Galax city Real Estate and Livability Trends
In Galax City, Virginia, real estate trends reveal a moderately rising market, with median home values increasing from $91,000 in 2015 to $109,300 in 2022, indicating a more affordable option compared to broader state trends. However, real estate taxes have surged dramatically, from $2,017.14 per tax return in 2017 to $5,328.57 in 2021, signaling a possible shift in the cost-benefit analysis for... Read more
Galax city Market Trends
Housing market trends in Galax city, Virginia, have shown a moderate increase in median home values from $91,000 in 2015 to $109,300 in 2022, making it relatively more affordable compared to the significant rises in Virginia and nationwide figures. Real estate taxes in the area have surged dramatically, from $2,017.14 per tax return in 2017 to $5,328.57 in 2021. Additionally, the percentage of... Read more
Median Value of Occupied Housing Units in Galax city, Virginia Over the Last 8 Years
Housing market trends in Galax city, Virginia, have shown a general upward trajectory over the past 8 years, with the median home value increasing from $91,000 in 2015 to $109,300 in 2022. This growth is more modest compared to state and national figures. For instance, Virginia's median home value jumped from $245,000 to $339,800 in the same period, while the national median saw an increase from $125,500 to $179,400. This relatively lower growth in home values could attract potential investors and homebuyers looking for more affordable options within Virginia.
Residential Energy Tax Credit Per Tax Return in Galax city, VA Over the Last 2 Years
In recent years, Galax city, Virginia, has seen a notable fluctuation in residential energy tax credits claimed per tax return. From 2013 to 2015, the average credit dropped from $240.00 to $200.00. This trend may indicate a shift in energy efficiency investments or changes in incentive structures, which is crucial for potential investors, real estate developers, and current residents considering energy-efficient upgrades.
Average Real Estate Taxes Per Tax Return in Galax city, VA Over the Last 10 Years
Over the last decade, Galax City in Virginia has experienced a noticeable increase in real estate taxes per tax return, with a sharp jump between 2017 and 2018—from approximately $2,017.14 to $3,633.33. The upward trend continued, peaking at $5,328.57 in 2021. This significant rise may be an important consideration for potential investors, real estate professionals, and current residents, potentially influencing the overall cost of living, property valuations, and investment returns in the area. Such data might suggest an appreciating market, making it vital to factor in these growing taxes when planning any real estate-related financial decisions.
Percentage of Farm Returns in Galax city, VA Over the Last 10 Years
Over the last decade, Galax city, Virginia has exhibited some fluctuations in the percentage of farm returns, ranging from 0.87% to 1.31%. Peak activity occurred in 2012 at 1.31% and saw a notable decline to 0.87% in 2020, before a slight increase to 1.17% in 2021. Farm tax returns, reflecting taxable income from agricultural activities, help gauge the vitality and profitability of the local farming sector. For potential investors, builders, or new residents, these variations might suggest trends in agricultural viability and economic health of the area. Keeping an eye on these numbers could offer insight into the broader economic patterns in the region.
Number of Mortgages by Occupancy Type in Galax city, VA Over the Last 5 Years in Galax city
The mortgage trends in Galax City, Virginia, over the past five years suggest a steady increase in principal residence mortgages, with a peak in 2021 at 295. Investment properties have seen incremental growth, peaking in 2022 at 29, while second residences remain relatively stable with slight fluctuations. Changes in occupancy type can influence everything from property values to neighborhood dynamics, and they are especially relevant for investors and real estate agents assessing market demand. Variances in mortgage counts for different occupancy types may indicate shifting economic conditions or demographic changes, impacting appraisals and insurance assessments accordingly.
Economic Outlook
In Galax City, Virginia, average taxable income per tax return has seen a modest but notable rise over the past nine years, jumping to $42,051.94 in 2018 and $48,402.33 in 2021. This trend hints at modest economic growth, potentially increasing the attractiveness of the area for real estate investments. Average state and local income taxes have also risen, doubling from $5,290.24 in 2012 to $10,585.71 by 2021. This increasing tax burden reflects a higher cost of living, which could impact... Read more
Average Taxable Income per Tax Return in Galax city, VA over the last 9 years
Over the last nine years, Galax city, Virginia has experienced a somewhat gradual increase in the average taxable income per tax return, with notable jumps around 2018 ($42,051.94) and 2021 ($48,402.33), suggesting modest economic growth and potentially more lucrative opportunities for residents. This trend could make the area more appealing for real estate investments, appraisals, and business development, as higher incomes may correlate with a stronger local economy and increased demand for housing and services. Those involved in the property market or considering moving to Galax may find this upward trend encouraging.
Average State and Local Income Taxes Per Tax Return in Galax city, VA Over the Last 10 Years
Over the past decade, Galax City, Virginia has experienced a notable increase in average state and local income taxes per tax return. Starting at $5,290.24 in 2012, taxes saw a general upward trend with significant spikes in 2018 and beyond, reaching $10,585.71 by 2021. This trend is likely driven by changes in state tax policies or local economic conditions, making it essential for potential investors, home buyers, and real estate agents to consider the rising tax burden. Interestingly, this pattern indicates a higher cost of living, which appraisers and insurance agents should take into account when assessing property values and risk calculations.
Average Total Tax Liability Per Tax Return in Galax city, VA Over the Last 10 Years
In Galax City, Virginia, the average total tax liability per tax return over the past decade has shown some fluctuation but remains relatively stable around the $5,500 to $6,300 range. Peaks occurred in 2013 and 2021 with liabilities reaching $6,282.58 and $6,141.15, respectively, while the lowest was observed in 2018 at approximately $5,385.08. For investors and real estate agents, this trend suggests a fairly consistent tax environment which can offer some predictability in financial planning. Those considering property investments or moving to the area will likely appreciate this stability, knowing that significant tax changes are not a frequent concern.
Cost of Living in Galax city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,096 | $1,408 | $1,512 | $997 | $938 |
| 1 adult 4 children | $1,096 | $1,149 | $1,154 | $997 | $1,032 |
| 2 adults 3 children | $1,096 | $1,150 | $1,313 | $997 | $778 |
| 1 adult 3 children | $1,096 | $939 | $955 | $997 | $792 |
| 2 adults 2 children | $776 | $941 | $1,114 | $871 | $635 |
| 1 adult 2 children | $776 | $703 | $756 | $871 | $577 |
| 2 adults 1 child | $776 | $744 | $915 | $461 | $618 |
| 1 adult 1 child | $776 | $481 | $557 | $461 | $540 |
| 2 adults | $629 | $598 | $716 | $0 | $544 |
| 1 adult | $575 | $326 | $358 | $0 | $484 |
Safety trends & Data
Property crime trends in Galax City, Virginia show larceny-theft has decreased from 163.00 incidents in 2018 to 89.00 in 2022, which might reflect enhanced preventive measures. Interestingly, embezzlement saw a notable increase to 10.00 incidents in 2022 from just 1.00 in 2019, hinting at changing economic crime dynamics. Motor vehicle theft has stayed constant at around 8.00 incidents annually. These changes in crime rates could influence property values and real estate desirability, making... Read more
Property Crime Trends in Galax city, VA Over the Last 5 Years
Property crime trends in Galax City, Virginia over the past five years reveal some interesting shifts. Larceny-theft consistently tops the charts, although it has shown a decline from 163.00 incidents in 2018 to 89.00 in 2022, which might indicate enhanced preventive measures or other socio-economic factors at play. Embezzlement spikes in 2022 with 10.00 incidents compared to just 1.00 in 2019, suggesting changing dynamics in economic crimes. Motor vehicle theft remains steady at 8.00 incidents yearly, posing a potential area of concern for car owners. The fluctuations in vandalism and fraud incidents, with both peaking sporadically, emphasize the need for continuous community vigilance and robust law enforcement responses. For real estate agents, appraisers, and potential investors, these trends provide crucial insights into the safety and economic environment of Galax City, impacting property values and desirability.
Demographics
Galax, Virginia shows an interesting demographic balance with more females than males among its adult population, highlighting potential implications for community services and social dynamics. The educational landscape is varied, dominated by residents with some college experience or a high school diploma, suggesting opportunities for workforce development programs aimed at further education or skill training. Age distribution reveals a fairly even spread across most brackets, though with a... Read more
Race Distribution in Galax city, Virginia (2022)
Educational Attainment in Galax city, Virginia (2022)
Age Distribution in Galax city, Virginia
Citizen Population in Galax city, Virginia (2022)
Political Trends & Data
In Galax City, Virginia, the 2020 U.S. Presidential Election indicated a pronounced conservative tilt, with about 70% of the vote going Republican and 30% Democratic. This strong conservative inclination is likely to influence local and state policy making, potentially shaping housing regulations, zoning laws, and community developments. Understanding this political landscape is essential for gauging the local market's reception to potential real estate projects and predicting community support... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Galax City, Virginia, the 2020 U.S. Presidential Election saw a significant leaning towards the Republican party, garnering around 70% of the vote, while the Democratic party secured nearly 30%. The Libertarian party managed a minor presence with less than 1%, and contributions from other parties were negligible. This suggests a strong conservative inclination in this locality, potentially impacting local and state policy decisions and reflecting broader regional political trends.
69.65% of voters voted for the Republican party in the 2020 Presidential Election
29.44% of voters voted for the Democrat party in the 2020 Presidential Election
0.68% of voters voted for the Livertarian party in the 2020 Presidential Election
0.23% of voters voted for the Other party in the 2020 Presidential Election
School Data
The student-to-teacher ratio in Galax City, Virginia has fluctuated between 12 and 14 over the past decade, reaching 14 in 2023. This variable directly influences perceptions of educational quality, impacting decisions by potential property buyers and investors. Lower ratios in previous years may appeal to families seeking more individualized attention for their children, while higher ratios could affect teacher workload and classroom dynamics. These educational trends are essential for... Read more
Student-to-teacher ratio in Galax City, Virginia over the last 10 years
The student-to-teacher ratio in Galax City, Virginia has shown fluctuations over the past decade, averaging between 12 and 14 students per teacher. Notably, the ratio rose to 14 in 2023, compared to the national average of 14 students per teacher. Lower ratios in previous years may be attractive to families seeking more individualized attention for their children, while higher ratios could impact teacher workload and classroom dynamics. Understanding these trends can be crucial for potential property buyers, investors, and real estate agents, as they often directly influence perceptions of educational quality and community appeal.
