arrest rates across different categories. Notably, larceny-theft incidents spiked in 2020 with 6.0 arrests but dropped to 4.0 by 2022. Motor vehicle thefts were infrequent, totaling only two arrests between 2018 and 2019, while fraud and counterfeiting arrests remained low but peaked at 2.0 in 2019 and 2020. Stability was evident in burglary and vandalism rates. Property managers and investors might... Read more
Property Crime Trends in Lake County, SD Over the Last 5 Years
In Lake County, South Dakota, property crime trends over the past five years show a noticeable variation in different categories. Burglary arrests have remained relatively stable, while incidents of larceny-theft saw a significant increase in 2020 with 6.0 arrests, later decreasing to 4.0 in 2022. Motor vehicle thefts were rare, with only two arrests between 2018 and 2019. Fraud and counterfeiting arrests fluctuated but were generally low, peaking at 2.0 arrests in 2019 and 2020. Vandalism appeared consistently across the years without major spikes or drops. Those investing in or managing properties here might consider extra security measures during 2020's spike in thefts, while appraisers and insurance agents may need to look into the reduced burglary and vehicle theft risks for more accurate assessments.
Demographics
Lake County, South Dakota exhibits a slightly higher male population compared to females. A significant portion of the adult population has achieved at least a high school diploma, with around 1,926 holding a bachelor's degree and 839 possessing an associate's degree. The age distribution suggests a notable concentration in the 55 to 74 years age bracket, hinting at an older demographic. Racially, the county is predominantly White with minimal representation from other racial and ethnic groups,... Read more
Race Distribution in Lake County, South Dakota (2022)
Educational Attainment in Lake County, South Dakota (2022)
Age Distribution in Lake County, South Dakota
Citizen Population in Lake County, South Dakota (2022)
Political Trends & Data
Lake County, South Dakota's real estate market could be subtly influenced by its conservative voting patterns, with approximately 63% of the vote leaning Republican during recent elections. This political landscape might signify a preference for policies that favor homeowner rights and lower property taxes. While Democrats and Libertarians represent smaller but still relevant segments, with around 35% and 2% respectively, this conservative majority may shape local market dynamics, attracting... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Lake County, South Dakota, might lean predominantly Republican, with approximately 63% of the vote, while Democrats trailed with around 35%. Libertarians garnered a modest 2%, and other parties seemed negligible. This distribution could reflect broader statewide or regional trends, hinting at a strong conservative base and a relatively small but present third-party interest.
62.68% of voters voted for the Republican party in the 2020 Presidential Election
35.21% of voters voted for the Democrat party in the 2020 Presidential Election
2.11% of voters voted for the Livertarian party in the 2020 Presidential Election
School Data
Lake County in South Dakota has experienced fluctuations in student-to-teacher ratios over the past decade, peaking at 17 in 2020 and then decreasing to about 16 in 2023. This ratio consistently exceeds the national average of 14 students per teacher, hinting at more crowded classrooms. For investors and developers, this might indicate a growing demand for educational resources and infrastructure, presenting opportunities for family-focused amenities and properties. Residents and homebuyers... Read more
Student-to-teacher ratio in Lake County, South Dakota over the last 10 years
Over the past decade, Lake County in South Dakota has seen fluctuations in its student-to-teacher ratio, peaking at 17 in 2020 before gradually decreasing to about 16 in 2023. Notably, this county has consistently performed above the national average of 14 students per teacher, indicating that, on average, classrooms in Lake County may be somewhat more crowded than elsewhere in the country. For potential investors, homebuyers, and real estate agents, these higher ratios might suggest a more significant demand for educational resources and potentially a higher investment in school infrastructure in the future. Insurance agents and appraisers might view these trends as indicative of community growth, and developers could see opportunities for building family-focused amenities and properties. Residents and those interested in moving to Lake County should be aware of the potential implications for educational quality and attention to individual student needs.
