Lancaster County Real Estate and Livability Trends
In Lancaster County, Virginia, the average taxable income jumped from about $60,892.59 in 2013 to $95,420.97 in 2021. Mortgage dynamics show significant spikes in principal and second residence loans during 2020 and 2021, suggesting growing interest in the county. Median home values peaked at $292,300 in 2022, generally lagging behind Virginia's median of $339,800 but outpacing the national... Read more
Lancaster County Market Trends
Lancaster County, Virginia's median home values have followed a roller coaster over the past eight years, peaking at $292,300 in 2022. Despite frequently lagging behind the state median of $339,800, they still outpace the national median of $179,400. Lancaster's market could be attractive due to its comparatively lower prices within the state. Real estate taxes saw a noticeable rise, from... Read more
Median Value of Occupied Housing Units in Lancaster County, Virginia Over the Last 8 Years
Lancaster County, Virginia has seen a roller coaster in median home values over the past eight years, ending with a peak of $292,300 in 2022. While the county's home values have generally lagged behind the state median, which hit $339,800 in 2022, they remained significantly above the national median of $179,400. Investors and potential homebuyers could find Lancaster's market appealing due to its comparatively lower prices within Virginia, despite showing periods of fluctuation.
Residential Energy Tax Credit Per Tax Return in Lancaster County, VA Over the Last 8 Years
Lancaster County, Virginia has seen significant fluctuations in residential energy tax credits per tax return over the past eight years, peaking at $1,309.09 in 2021. Lower values were observed in the middle of the decade, such as $400.00 in 2016 and $418.18 in 2015. However, the noticeable increase in credits in recent years could indicate a rising investment in energy efficiency or renewable energy solutions among homeowners. This trend might be particularly relevant for investors and real estate professionals looking for greener properties, as well as insurance agents and appraisers who need to factor these upgrades into their assessments.
Average Real Estate Taxes Per Tax Return in Lancaster County, VA Over the Last 10 Years
Over the past decade in Lancaster County, Virginia, real estate taxes per tax return showed a noticeable upward trajectory, beginning at approximately $2,677.32 in 2012 and peaking at around $4,359.46 in 2020. This trend is particularly relevant for potential investors and property developers, indicating higher fiscal commitments over the years. Real estate agents and insurance agents might note the increase as a factor influencing overall property costs, affecting both purchase decisions and policy pricing. Prospective residents and existing homeowners should consider these rising costs in their financial planning when evaluating the long-term viability of living in this locale.
Percentage of Farm Returns in Lancaster County, VA Over the Last 10 Years
Over the past decade, the percentage of farm returns in Lancaster County, Virginia has shown a slight fluctuation, ranging from approximately 0.74% to 1.06%. The peak was observed in 2016 and 2017 at 1.06%, with a notable dip in 2020 down to 0.74%. This could imply variability in agricultural profitability or tax benefits in the area. For investors, builders, and prospective residents, this trend is significant as it may reflect the local agricultural economy's health and could influence rural development and property values.
Number of Mortgages by Occupancy Type in Lancaster County, VA Over the Last 5 Years in Lancaster County
Over the last five years in Lancaster County, Virginia, the number of mortgages for principal residences shows significant fluctuations, peaking in 2021 with 834 mortgages. Second residences also saw a noticeable increase, particularly during 2020 and 2021. Investment property mortgages remained relatively low and stable, not exceeding 57 yearly. Changes in occupancy type indicate evolving market dynamics; a high demand for principal and second residences might suggest growing population influxes or attractive living conditions. These trends are crucial for investors, builders, and real estate agents in identifying lucrative opportunities and for appraisers and insurance agents in assessing property values and risks accurately.
Economic Outlook
In Lancaster County, Virginia, the average taxable income has climbed from about $60,892.59 in 2013 to $95,420.97 in 2021, pointing towards economic growth and potentially rising property values—a factor of interest for investors and real estate agents. State and local income taxes per tax return have shot up from approximately $5,269.06 in 2012 to $12,046.25 by 2021, with noticeable increases in 2019 and 2020, hinting at changing economic conditions or tax policies. Total tax liability per... Read more
Average Taxable Income per Tax Return in Lancaster County, VA over the last 9 years
The average taxable income per tax return in Lancaster County, Virginia has shown a steady upward trajectory over the past nine years, moving from approximately $60,892.59 in 2013 to around $95,420.97 in 2021. This trend suggests a robust economic growth, making the area potentially attractive for investors and real estate agents looking to capitalize on a seemingly affluent market. For those considering moving or building property in the region, the rising average income could indicate a growing, possibly more prosperous community with increasing property values. This data might also be of interest to appraisers and insurance agents as higher taxable incomes can be associated with increased home and asset values.
Average State and Local Income Taxes Per Tax Return in Lancaster County, VA Over the Last 10 Years
Lancaster County, Virginia has seen a significant increase in average state and local income taxes per tax return over the last decade, escalating from approximately $5,269.06 in 2012 to around $12,046.25 by 2021. Notable jumps occurred notably in 2019 and 2020, suggesting a possible change in tax policy or economic conditions influencing higher earnings or property values. These figures could indicate a growing economic footprint in the area, making it a potentially lucrative spot for real estate investments and a critical point of interest for appraisers and insurance agents looking to understand the evolving financial landscape.
Average Total Tax Liability Per Tax Return in Lancaster County, VA Over the Last 10 Years
Lancaster County, Virginia has seen a steady increase in average total tax liability per tax return over the past decade, with a notable rise from approximately $9,903.83 in 2012 to $16,813.03 in 2021. The year-on-year increases highlight a significant shift, particularly from 2018 onwards, where tax liabilities crossed the $12,000 mark and continued to climb sharply. This trend might suggest evolving economic conditions, possibly rising incomes or higher property values, which could be of interest to potential investors, real estate agents, and residents looking to understand the fiscal landscape of the county.
Cost of Living in Lancaster County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,255 | $1,440 | $1,681 | $1,259 | $1,255 |
| 1 adult 4 children | $1,255 | $1,176 | $1,284 | $1,259 | $1,387 |
| 2 adults 3 children | $1,255 | $1,176 | $1,459 | $1,259 | $1,029 |
| 1 adult 3 children | $1,255 | $960 | $1,062 | $1,259 | $1,143 |
| 2 adults 2 children | $1,031 | $963 | $1,237 | $1,102 | $901 |
| 1 adult 2 children | $1,031 | $719 | $840 | $1,102 | $887 |
| 2 adults 1 child | $1,031 | $761 | $1,015 | $589 | $837 |
| 1 adult 1 child | $1,031 | $492 | $618 | $589 | $721 |
| 2 adults | $827 | $611 | $793 | $0 | $668 |
| 1 adult | $765 | $333 | $396 | $0 | $577 |
Safety trends & Data
Property crime in Lancaster County, Virginia appears to exhibit generally low frequency over the past five years, with small fluctuations across categories. Larceny-Theft consistently tops the list, peaking in 2018 with 9 incidents and stabilizing around 4-5 cases annually. Vandalism saw a notable increase to 7 incidents in 2020, while fraud spiked to 11 cases the same year, hinting at a temporary rise in financial crimes. The relatively low and stable property crime rates might make Lancaster... Read more
Property Crime Trends in Lancaster County, VA Over the Last 5 Years
Property crime in Lancaster County, Virginia appears to exhibit a generally low frequency over the past five years, with small but noteworthy fluctuations across categories. Larceny-Theft consistently tops the list, peaking in 2018 with 9 incidents but somewhat stabilizing around 4-5 cases annually. Cases of vandalism have also shown variation, with a notable increase to 7 incidents in 2020. Interestingly, fraud saw a significant spike to 11 cases in 2020, potentially indicating a temporary rise in financial crimes during that period. For those considering investments or property development, the relatively low and stable property crime rates may present Lancaster County as a safer option compared to more urbanized locations.
Demographics
Lancaster County, Virginia shows a slight female majority in its adult population, with approximately 10% more females than males. Educational attainment reveals a broad distribution with high school graduates being the most significant segment, but noteworthy is the substantial portion holding a bachelor's degree or higher. Age distribution skews older, with a large segment of residents aged 55 years and over, which might influence local services and amenities. The racial composition is... Read more
Race Distribution in Lancaster County, Virginia (2022)
Educational Attainment in Lancaster County, Virginia (2022)
Age Distribution in Lancaster County, Virginia
Citizen Population in Lancaster County, Virginia (2022)
Political Trends & Data
In Lancaster County, Virginia, the 2020 U.S. Presidential Election results showed a close race, with the Republican party leading slightly with just over 51% of the vote and Democrats at around 47%. The nearly evenly split votes indicate a politically diverse community, which could impact local real estate trends as varying political preferences might influence development priorities and neighborhood... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Lancaster County, Virginia, the 2020 U.S. Presidential Election results suggested a narrow lead for the Republican party with just over 51% of the vote, slightly edging out the Democrats, who garnered about 47%. The Libertarian candidate captured a small share at nearly 1%, while other minor parties collectively accounted for a negligible percentage. This close margin highlights a competitive political landscape in the region, possibly reflecting a community with diverse political views.
51.69% of voters voted for the Republican party in the 2020 Presidential Election
47.09% of voters voted for the Democrat party in the 2020 Presidential Election
0.99% of voters voted for the Livertarian party in the 2020 Presidential Election
0.22% of voters voted for the Other party in the 2020 Presidential Election
School Data
Lancaster County, Virginia, has typically experienced a student-to-teacher ratio below the national average of 14 students per teacher, enhancing its appeal for families focused on quality education. However, a notable spike to 16 students per teacher in 2023 could suggest emerging challenges in maintaining small class sizes. This fluctuating trend might influence decisions for potential investors, homeowners, and educators, indicating a critical factor for appraisers, insurance agents,... Read more
Student-to-teacher ratio in Lancaster County, Virginia over the last 10 years
Over the last decade, Lancaster County, Virginia, has generally experienced a student-to-teacher ratio below the national average of 14 students per teacher, improving its appeal for families prioritizing quality education. However, a notable spike to 16 students per teacher in 2023 could suggest emerging challenges in maintaining small class sizes. This fluctuating trend might influence decisions for potential investors, homeowners, and educators, signaling a critical factor for appraisers, insurance agents, property developers, real estate agents, and residents in evaluating the area's future educational and community environment.
