Albemarle County Real Estate and Livability Trends
Albemarle County, Virginia has seen a substantial increase in average taxable income, reaching $202,549.59 in 2021, hinting at growing economic affluence. Median home values surged from $313,800 in 2015 to $450,200 in 2022, indicating a competitive housing market. Energy tax credits peaked at $6,000.00 in 2018, suggesting significant investments in energy-efficient homes. Real estate taxes have... Read more
Albemarle County Market Trends
Albemarle County, Virginia has seen median home values surge from $313,800 in 2015 to $450,200 in 2022, outpacing broader state and national trends. This could point to the county's unique appeal for investment or relocation. Energy tax credits spiked dramatically to $6,000.00 in 2018, hinting at strong local investments in energy-efficient home improvements, which may enhance property values and... Read more
Median Value of Occupied Housing Units in Albemarle County, Virginia Over the Last 8 Years
Albemarle County, Virginia, shows a significant rise in median home values from $313,800 in 2015 to $450,200 in 2022. This local increase outpaces the broader trends in Virginia and the United States, where the median home values rose from $245,000 to $339,800 and $125,500 to $179,400 respectively during the same period. This could suggest a strong local market appealing for investment, development, or relocation, potentially driven by factors unique to the county's economy or quality of life.
Residential Energy Tax Credit Per Tax Return in Albemarle County, VA Over the Last 9 Years
Albemarle County, Virginia has seen significant fluctuations in residential energy tax credits per tax return over the last nine years, peaking dramatically at $6,000.00 in 2018. These substantial credits, particularly notable between 2017 and 2019, could suggest growing investments in energy-efficient home improvements. For potential investors, real estate agents, or those building properties, this trend might indicate a robust community interest in sustainable living, potentially enhancing property values and marketability. Insurance agents and appraisers might consider these energy-efficiency upgrades as factors influencing property assessments and insurance premiums.
Average Real Estate Taxes Per Tax Return in Albemarle County, VA Over the Last 10 Years
Over the past decade, real estate taxes per tax return in Albemarle County, Virginia have shown a steady upward trend. Starting from $3,628.14 in 2012, there has been a noticeable increase each year, reaching $7,138.85 by 2021. This could suggest rising property values or increased tax rates, potentially affecting investors, prospective homeowners, appraisers, and insurance agents. The pronounced jump in tax amounts from 2017 to 2018, and again from 2019 to 2020, may warrant closer analysis for those considering property investments or real estate developments in the area.
Percentage of Farm Returns in Albemarle County, VA Over the Last 10 Years
Over the past decade, Albemarle County, Virginia has seen a slight decline in the percentage of farm tax returns, dropping from 1.45% in 2012 to around 1.20% in 2021. This might suggest a gradual shift away from agricultural business activities, potentially impacting land use and future real estate development. For potential investors and residents, it is likely worth noting that this trend could signal a change in the economic composition and growth opportunities within the county.
Number of Mortgages by Occupancy Type in Albemarle County, VA Over the Last 5 Years in Albemarle County
The last five years in Albemarle County, Virginia show a dominant and consistent trend in mortgage counts for principal residences, which substantially outnumber those for investment and second residences. Notably, while principal residences peaked in 2020 with over 9,000 counts, there has been a marked decline by 2022, possibly reflecting market corrections or changing resident preferences post-pandemic. In contrast, investment properties and second residences maintain relatively steady but lower volumes, suggesting more stable but less dynamic sectors. Such shifts in occupancy types can influence local housing demand, property values, and risks, which are crucial considerations for investors, builders, real estate agents, and insurance agents aiming to navigate and capitalize on the evolving landscape in this region.
Economic Outlook
Albemarle County, Virginia has experienced a sharp rise in average taxable income per tax return, surging to $202,549.59 in 2021, hinting at a burgeoning affluent population and economic growth. This income uptick, coupled with a significant increase in state and local income taxes over the past decade, may indicate both higher earning potential and living costs in the area. The county's average total tax liability has also jumped, potentially reflecting escalating property values and... Read more
Average Taxable Income per Tax Return in Albemarle County, VA over the last 9 years
Albemarle County, Virginia has seen a significant rise in average taxable income per tax return over the past nine years, peaking dramatically in 2021 at $202,549.59. This upward trend, especially prominent from 2020 to 2021, reflects potential economic growth and increased affluent residency. Such patterns could be compelling for investors considering the area's prosperity, but also for real estate agents and property developers looking to tap into a possibly lucrative market. For insurance agents and appraisers, understanding these income shifts is crucial in accurately assessing property values and risk factors. The substantial growth in income may also indicate broader economic opportunities, attracting new residents and businesses to the county.
Average State and Local Income Taxes Per Tax Return in Albemarle County, VA Over the Last 10 Years
Average state and local income taxes per tax return in Albemarle County, Virginia have shown significant growth over the past decade, increasing from approximately $9,544.13 in 2012 to about $33,300.91 in 2021. This upward trend suggests that both the earning potential and cost of living in the area may be rising. For prospective investors and home buyers, this might indicate a robust local economy and potential appreciation in property values. Real estate agents, appraisers, and insurance agents should consider this data in evaluating the financial landscape of Albemarle County.
Average Total Tax Liability Per Tax Return in Albemarle County, VA Over the Last 10 Years
Albemarle County, Virginia has seen a notable increase in average total tax liability per tax return over the last decade. From $18,548.41 in 2012 to a substantial jump to $45,517.13 in 2021, this trend possibly reflects rising incomes or property values. This pattern may attract investors and real estate agents given a likely growing economic affluence. Insurance agents and appraisers could also benefit from understanding these financial trends when assessing risk and value in the area. For those considering moving to or building in Albemarle County, this shift suggests increased costs but potentially greater returns on investment.
Cost of Living in Albemarle County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,902 | $1,657 | $1,626 | $2,409 | $2,129 |
| 1 adult 4 children | $1,902 | $1,353 | $1,241 | $2,409 | $2,275 |
| 2 adults 3 children | $1,902 | $1,354 | $1,412 | $2,409 | $1,879 |
| 1 adult 3 children | $1,902 | $1,105 | $1,027 | $2,409 | $2,058 |
| 2 adults 2 children | $1,529 | $1,108 | $1,198 | $2,101 | $1,499 |
| 1 adult 2 children | $1,529 | $828 | $813 | $2,101 | $1,581 |
| 2 adults 1 child | $1,529 | $876 | $984 | $1,102 | $1,176 |
| 1 adult 1 child | $1,529 | $566 | $599 | $1,102 | $1,147 |
| 2 adults | $1,279 | $703 | $770 | $0 | $864 |
| 1 adult | $1,272 | $384 | $385 | $0 | $786 |
Safety trends & Data
Albemarle County, Virginia has experienced variable property crime trends recently. Larceny-Theft incidents spiked at 303.0 in 2022 after hitting a low of 135.0 in 2020. Vandalism reached its peak of 43.0 in 2022, while fraud peaked at 58.0 in 2019. Motor vehicle theft has stayed relatively low, peaking at 14.0 in 2022. Burglary incidents fluctuated, peaking at 20.0 in 2020 and dropping to 11.0 in 2022. Keeping an eye on these trends is useful for both investors and residents to maintain better... Read more
Property Crime Trends in Albemarle County, VA Over the Last 5 Years
Albemarle County, Virginia has seen fluctuating trends in property crime over the past five years. Larceny-Theft appears to be the most prevalent, with the highest number of incidents reaching 303.0 in 2022 from a low of 135.0 in 2020. Vandalism and fraud have also seen some variability, with peaks in 2022 (43.0) and 2019 (58.0) respectively. Meanwhile, motor vehicle theft has relatively remained low, peaking at 14.0 in 2022. Burglary incidents have shown some variation, seeing a peak of 20.0 in 2020 but dropping to 11.0 in 2022. For those looking at investing or living in this region, it's important to stay updated on these trends for better planning and security measures.
Demographics
In Albemarle County, Virginia, females somewhat outnumber males, at around 45,074 compared to 39,865. The most prevalent ages are 25 to 34, 35 to 44, and 55 to 64 years, showing a likely distribution of working professionals and retirees. Educational levels are fairly high, with a significant portion of the adult population holding bachelor's or graduate degrees. Racially, the county is predominantly White, while minorities include Black or African American and Asian residents. This blend of... Read more
Race Distribution in Albemarle County, Virginia (2022)
Educational Attainment in Albemarle County, Virginia (2022)
Age Distribution in Albemarle County, Virginia
Citizen Population in Albemarle County, Virginia (2022)
Political Trends & Data
Albemarle County in Virginia displayed a significant Democratic preference in the recent presidential election, with approximately 65.7% of the vote going to Democratic candidates and Republicans receiving about 32.2%. This political lean could influence local housing policies and community developments, leading to potential shifts in real estate dynamics that might favor more progressive urban planning and affordable housing... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Albemarle County in Virginia showed a notable lean towards the Democratic party, with around 65.7% of the votes, while the Republican candidates garnered about 32.2%. Minor parties, such as the Libertarians and others, collectively captured less than 2% of the vote. This distribution may indicate a strong liberal presence in the county, potentially affecting local policies and the political landscape.
32.18% of voters voted for the Republican party in the 2020 Presidential Election
65.68% of voters voted for the Democrat party in the 2020 Presidential Election
1.57% of voters voted for the Livertarian party in the 2020 Presidential Election
0.58% of voters voted for the Other party in the 2020 Presidential Election
School Data
Albemarle County, Virginia, has maintained a student-to-teacher ratio below the national average of 14 students per teacher for the past decade, with a notable low of 12 students per teacher in 2019 and 2021. This favorable educational environment could appeal to families and influence real estate and insurance markets, as stable communities are often more attractive. Builders might also leverage this trend as a selling point for new developments, emphasizing the appeal of quality education to... Read more
Student-to-teacher ratio in Albemarle County, Virginia over the last 10 years
Over the past decade, Albemarle County, Virginia's student-to-teacher ratio has generally remained below the national average of 14 students per teacher. Notably, 2017 saw a dip to 13 students per teacher, and it dropped further to 12 students per teacher in 2019 and 2021. For potential investors, appraisers, and real estate agents, these relatively low ratios may suggest a more favorable educational environment, which could be an attractive feature for families considering moving to the area. This trend might also influence insurance agents due to the potential for a more stable and appealing community, and builders could find it a selling point when developing new properties.
