Hopewell city Real Estate and Livability Trends
In Hopewell City, Virginia, the average taxable income per tax return has climbed from $37,166.31 in 2013 to $42,585.32 in 2021, hinting at a stronger local economy. Median home values have risen to $151,600 in 2022, marking a significant narrowing of the gap compared to statewide and national averages. Residential energy tax credits surged from $309.09 in 2013 to $1,207.69 in 2021, showing a... Read more
Hopewell city Market Trends
Hopewell City, Virginia has seen a notable rise in median home values, reaching $151,600 in 2022, thus narrowing the gap compared to statewide and national averages. Residential energy tax credits have surged from $309.09 in 2013 to $1,207.69 in 2021, indicating a strong trend in energy-efficient upgrades. Real estate taxes have modestly increased from approximately $1,771.36 in 2012 to around... Read more
Median Value of Occupied Housing Units in Hopewell city, Virginia Over the Last 8 Years
In Hopewell city, Virginia, the median home values have generally remained lower than those seen across the state of Virginia and the national average, but the 2022 surge to $151,600 marks a significant increase from previous years. This upward trend comparatively narrows the gap, offering a potentially lucrative entry point for investors and first-time homebuyers. The contrasted rapid ascent in state-wide values from $245,000 in 2015 to $339,800 in 2022, and nationally from $125,500 to $179,400 in the same period, highlights Hopewell as an emerging market potentially primed for growth, appealing to those seeking affordability with possibilities of appreciation.
Residential Energy Tax Credit Per Tax Return in Hopewell city, VA Over the Last 9 Years
Residential energy tax credits in Hopewell, Virginia have increased notably over the past nine years, showing a significant jump from $309.09 in 2013 to $1,207.69 in 2021. Particularly striking is the spike between 2017 and 2018, where the average credit surged from $560.00 to $1,660.00. This upward trend suggests growing homeowner investment in energy-efficient upgrades, which could appeal to investors and homeowners looking for cost-saving measures and potential property value increases. For appraisers and insurance agents, this data might signal improved property sustainability, possibly influencing risk assessments and valuations.
Average Real Estate Taxes Per Tax Return in Hopewell city, VA Over the Last 10 Years
Real estate taxes per tax return in Hopewell city, Virginia have shown a general upward trend over the past decade, rising from around $1,771.36 in 2012 to about $2,317.07 in 2021. This increasing tax burden, although moderate, may impact property investment decisions, potentially influencing housing costs and appraisals. Insight into this trend is crucial for real estate agents and insurance agents as it can affect home valuation and insurance premiums. Prospective buyers and investors should be aware of these rising costs when considering long-term financial commitments in the area.
Number of Mortgages by Occupancy Type in Hopewell city, VA Over the Last 5 Years in Hopewell city
The trend of mortgage data in Hopewell city, Virginia shows a notable increase in the number of principal residence mortgages peaking in 2021, while investment property mortgages also saw gradual growth. This decline from 2021 to 2022 in principal residences might hint at a cooling market or shifts in buyer priorities. Real estate agents and investors should pay particular attention to such fluctuations, as changes in occupancy types can signal evolving community dynamics or economic factors affecting housing demand. It could be a bellwether for future property values and investment opportunities. Appraisers and insurance agents would also benefit from these insights to better assess market risk and property valuations.
Economic Outlook
In Hopewell city, Virginia, the average taxable income per tax return has steadily increased from $37,166.31 in 2013 to $42,585.32 in 2021, hinting at a stronger local economy and higher earning potential. Alongside this, state and local income taxes per return have also risen, peaking over $4,136.20 around 2018-2019, before dipping slightly and continuing upward. The average total tax liability per return has shown minor fluctuations but generally hovers in the mid-$4,000s, indicating relative... Read more
Average Taxable Income per Tax Return in Hopewell city, VA over the last 9 years
Over the past nine years, the average taxable income per tax return in Hopewell city, Virginia, has shown a steady increase, moving from $37,166.31 in 2013 to $42,585.32 in 2021. For investors, this upward trend might suggest a strengthening local economy and increasing earning potential in the area. Real estate agents and property developers may find these figures encouraging as they consider the financial stability of potential homeowners. Additionally, insurance agents and appraisers could leverage this data to assess property values and risks more accurately. This progressive increment in average income is a positive indicator for those interested in the economic health of Hopewell city.
Average State and Local Income Taxes Per Tax Return in Hopewell city, VA Over the Last 10 Years
Over the past decade, Hopewell city, Virginia, has seen a noticeable rise in average state and local income taxes per tax return. Starting at roughly $3,210.19 in 2012, taxes steadily increased, peaking around 2018-2019 at over $4,136.20. Despite a dip in 2020 to approximately $3,830.77, the trend resumed upward in 2021. This gradual increase may indicate a growing economic base or adjustments in tax policies, potentially influencing decisions for investors, property developers, and anyone financially vested in the area.
Average Total Tax Liability Per Tax Return in Hopewell city, VA Over the Last 10 Years
Over the last decade, Hopewell city, Virginia has seen minor fluctuations but a general upward trend in the average total tax liability per tax return, peaking notably in 2017 at $5,072.40. Values typically hovered around the mid-$4,000s, reflecting a relatively stable fiscal environment. This could suggest a resilient economic base, which might impact property valuations and investment opportunities positively.
Cost of Living in Hopewell city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,370 | $1,452 | $1,603 | $1,470 | $1,306 |
| 1 adult 4 children | $1,370 | $1,186 | $1,223 | $1,470 | $1,448 |
| 2 adults 3 children | $1,370 | $1,186 | $1,392 | $1,470 | $1,086 |
| 1 adult 3 children | $1,370 | $968 | $1,012 | $1,470 | $1,187 |
| 2 adults 2 children | $1,059 | $971 | $1,181 | $1,281 | $894 |
| 1 adult 2 children | $1,059 | $725 | $801 | $1,281 | $883 |
| 2 adults 1 child | $1,059 | $767 | $970 | $666 | $810 |
| 1 adult 1 child | $1,059 | $496 | $591 | $666 | $715 |
| 2 adults | $938 | $616 | $759 | $0 | $674 |
| 1 adult | $918 | $336 | $380 | $0 | $602 |
Safety trends & Data
Hopewell city, Virginia has seen some interesting trends in property crime over the last five years. Larceny-theft incidents peaked at 84.0 in 2018 but have steadily declined to 53.0 by 2022. Burglary rates dropped significantly from 20.0 in 2018 to just 4.0 in 2021, before a slight rise to 8.0 in 2022. Fraud incidents have hovered in the mid-to-low 20s, showing stability compared to other crime categories. Instances of arson and embezzlement have been minimal, making these less concerning for... Read more
Property Crime Trends in Hopewell city, VA Over the Last 5 Years
Hopewell city, Virginia has seen notable fluctuations in property crime over the last five years. A peak in larceny-theft at 84.0 incidents in 2018 has gradually declined to 53.0 by 2022. Burglary incidents dropped significantly, from 20.0 in 2018 to a low of 4.0 in 2021, before rising to 8.0 in 2022. Fraud incidents show some variability but remain relatively stable, hovering around the mid-to-low 20s most years. Crimes like arson and embezzlement have displayed minimal occurrences throughout the period, suggesting these are less of a concern for those investing or moving here. This data could be particularly valuable for real estate and insurance professionals evaluating the market and risk profiles in Hopewell city.
Demographics
Hopewell City, Virginia's adult population skews slightly female. The most common level of educational attainment is a high school diploma or equivalent, but a notable proportion of the population has some college experience or an associate's degree. The city's age distribution is relatively balanced, although there are more individuals under 10 than in other single age brackets, indicating a younger demographic might be present. The racial composition is predominantly White and Black or... Read more
Race Distribution in Hopewell city, Virginia (2022)
Educational Attainment in Hopewell city, Virginia (2022)
Age Distribution in Hopewell city, Virginia
Citizen Population in Hopewell city, Virginia (2022)
Political Trends & Data
In Hopewell City, Virginia, the 2020 Presidential Election saw a Democratic tilt with around 56% of the vote, while Republicans garnered approximately 42%. The county's voting patterns highlight a strong two-party preference, with third-party candidates capturing only a small fraction of the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In the 2020 U.S. Presidential Election, Hopewell City in Virginia leaned towards the Democrats, who garnered approximately 56% of the vote. Republicans secured around 42%, indicating a notably lower but significant support base. Smaller parties like the Libertarians and others collectively captured a modest share, underlining the county's predominant two-party preference with minimal third-party influence.
41.75% of voters voted for the Republican party in the 2020 Presidential Election
56.40% of voters voted for the Democrat party in the 2020 Presidential Election
1.36% of voters voted for the Livertarian party in the 2020 Presidential Election
0.49% of voters voted for the Other party in the 2020 Presidential Election
School Data
Hopewell City, Virginia's student-to-teacher ratio varies between roughly 13 to 16 students per teacher, generally staying close to the national average of 14. The occasional dips below average in years like 2017 and 2023 might point to periods of enhanced individual attention for students, potentially improving educational outcomes. For potential movers or investors, these fluctuations could suggest a more favorable educational environment in comparison to regions with consistently higher... Read more
Student-to-teacher ratio in Hopewell City, Virginia over the last 10 years
Hopewell City, Virginia's student-to-teacher ratio fluctuates over the past decade, with values ranging from approximately 13 to 16 students per teacher. This trendline indicates that Hopewell City's ratio tends to hover close to the national average of 14 students per teacher. The dips below the national average, such as in 2017 and 2023, might suggest moments of increased individual attention for students, possibly enhancing educational outcomes. For those considering moving to or investing in property in the region, these variations could imply a relatively favorable educational environment compared to areas with consistently higher student-to-teacher ratios.
