Lyman County Real Estate and Livability Trends
Lyman County, South Dakota's real estate market shows intriguing trends. Median home values almost doubled from $70,300 in 2015 to $132,100 in 2022, yet they remain below state and national averages, indicating potentially affordable opportunities. Property taxes rose from $1,462.50 in 2012 to $2,766.67 in 2017, suggesting increasing property values or tax rates. Additionally, principal residence... Read more
Lyman County Market Trends
Lyman County, South Dakota's median home values have nearly doubled from $70,300 in 2015 to $132,100 in 2022, yet they remain below state and national averages. Property taxes have also risen, climbing from $1,462.50 in 2012 to $2,766.67 in 2017, which might indicate increasing property values or tax rates. The percentage of farm tax returns has fluctuated around 20% to 22%, reflecting the... Read more
Median Value of Occupied Housing Units in Lyman County, South Dakota Over the Last 8 Years
Lyman County, South Dakota has seen its median home values nearly double over the last eight years, growing from $70,300 in 2015 to $132,100 in 2022, showcasing a significant upward trend. This growth, though substantial, positions Lyman County's median home values below both state and national averages. South Dakota's median home values escalated from $140,500 to $219,500 during the same period, while national figures increased from $125,500 to $179,400. For prospective homeowners or investors, this could indicate a more affordable entry point compared to broader state and national markets, potentially offering lower purchase prices for comparable properties.
Average Real Estate Taxes Per Tax Return in Lyman County, SD Over the Last 6 Years
In Lyman County, South Dakota, the average real estate taxes per tax return have shown a steady increase over the last six years, starting at $1,462.50 in 2012 and rising to approximately $2,766.67 by 2017. This upward trend could be indicative of rising property values or increased tax rates, potentially making it a consideration for those looking to invest in or move to the area. Higher property taxes might affect affordability and should be factored into financial planning for prospective homeowners, real estate investors, and those involved in property development. Real estate agents and appraisers might view this as a sign of a potentially appreciating market, while insurance agents could use this trend to assess risk and adjust premiums accordingly.
Percentage of Farm Returns in Lyman County, SD Over the Last 10 Years
Lyman County, South Dakota, has seen fluctuating farm tax return percentages over the past decade, trending around 20% to 22%. The percentage slightly dipped in 2015 to approximately 19.77% but rebounded to about 22.32% by 2021. Farm tax returns, reflecting the profitability and sustainability of agricultural investments, offer a window into the economic health of Lyman County's agricultural sector. This matters for investors and potential residents as it impacts decisions on property investments, business ventures, and understanding the local economy's dynamics.
Number of Mortgages by Occupancy Type in Lyman County, SD Over the Last 5 Years in Lyman County
Over the last five years, the mortgage landscape in Lyman County, South Dakota, highlights a relatively low and stable number of investment property mortgages, with an evident emphasis on principal residences. Notably, principal residence mortgages spiked in 2021, suggesting a potential increase in local housing demand or favorable lending conditions during that year. Investment properties have seen minimal fluctuation, which could imply a steady investor interest, but not an aggressive market. This data is crucial for investors, builders, and real estate agents: understanding that principal residences dominate can help shape strategies for targeting potential buyers or identifying robust investment opportunities in primary housing sectors. Additionally, insurance agents and appraisers might find these occupancy trends useful for assessing risk and property values.
Economic Outlook
Lyman County, South Dakota's real estate market appears to be influenced by volatile income trends and fluctuating tax liabilities. Average taxable income saw a low of $41,469.13 in 2016, but peaked at $56,366.46 in 2021, signaling potential economic instability that could impact property investments. The notable surge in 2014 to $49,953.18 suggests significant economic events or policy changes. Total tax liabilities have also varied, with a low of $6,552.94 in 2019 and a high of $8,665.29 in... Read more
Average Taxable Income per Tax Return in Lyman County, SD over the last 9 years
Lyman County, South Dakota has seen fluctuations in average taxable income per tax return over the last nine years, with a notable dip in 2016 at approximately $41,469.13 and a significant peak in 2021 at around $56,366.46. This trend indicates a relatively volatile income scenario, likely affecting investment decisions and real estate valuations. The 2014 surge to $49,953.18 suggests possible economic events or policy changes that positively impacted incomes during that period. Such income variability is crucial for appraisers, insurance agents, and real estate professionals to consider when making informed evaluations or advising clients, particularly those looking to build or invest in property in the area.
Average Total Tax Liability Per Tax Return in Lyman County, SD Over the Last 10 Years
Over the past decade, Lyman County, South Dakota has seen fluctuating average total tax liabilities per tax return, ranging from $6,552.94 in 2019 to $8,665.29 in 2021. These variations reflect underlying economic shifts and may influence property investments and insurance appraisals. Particularly, the recent increase in 2021 could suggest rising incomes or adjustments in tax policies, which might be crucial for potential investors and real estate professionals monitoring market stability.
Cost of Living in Lyman County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,005 | $1,472 | $2,395 | $1,019 | $960 |
| 1 adult 4 children | $1,005 | $1,202 | $1,835 | $1,019 | $1,041 |
| 2 adults 3 children | $1,005 | $1,202 | $2,076 | $1,019 | $758 |
| 1 adult 3 children | $1,005 | $982 | $1,516 | $1,019 | $795 |
| 2 adults 2 children | $826 | $984 | $1,757 | $883 | $678 |
| 1 adult 2 children | $826 | $735 | $1,197 | $883 | $614 |
| 2 adults 1 child | $826 | $778 | $1,438 | $442 | $659 |
| 1 adult 1 child | $826 | $502 | $878 | $442 | $516 |
| 2 adults | $628 | $625 | $1,119 | $0 | $573 |
| 1 adult | $575 | $341 | $560 | $0 | $470 |
Safety trends & Data
Lyman County, South Dakota has experienced varying property crime trends over the past five years, with motor vehicle theft peaking at five incidents in 2020 and a notable spike in burglaries in 2021. Vandalism reports are increasing, while larceny-theft and fraud rates remain relatively stable. These fluctuations can potentially impact property values, insurance costs, and safety concerns, which are crucial for both prospective investors and residents to... Read more
Property Crime Trends in Lyman County, SD Over the Last 5 Years
Over the past five years, property crime in Lyman County, South Dakota has shown notable fluctuations, with motor vehicle theft being the most persistent issue, peaking at five incidents in 2020. Burglary incidents spiked in 2021, while vandalism has seen an uptick, with recent data indicating an increase. Larceny-theft and fraud occurrences appear stable but occasional. This varying crime landscape may affect property values, insurance premiums, and safety considerations for potential investors and residents.
Demographics
Lyman County, South Dakota, shows a slightly higher male population compared to females. Education levels reveal a majority with high school diplomas, but there's a significant portion with some college or higher degrees, suggesting potential for a skilled workforce. Age distribution hints at a balanced demographic, though younger generations (under 10 years) stand out, possibly indicating a focus on family-oriented policies. The racial composition is predominantly White and American... Read more
Race Distribution in Lyman County, South Dakota (2022)
Educational Attainment in Lyman County, South Dakota (2022)
Age Distribution in Lyman County, South Dakota
Citizen Population in Lyman County, South Dakota (2022)
Political Trends & Data
In Lyman County, South Dakota, Republicans may have achieved a dominant position in the 2020 U.S. Presidential Election with about 65% of the vote. Democrats secured roughly 33%, while Libertarians had minimal backing at nearly 2%. This considerable Republican tilt hints at a significant preference for conservative policies in the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Lyman County, South Dakota, Republicans possibly secured the majority with approximately 65% of the vote in the 2020 U.S. Presidential Election, while Democrats garnered around 33%. Libertarians had minimal support, with almost 2%. The substantial Republican lead in this county suggests a strong lean towards conservative policies among its residents.
65.25% of voters voted for the Republican party in the 2020 Presidential Election
32.87% of voters voted for the Democrat party in the 2020 Presidential Election
1.88% of voters voted for the Livertarian party in the 2020 Presidential Election
School Data
Over the past decade, Lyman County, South Dakota has boasted a student-to-teacher ratio between 9 and 11, well below the national average of 14. Smaller class sizes could attract families looking for personalized education, making this a potential selling point for homes in the area. This trend could also appeal to investors and developers aiming to cater to an education-focused demographic. Lower ratios, often linked to better educational outcomes, may influence property values and risk... Read more
Student-to-teacher ratio in Lyman County, South Dakota over the last 10 years
Over the past decade, the student-to-teacher ratio in Lyman County, South Dakota has generally been well below the national average of 14, floating between 9 and 11 students per teacher. This suggests smaller class sizes, which might appeal to families looking to move to the area for more personalized education. For real estate agents, this trend could be a selling point for homes in the county. Lower ratios are often linked to better educational outcomes, potentially increasing property values over time. Investors and developers could view this as an opportunity to cater to an education-focused demographic. Finally, for insurers and appraisers, these trends might influence risk assessments and property appraisals in the community.
