Norton city Real Estate and Livability Trends
Norton city, Virginia has experienced generally increasing average taxable incomes per tax return, moving from $42,455.49 in 2013 to $47,246.67 in 2021, and has seen significant fluctuations in average real estate taxes and home values. Median home values varied between $79,400 in 2020 and $104,200 in 2022, presenting a potentially affordable contrast to the state and national medians. Property... Read more
Norton city Market Trends
Median home values in Norton city, Virginia, fluctuated between $79,400 in 2020 and $104,200 in 2022, offering a potentially affordable entry point compared to the state median of $339,800 and the national median of $179,400. Residential energy tax credits in Norton have varied, with a notable drop from $266.67 in 2013 to $200.00 in 2015, before rebounding to $250.00 in 2016. Average real estate... Read more
Median Value of Occupied Housing Units in Norton city, Virginia Over the Last 8 Years
Median home values in Norton city, Virginia, have shown some fluctuation over the past eight years, hitting a low of $79,400 in 2020 and reaching $104,200 in 2022. While these values are lower than the Virginia state median, which soared to $339,800 in 2022, and the national median of $179,400, Norton's market could offer a more affordable entry point for investors or homebuyers. The gap between local and broader averages might present an opportunity for those looking to capitalize on potentially undervalued properties in Norton, especially considering the recent uptick in values.
Residential Energy Tax Credit Per Tax Return in Norton city, VA Over the Last 3 Years
Residential energy tax credits per tax return in Norton city, Virginia have experienced notable fluctuations over the past few years. In 2013, the average credit was around $266.67 per tax return, indicating a relatively high investment in energy-efficient improvements. However, by 2015, this figure had decreased to $200.00, suggesting a potential decline in such investments or eligibility. Interestingly, 2016 saw a rebound to $250.00, hinting at renewed interest or improved incentives for energy-efficient upgrades among residents. These trends could be of interest to investors, real estate agents, and insurance agents analyzing the local market for energy-efficient property potential and broader economic activity.
Average Real Estate Taxes Per Tax Return in Norton city, VA Over the Last 9 Years
Over the last nine years, Norton city, Virginia has seen fluctuations in average real estate taxes per tax return, with a notable peak at $2133.33 in 2019 and a significant drop to $1500.00 in 2021. From 2012 to 2018, there was a steady increase from $1490.48 to $1725.00, reflecting a gradual climb in property tax burdens before the spike in 2019. Such variations can impact decisions for potential investors, real estate agents, and those interested in the local market, indicating a somewhat unpredictable tax environment that could influence property valuations and long-term financial planning.
Number of Mortgages by Occupancy Type in Norton city, VA Over the Last 5 Years in Norton city
Recent mortgage trends in Norton city, Virginia show a notable increase in financing for principal residences, peaking in 2021 with 105 mortgages. This trend, alongside a modest but consistent interest in investment properties, suggests a growing real estate market with potential returns for investors. Understanding these shifts in occupancy type is crucial for assessing market stability, property demand, and potential risk. For appraisers and real estate agents, it helps tailor strategies and pricing. Insurance agents can better gauge risk profiles, and builders can decide where to allocate resources. Investors gain insight into potential ROI, while prospective residents can gauge market competitiveness.
Economic Outlook
Over the last nine years, Norton city, Virginia has seen generally increasing average taxable incomes per tax return, rising from $42,455.49 in 2013 to $47,246.67 in 2021, despite some fluctuations. Average state and local income taxes peaked in 2013 at $6614.29 and 2019 at $7933.33, but recent declines brought the 2021 figure down to $5533.33. Average total tax liability per tax return has trended downward from $6,601.64 in 2012 to $5,663.11 in 2021. These trends could indicate economic... Read more
Average Taxable Income per Tax Return in Norton city, VA over the last 9 years
Over the last nine years, Norton city, Virginia has experienced fluctuating yet generally increasing average taxable incomes per tax return. Starting at $42,455.49 in 2013, there were slight declines and recoveries, with notable dips around 2015 but resilience as the trend moved upward to $47,246.67 in 2021. This steady upward trajectory in recent years may signify economic resilience and potential growth, making Norton city an intriguing consideration for investors, real estate agents, and prospective homeowners aiming to understand income trends in small urban settings.
Average State and Local Income Taxes Per Tax Return in Norton city, VA Over the Last 10 Years
Norton City, Virginia has seen fluctuating average state and local income taxes per tax return over the last decade, with notable peaks in 2013 at $6614.29 and 2019 at $7933.33. Despite an overall increase up to 2019, recent years indicate a slight decline, ending at $5533.33 in 2021. This variability could suggest changing economic conditions or policy shifts, potentially impacting investment decisions and fiscal planning for those interested in the area.
Average Total Tax Liability Per Tax Return in Norton city, VA Over the Last 10 Years
Over the past decade, Norton city, Virginia has seen a gradual decline in average total tax liability per tax return, starting at about $6,601.64 in 2012 and dipping to around $5,663.11 in 2021. This trend implies a potentially lowering economic burden on residents, which could be appealing for those considering moving to or investing in the area. For insurance agents, appraisers, and real estate professionals, understanding these shifts could provide insights into broader economic patterns and property value implications.
Cost of Living in Norton city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $835 | $1,424 | $1,512 | $997 | $833 |
| 1 adult 4 children | $835 | $1,163 | $1,154 | $997 | $872 |
| 2 adults 3 children | $835 | $1,163 | $1,313 | $997 | $669 |
| 1 adult 3 children | $835 | $949 | $955 | $997 | $650 |
| 2 adults 2 children | $607 | $952 | $1,114 | $871 | $561 |
| 1 adult 2 children | $607 | $711 | $756 | $871 | $502 |
| 2 adults 1 child | $607 | $752 | $915 | $461 | $545 |
| 1 adult 1 child | $607 | $486 | $557 | $461 | $442 |
| 2 adults | $502 | $604 | $716 | $0 | $489 |
| 1 adult | $450 | $330 | $358 | $0 | $428 |
Safety trends & Data
Norton city, Virginia has seen notable fluctuations in property crimes over the past five years. Larceny-theft topped the chart, peaking at 113 instances in 2019 before dropping to 67 in 2022. Vandalism saw a sudden spike to 10 incidents in 2021 but dropped back to just one case in 2022. Fraud cases surged in 2019 and 2020 with 16 each year, then decreased to 8 in 2022. Less common crimes like burglary, motor vehicle theft, and arson appeared inconsistently. These trends could be critical for... Read more
Property Crime Trends in Norton city, VA Over the Last 5 Years
Norton city, Virginia has experienced fluctuations in various types of property crime over the past five years. Larceny-theft consistently topped the chart, peaking at 113 instances in 2019 but showed a notable decline to 67 in 2022. Vandalism incidents were relatively low, with a sudden spike to 10 in 2021, contrasting with a mere one case in 2022. Fraud cases appear to have surged in 2019 and 2020 with 16 cases each year, before decreasing to 8 in 2022. Less common crimes like burglary, motor vehicle theft, and arson have also shown up in the data, but with less consistency. Investors, real estate agents, and insurance professionals may find these trends useful for risk assessment and decision-making purposes.
Demographics
In Norton city, Virginia, 2022 demographic trends indicate a modestly larger female population compared to males. The majority of residents are White, with minimal representation from other racial groups. Educational attainment data reveals that high school graduates and those with some college but no degree form the majority, while the proportions of residents with Associate's, Bachelor's, or graduate degrees are relatively lower. Age distribution suggests a balanced mix, though people aged... Read more
Race Distribution in Norton city, Virginia (2022)
Educational Attainment in Norton city, Virginia (2022)
Age Distribution in Norton city, Virginia
Citizen Population in Norton city, Virginia (2022)
Political Trends & Data
In Norton City, Virginia, 2020 election results hinted at a strong Republican lean, with around 69% of the vote going their way. Democrats garnered roughly 29%, indicating a significant political divide. While Libertarians and other parties had minimal influence, this political landscape might influence local policy and community dynamics, potentially affecting real estate market trends and investment... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Norton City, Virginia, 2020 election results hinted at a strong lean towards the Republican party, which secured around 69% of the vote. Democrats followed with approximately 29%, while Libertarians and other parties captured minimal percentages, suggesting limited influence. This distribution could reflect regional political climates or demographic trends impacting voter preferences.
69.27% of voters voted for the Republican party in the 2020 Presidential Election
28.98% of voters voted for the Democrat party in the 2020 Presidential Election
1.31% of voters voted for the Livertarian party in the 2020 Presidential Election
0.44% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Norton City, Virginia, the student-to-teacher ratio has seen significant shifts, peaking at 15:1 in 2019 and dropping to 11:1 in 2022, a notable deviation from the national average of 14:1. This dip might suggest improved learning environments, although it could also hint at fluctuating school enrollment or staffing changes. These dynamics could influence decisions for investors, appraisers, insurance agents, developers, and real estate agents monitoring educational quality impacts on... Read more
Student-to-teacher ratio in Norton City, Virginia over the last 10 years
Over the past decade, the student-to-teacher ratio in Norton City, Virginia, has fluctuated notably, peaking at 15 students per teacher in 2019 and hitting a low of 11 students per teacher in 2022. Despite these variations, the ratio generally hovered around the national average of 14 students per teacher until a significant drop was observed in 2022. This shift could have implications for class sizes, individualized attention, and overall educational quality, making it a factor worth considering for potential investors, newcomers, appraisers, insurance agents, developers, real estate agents, and residents. Lower ratios might suggest improved learning environments but also indicate potential changes in school enrollment or staffing levels.
