Henrico County Real Estate and Livability Trends
Henrico County, Virginia, has shown a substantial rise in median home values over the past few years, increasing approximately 43% from $216,300 in 2015 to $309,700 in 2022, which might point to its growing attractiveness to both buyers and investors. This appreciation, while still slightly lower than the state median, indicates strong market potential. Coupled with dropping poverty rates and... Read more
Henrico County Market Trends
Henrico County's median home values skyrocketed by around 43% from $216,300 in 2015 to $309,700 in 2022, outpacing the national average. This rapid appreciation, though still lower than Virginia’s $339,800 median, suggests compelling investment potential. The average residential energy tax credit in Henrico saw a rollercoaster of fluctuations, peaking at roughly $2,065.52 in 2018, highlighting... Read more
Median Value of Occupied Housing Units in Henrico County, Virginia Over the Last 8 Years
Henrico County's median home values have seen significant growth over the past eight years, starting from $216,300 in 2015 to $309,700 by 2022. This sharp increase of around 43% outpaces the national average, which grew from $125,500 to $179,400 in the same period. Though Henrico lags behind Virginia's state median of $339,800 in 2022, the county's rapid appreciation could present compelling investment opportunities for those looking to move or invest. These trends suggest that Henrico County could be an attractive area for property investment as the gap between the county and state median values narrows.
Residential Energy Tax Credit Per Tax Return in Henrico County, VA Over the Last 9 Years
In Henrico County, Virginia, the average residential energy tax credit per tax return has shown notable fluctuations over the past nine years. Starting at roughly $315.50 in 2013, it saw a gradual rise through 2017, peaking sharply at around $2,065.52 in 2018. Despite a drop to about $1,001.29 in 2019, it climbed again, reaching approximately $1,734.21 in 2021. This trend suggests a significant increase in energy-efficient improvements and investments by residents. For investors, property developers, and insurance agents, this uptick may signal enhanced property values and reduced energy costs, aligning well with market preferences for sustainable living.
Average Real Estate Taxes Per Tax Return in Henrico County, VA Over the Last 10 Years
Over the last decade, real estate taxes per tax return in Henrico County, Virginia have shown a steady upward trend, rising from approximately $2,563.49 in 2012 to about $4,162.98 in 2021. This increase could interest potential investors and real estate agents as an indicator of the area’s growing property values. The notable jump from 2017 to 2018, where taxes surged from $3,062.45 to $3,776.83, points to a dynamic market that likely reflects broader economic conditions. Appraisers and insurance agents might also find this data relevant for assessing risk and property valuation over time.
Percentage of Farm Returns in Henrico County, VA Over the Last 10 Years
Over the last decade, Henrico County, Virginia has exhibited slight fluctuations in the percentage of farm tax returns, starting at 0.17% in 2012 and settling at about 0.13% by 2021. Farm tax returns essentially represent the income contributions from agricultural activities in the region. For investors or those interested in the agricultural sector, this data could suggest a stable yet modest presence of farming within the county's economic landscape, which might impact decisions on land use and development.
Number of Mortgages by Occupancy Type in Henrico County, VA Over the Last 5 Years in Henrico County
Henrico County, Virginia, has witnessed varying trends in mortgage counts by occupancy type over the past five years, with principal residences dominating the data. Principal residence mortgages surged from 16,092 in 2018 to 31,200 in 2021, reflecting a robust housing market likely driven by demand for stable living arrangements and increasing homeownership rates. Investment property mortgages also rose, peaking in 2021 at 2,023, possibly indicating growing interest in rental and income-generating properties. However, second residences have seen less fluctuation and remain relatively low, suggesting limited impact as a factor in market dynamics. Understanding these trends can inform investment decisions, insurance evaluations, and property development strategies, as shifts in occupancy types might signal changes in market stability, risk profiles, and economic opportunities in Henrico County.
Economic Outlook
Henrico County, Virginia has experienced a noticeable rise in average taxable income per tax return from about $67,035.54 in 2013 to roughly $93,930.72 by 2021, and a climb in average state and local income taxes per tax return from $6,358.47 to $12,879.39 over the past decade. These trends might signal a growing affluence and possibly a robust job market, which could be enticing for investors and homebuyers. Despite some fluctuations, the average total tax liability has also shown a rise,... Read more
Average Taxable Income per Tax Return in Henrico County, VA over the last 9 years
Henrico County, Virginia has seen a notable upward trend in average taxable income per tax return over the past nine years. Starting at approximately $67,035.54 in 2013, there has been a steady increase with a few fluctuations, reaching about $93,930.72 by 2021. This trajectory could suggest a growing affluence in the area, which might be of interest to potential investors, real estate agents, and those looking to move to the county. Notably, the most significant jump occurred between 2020 and 2021, where the average taxable income increased by roughly $12,000. This pattern indicates healthier economic conditions and possibly a robust local job market.
Average State and Local Income Taxes Per Tax Return in Henrico County, VA Over the Last 10 Years
Over the past decade, Henrico County, Virginia has experienced a significant rise in average state and local income taxes per tax return, jumping from approximately $6,358.47 in 2012 to around $12,879.39 in 2021. This upward trend could be indicative of a growing economy, higher average incomes, or adjustments in tax policy. Potential investors, homebuyers, and real estate professionals should consider these increasing tax obligations when evaluating the financial landscape of the county. Insurance agents and appraisers might also find this data relevant when assessing property values and potential tax liabilities for clients.
Average Total Tax Liability Per Tax Return in Henrico County, VA Over the Last 10 Years
Henrico County, Virginia, has seen fluctuating average total tax liabilities per tax return over the past decade, with a significant increase from $12,293.27 in 2012 to $17,084.49 in 2021. The most notable surge happened between 2019 and 2021, suggesting a potential rise in average income levels or changes in tax policies affecting residents. For investors, appraisers, and real estate agents, these figures could indicate a strengthening local economy and a potentially more affluent population moving into the area. Such trends may impact property values, rental demand, and long-term viability for new development projects.
Cost of Living in Henrico County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,800 | $1,605 | $1,575 | $1,961 | $1,812 |
| 1 adult 4 children | $1,800 | $1,310 | $1,202 | $1,961 | $1,973 |
| 2 adults 3 children | $1,800 | $1,311 | $1,368 | $1,961 | $1,556 |
| 1 adult 3 children | $1,800 | $1,070 | $994 | $1,961 | $1,704 |
| 2 adults 2 children | $1,393 | $1,073 | $1,161 | $1,717 | $1,195 |
| 1 adult 2 children | $1,393 | $802 | $787 | $1,717 | $1,286 |
| 2 adults 1 child | $1,393 | $848 | $954 | $922 | $1,036 |
| 1 adult 1 child | $1,393 | $548 | $580 | $922 | $960 |
| 2 adults | $1,233 | $681 | $747 | $0 | $813 |
| 1 adult | $1,206 | $372 | $373 | $0 | $730 |
Safety trends & Data
Henrico County, Virginia has experienced notable fluctuations in property crime rates over the past five years. Larceny-theft peaked in 2019 with 1,900 cases before seeing a slight decline, and both burglary and motor vehicle theft saw their highest rates in 2019 and 2018, respectively. Fraud is on a gradual rise, reaching 242 cases in 2022. Although arson increased in 2021, its numbers remain low. These trends could influence real estate investment decisions and affect homeowners'... Read more
Property Crime Trends in Henrico County, VA Over the Last 5 Years
Over the past five years, Henrico County, Virginia has seen some fluctuations in property crime rates. Larceny-theft consistently tops the list, though it showed a peak in 2019 with 1,900 cases before a slight decline. Burglary and motor vehicle theft also presented variances, reaching their highest in 2019 and 2018, respectively. Fraud cases, however, appear to be on a gradual incline, hitting 242 cases in 2022. Arson showed a notable increase in 2021 but remained relatively low overall. For real estate investors and homeowners, these trends highlight potential concerns regarding property security, while insurance agents might look at these patterns to adjust premiums appropriately.
Demographics
Henrico County, Virginia presents a relatively balanced gender distribution with a slight female majority. Educational attainment shows a diverse spread, with high numbers of high school and some college education present, yet a significant 10% holding graduate or professional degrees. Age-wise, the county exhibits a broad range with a notable concentration of young adults and middle-aged residents. Racial diversity features prominently, as the White population appears predominant, while... Read more
Race Distribution in Henrico County, Virginia (2022)
Educational Attainment in Henrico County, Virginia (2022)
Age Distribution in Henrico County, Virginia
Citizen Population in Henrico County, Virginia (2022)
Political Trends & Data
In Henrico County, Virginia, the 2020 U.S. Presidential Election saw around 63.6% of votes cast for the Democratic Party, indicating a potential shift or reinforcement of political leanings within the area. The Republican Party received about 34.6%, while the Libertarian Party garnered approximately 1.3%. This trend might suggest evolving voter behaviors or stronger Democratic support... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Henrico County, Virginia, the 2020 U.S. Presidential Election results leaned significantly toward the Democratic Party, which received roughly 63.6% of the vote. The Republican Party came in second with about 34.6%, while the Libertarian Party secured a small portion at approximately 1.3%. Votes for other parties were minimal, suggesting a clear preference for the two major parties, particularly favoring the Democrats. This trend could imply a shifting political landscape or solidify existing partisan loyalties within the county.
34.61% of voters voted for the Republican party in the 2020 Presidential Election
63.60% of voters voted for the Democrat party in the 2020 Presidential Election
1.32% of voters voted for the Livertarian party in the 2020 Presidential Election
0.48% of voters voted for the Other party in the 2020 Presidential Election
School Data
Henrico County, Virginia has seen its student-to-teacher ratio drop from 23 students per teacher in 2014 to about 15 students per teacher in 2023, nearing the national average of 14 students per teacher. This improvement could hint at better educational resources, potentially boosting property values and making the area more desirable. Real estate agents and investors might find this trend appealing as smaller classroom sizes often contribute to community stability and growth, offering a strong... Read more
Student-to-teacher ratio in Henrico County, Virginia over the last 10 years
Henrico County, Virginia has seen a significant reduction in its student-to-teacher ratio over the past decade, dropping from 23 students per teacher in 2014 to approximately 15 students per teacher in 2023. This brings the county closer to the national average of 14 students per teacher. For potential investors, homebuyers, and real estate agents, this trend suggests a commitment to improved educational resources, which could enhance property values and make the area more attractive. Insurance agents and appraisers might also consider the positive effects of smaller classroom sizes on community stability and growth. Such favorable educational metrics could be a strong selling point for those looking to move to or build in Henrico County.
