Lexington city Real Estate and Livability Trends
Average taxable income in Lexington city, Virginia, climbed from about $66,482.92 in 2013 to roughly $96,291.56 in 2021, indicating a potentially growing local economy. Median home values peaked at $252,500 in 2017 and then dropped to $203,600 in 2018, suggesting higher investment risks but also room for opportunities. Residential energy tax credits spiking to $800.00 in 2016 and escalating real... Read more
Lexington city Market Trends
Lexington city, Virginia, has seen a rather volatile housing market, with median home values peaking at $252,500 in 2017 and dropping to $203,600 in 2018, contrasting sharply with the consistent upward trends seen statewide. This could suggest higher investment risks but also opportunities. Residential energy tax credits show sharp increases, notably spiking to $800.00 in 2016, indicating rising... Read more
Median Value of Occupied Housing Units in Lexington city, Virginia Over the Last 8 Years
Lexington city, Virginia has seen a rather volatile housing market over the past eight years. The median home values peaked at $252,500 in 2017 and hit a low of $203,600 in 2018, showing considerable fluctuation. Comparatively, Virginia as a state and the national averages exhibited a more consistent upward trend during the same period, with state values climbing from $245,000 in 2015 to $339,800 in 2022, and national values rising from $125,500 to $179,400. This might indicate a less predictable market in Lexington, which could be of interest to investors seeking both risks and opportunities in this location.
Residential Energy Tax Credit Per Tax Return in Lexington city, VA Over the Last 4 Years
Lexington, Virginia has seen fluctuations in residential energy tax credits per tax return over the last four years. Starting from $150.00 in 2013, the average amount dipped slightly to $133.33 in 2014, followed by a noticeable increase to $200.00 in 2015. The most interesting jump occurred in 2016, where the average credit spiked to $800.00. This trend might suggest increasing incentives or adoption of energy-efficient upgrades, making it a potentially appealing area for energy-conscious homeowners and investors.
Average Real Estate Taxes Per Tax Return in Lexington city, VA Over the Last 10 Years
The average real estate taxes per tax return in Lexington city, Virginia have steadily increased over the past decade, showing a notable upward trend. From $2,954.05 in 2012, the average tax amount has risen to $5,245.00 by 2021. This substantial growth could suggest an increasing property value or a shift in local tax policies, making it vital for potential investors, property developers, and residents to carefully consider this trend when evaluating the locale. Real estate agents and appraisers may find these figures particularly relevant when assessing market dynamics and advising clients.
Percentage of Farm Returns in Lexington city, VA Over the Last 9 Years
Over the past nine years, farm returns in Lexington City, Virginia, have exhibited slight fluctuations, mostly hovering around 1.2% until 2015, after which there was a notable decrease — falling to around 0.85% from 2016 onward. Farm tax returns, indicating the economic activity from local agriculture, can shed light on the health of the farming industry in the area. For those interested in investing, building property, or moving here, the relatively stable but modest farm returns suggest an economy less reliant on agriculture and perhaps more focused on other industries.
Number of Mortgages by Occupancy Type in Lexington city, VA Over the Last 5 Years in Lexington city
In Lexington, Virginia, over the past five years, there has been a notable shift in mortgage counts across different occupancy types. Principal Residences consistently outnumbered both Investment and Second Residences, but there was a significant drop in 2022 compared to previous years. Interestingly, Investment Property mortgages have seen a modest but steady presence. For investors, these trends might suggest a growing allure of principal residences or market shifts affecting investment properties. Understanding these dynamics is crucial for making informed decisions in real estate, impacting everything from market valuations to insurance premiums in the area.
Economic Outlook
Average taxable income in Lexington city, Virginia, jumped from about $66,482.92 in 2013 to roughly $96,291.56 in 2021, with a notable increase between 2018 and 2019. This trend might indicate a growing local economy, appealing to investors and homebuyers. Meanwhile, state and local income taxes per return surged from around $7,317.14 in 2018 to a peak of $11,661.54 in 2019, staying relatively high since. This suggests potential economic growth or policy changes that could impact real estate... Read more
Average Taxable Income per Tax Return in Lexington city, VA over the last 9 years
Over the past nine years, Lexington city, Virginia has seen an overall rise in average taxable income per tax return, jumping from approximately $66,482.92 in 2013 to around $96,291.56 in 2021. Notably, there was a significant spike from $80,055.41 in 2018 to $83,446.38 in 2019, followed by a slight dip in 2020. These trends might suggest an underlying growth in the local economy, making it potentially attractive for investors, real estate agents, and those considering moving to or building property in Lexington. However, prospective appraisers and insurance agents may want to take into account these fluctuations when evaluating property values and risks.
Average State and Local Income Taxes Per Tax Return in Lexington city, VA Over the Last 10 Years
Over the last decade, Lexington city, Virginia has seen a fluctuation in average state and local income taxes per tax return, with a notable increase starting in 2018 when rates jumped significantly from around $7,317.14 to $9,168.97. This upward trend peaked in 2019 at $11,661.54 and has generally remained higher since, hovering around $11,428.57 in 2021. This could suggest economic growth or changes in tax policy, and understanding these dynamics might be crucial for potential investors, real estate professionals, or residents.
Average Total Tax Liability Per Tax Return in Lexington city, VA Over the Last 10 Years
Over the past decade, Lexington city, Virginia has seen fluctuations in the average total tax liability per tax return, with notable peaks and dips. While the average liability started at around $11,172.68 in 2012, it surged to $16,611.96 in 2021. This variability, peaking in 2021, may hint at economic shifts, policy changes, or demographic movements impacting tax burdens. Such trends could be pertinent for potential investors, real estate agents, and residents interpreting local economic health and planning for future liabilities.
Cost of Living in Lexington city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,369 | $1,383 | $1,512 | $1,478 | $1,184 |
| 1 adult 4 children | $1,369 | $1,130 | $1,154 | $1,478 | $1,322 |
| 2 adults 3 children | $1,369 | $1,130 | $1,313 | $1,478 | $978 |
| 1 adult 3 children | $1,369 | $923 | $955 | $1,478 | $1,101 |
| 2 adults 2 children | $970 | $925 | $1,114 | $1,281 | $797 |
| 1 adult 2 children | $970 | $691 | $756 | $1,281 | $750 |
| 2 adults 1 child | $970 | $731 | $915 | $641 | $701 |
| 1 adult 1 child | $970 | $472 | $557 | $641 | $622 |
| 2 adults | $859 | $587 | $716 | $0 | $589 |
| 1 adult | $719 | $320 | $358 | $0 | $498 |
Safety trends & Data
Property crime trends in Lexington City, Virginia, have experienced notable fluctuations over the past five years, particularly in larceny-theft cases which peaked at 17 in 2021 but dropped to 11 in 2022. There's been a gradual rise in fraud incidents, hinting at growing concerns over economic crimes. Vandalism saw a minor spike in 2020, while burglary and other property crimes have been sporadic. Such trends are essential for investors, builders, insurance agents, and residents to keep an eye... Read more
Property Crime Trends in Lexington city, VA Over the Last 5 Years
Property crime trends in Lexington city, Virginia over the past five years exhibit notable fluctuations, especially in larceny-theft cases which peaked at 17 in 2021. Despite a general rise, 2022 sees a reduction to 11 incidents. Instances of fraud have shown a gradual increase, which may signal growing concerns over economic crimes. Other types of property crimes like vandalism and burglary have remained relatively sporadic, with a minor yet notable spike in vandalism in 2020. These trends are crucial for potential investors, builders, insurance agents, and current residents to monitor as they reflect the city's evolving safety and economic landscape.
Demographics
Lexington, Virginia shows a distinct gender disparity among adults, with males significantly outnumbering females. The city is well-educated, with a notable portion holding bachelor's or graduate degrees. The youth age group (15-24 years) dominates, suggesting a youthful populace, likely influenced by the presence of educational institutions. The racial makeup is predominantly White, with smaller minority populations providing some diversity. These trends might impact local policy and community... Read more
Race Distribution in Lexington city, Virginia (2022)
Educational Attainment in Lexington city, Virginia (2022)
Age Distribution in Lexington city, Virginia
Citizen Population in Lexington city, Virginia (2022)
Political Trends & Data
Lexington City, Virginia's real estate market trends could be influenced by its political landscape, as evidenced by the 2020 U.S. Presidential Election results. With approximately 64.8% of voters leaning towards the Democratic Party, the area may attract residents who align with progressive and liberal policies. However, the 32.8% Republican vote points to a significant conservative community, suggesting a politically diverse population. This mix could mean varied preferences for property... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Lexington City, Virginia, the 2020 U.S. Presidential Election showed a significant leaning toward the Democratic Party, capturing an estimated 64.8% of the vote. The Republican Party trailed with about 32.8%, which still represents a notable portion of the electorate. Minor parties like the Libertarians and other smaller groups collectively garnered around 2.4% of the vote. This distribution hints at a predominantly Democratic preference, while still acknowledging a considerable Republican presence and minimal impact from third parties.
32.78% of voters voted for the Republican party in the 2020 Presidential Election
64.80% of voters voted for the Democrat party in the 2020 Presidential Election
1.74% of voters voted for the Livertarian party in the 2020 Presidential Election
0.69% of voters voted for the Other party in the 2020 Presidential Election
School Data
Over the past decade, Lexington City, Virginia, has experienced a gradual reduction in student-to-teacher ratios, dropping from 13 in 2014 to about 11 in 2023. This improvement, now below the national average of 14, suggests enhanced educational attention that could be appealing to families considering relocation. Investors, educators, and real estate agents may find this trend noteworthy when promoting the region's educational... Read more
Student-to-teacher ratio in Lexington City, Virginia over the last 10 years
Over the past decade, Lexington City, Virginia has seen a gradual reduction in its student-to-teacher ratio, dipping from 13 in 2014 to around 11 in 2023. This trend indicates an improving dynamic that falls below the national average of 14 students per teacher, potentially pointing to enhanced educational attention and support for each student. These shifts could be particularly compelling for families considering a move to the area, as well as for investors, educators, and real estate agents seeking to highlight the educational advantages of the region.
