Patrick County Real Estate and Livability Trends
Patrick County, Virginia’s real estate market shows promising signs of growth and investment potential. Average taxable income per tax return jumped to $55,626.08 in 2021, hinting at economic stability and possibly rising property values. The median home value in 2022, at $137,200, remains significantly lower than Virginia’s median, making it an attractive option. Notably, real estate taxes... Read more
Patrick County Market Trends
Patrick County, Virginia, has seen a significant increase in median home values, peaking at $137,200 in 2022, making housing more affordable compared to Virginia's median of $339,800. The area's appeal for investment is bolstered by rising residential energy tax credits, reaching $925.00 between 2019 and 2021, reflecting increased incentives for energy-efficient upgrades. However, the average... Read more
Median Value of Occupied Housing Units in Patrick County, Virginia Over the Last 8 Years
Patrick County, Virginia has seen a gradual increase in median home values over the past eight years, with a significant jump in 2022 reaching $137,200. In comparison, Virginia's median home values are consistently higher, with a 2022 value of $339,800, reflecting a substantial appreciation similar to national trends. However, while Patrick County's home values are lower, this makes the area potentially attractive for investment or relocation due to more affordable property prices, especially given the upward trend which might suggest future growth.
Residential Energy Tax Credit Per Tax Return in Patrick County, VA Over the Last 8 Years
Patrick County, Virginia has seen notable fluctuations in residential energy tax credits per tax return over the past eight years. Average credits were higher in 2016 at $450.00 and surged significantly from 2019 to 2021, reaching $925.00. This rising trend correlates with increased incentives for energy-efficient upgrades, which may pique the interest of those investing in sustainable housing and green initiatives. These changes can influence property values and insurance considerations, making energy-efficient homes in Patrick County potentially more attractive for buyers and investors focused on long-term savings and environmental impact.
Average Real Estate Taxes Per Tax Return in Patrick County, VA Over the Last 10 Years
Patrick County, Virginia has experienced a notable increase in average real estate taxes over the past decade. Starting at approximately $1,392.73 per tax return in 2012, taxes saw a substantial rise reaching around $3,066.67 by 2020, although there was a slight decrease to $2,768.42 in 2021. This upward trend suggests a growing tax burden, which could impact property investment decisions, influence homebuyers' attitudes, and affect property valuations. Real estate agents, appraisers, and insurance agents might find this data crucial for advising clients and assessing market conditions.
Percentage of Farm Returns in Patrick County, VA Over the Last 10 Years
Patrick County, Virginia has seen a slight downward trend in the percentage of farm tax returns over the last decade. Starting from approximately 5.99% in 2012, the proportion has fluctuated but generally decreased to around 5.27% by 2021. Farm tax returns, which can give insights into agricultural activity and economic health, suggest a modest decline in farming business operations. This might be a signal for those considering agricultural investments, moving to, or building property in the area to assess the ongoing viability and support for farming ventures locally.
Number of Mortgages by Occupancy Type in Patrick County, VA Over the Last 5 Years in Patrick County
Over the past five years in Patrick County, Virginia, the number of mortgages for principal residences has shown notable fluctuations, peaking at 683 in 2021 and reflecting a strong demand for primary homes. Mortgages for second residences also experienced a significant uptick during the same period, highlighting an increasing interest in vacation or secondary homes. In contrast, investment property mortgages have remained relatively low and stable, signaling a limited growth in this sector. These trends could offer insights into the evolving market and can be pivotal for those considering investments, moving, appraising, or building properties in the area. Shifts in occupancy type reveal broader economic trends and community dynamics such as employment rates, lifestyle preferences, and local amenities, which are crucial for stakeholders to understand.
Economic Outlook
Patrick County, Virginia has experienced a notable increase in average taxable income per tax return, jumping from $48,587.33 in 2019 to $55,626.08 in 2021, possibly signaling growing economic stability and rising property values. Additionally, a marked rise in average state and local income taxes suggests potential income growth or policy changes, impacting investment decisions and appraisals. With average total tax liability per tax return climbing from $4,760.53 in 2012 to $7,584.20 in 2021,... Read more
Average Taxable Income per Tax Return in Patrick County, VA over the last 9 years
Patrick County, Virginia has seen a gradual increase in average taxable income per tax return over the past nine years, with a notable jump between 2019 and 2021 where it rose from $48,587.33 to $55,626.08. This upward trend may show growing economic stability and potentially increasing property values, making it an intriguing location for investors, real estate agents, and potential residents. Understanding this pattern can be useful for appraisers and insurance agents as it might suggest increased financial capability among the residents, potentially influencing property assessments and insurance rates.
Average State and Local Income Taxes Per Tax Return in Patrick County, VA Over the Last 10 Years
Over the last decade, Patrick County, Virginia has experienced a marked increase in average state and local income taxes per tax return, rising from approximately $4,386.92 in 2012 to around $16,394.74 in 2021. This growth suggests a potential increase in income levels or changes in tax policies affecting residents. Such trends may influence decisions for those considering investment opportunities, appraising property, or building new developments in the area. It’s a crucial data point for real estate agents, insurance agents, and prospective residents to consider when evaluating the overall economic environment of this locality.
Average Total Tax Liability Per Tax Return in Patrick County, VA Over the Last 10 Years
Patrick County, Virginia has seen a steady climb in average total tax liability per tax return over the past decade, reflecting broader economic shifts and possibly increased income or higher valuations. Beginning at $4,760.53 in 2012 and surging to $7,584.20 by 2021, there's an evident upward trend, with notable spikes in 2019 and 2021. This could be indicative of rising property values or incomes, promising indicators for potential investors eyeing growth opportunities. For real estate agents and appraisers, this trend suggests a healthy, appreciating market which can influence property valuations and investment attractiveness in the area.
Cost of Living in Patrick County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $995 | $1,311 | $1,512 | $954 | $925 |
| 1 adult 4 children | $995 | $1,071 | $1,154 | $954 | $1,024 |
| 2 adults 3 children | $995 | $1,071 | $1,313 | $954 | $767 |
| 1 adult 3 children | $995 | $874 | $955 | $954 | $782 |
| 2 adults 2 children | $793 | $877 | $1,114 | $820 | $666 |
| 1 adult 2 children | $793 | $655 | $756 | $820 | $612 |
| 2 adults 1 child | $793 | $693 | $915 | $384 | $641 |
| 1 adult 1 child | $793 | $448 | $557 | $384 | $565 |
| 2 adults | $702 | $557 | $716 | $0 | $602 |
| 1 adult | $588 | $304 | $358 | $0 | $516 |
Safety trends & Data
Patrick County, Virginia's property crime rates have fluctuated over the past five years, with larceny-theft and burglary showing notable variations. Larceny-theft spiked at 50 incidents in 2019 but dropped to 31 by 2022. Burglary incidents rose to 16 in 2021 before slightly decreasing to 13 in 2022. These trends underscore the importance for investors, real estate agents, and insurance professionals to stay updated on local crime statistics when making property-related decisions or offering... Read more
Property Crime Trends in Patrick County, VA Over the Last 5 Years
Patrick County, Virginia has seen fluctuating property crime rates over the last five years with certain types of crimes like larceny-theft and burglary experiencing notable increases in some years and decreases in others. For investors, real estate agents, and insurance professionals, it's important to note that while fraud and vandalism remain relatively stable, larceny-theft peaked in 2019 with 50 incidents but declined to 31 by 2022. Similarly, burglary incidents rose to 16 in 2021 before reducing slightly to 13 in 2022. These fluctuations highlight the importance of staying on top of local crime trends when making property investment decisions or offering services.
Demographics
Patrick County, Virginia, showcases a balanced gender distribution among adults with 7,251 males and 7,245 females. The educational landscape indicates high school graduates are predominant, though there's a notable portion of residents with some college education; however, attainment drops significantly for higher degrees. Age-wise, the county has a substantial elderly population, particularly those aged 55-64 years and over 75, hinting at a community with potential long-term care needs.... Read more
Race Distribution in Patrick County, Virginia (2022)
Educational Attainment in Patrick County, Virginia (2022)
Age Distribution in Patrick County, Virginia
Citizen Population in Patrick County, Virginia (2022)
Political Trends & Data
In Patrick County, Virginia, the 2020 U.S. Presidential Election results indicate a strong conservative leaning, with around 78.5% of votes going to Republican candidates. Democrats captured approximately 20.5% of the vote, while Libertarians had minimal impact at under 0.9%. This overwhelming support for Republican candidates might influence local policy decisions and community investments, shaping the political and economic environment in the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Patrick County, Virginia, the 2020 U.S. Presidential Election seemed to heavily favor Republican candidates, who garnered around 78.5% of the vote. Democrats trailed significantly with approximately 20.5%, while Libertarians barely registered on the radar with just under 0.9%. Voters showed almost no support for the Green Party or other parties, which contributed to the Republicans' dominant showing. This could suggest a strong conservative leaning in the county's political landscape.
78.50% of voters voted for the Republican party in the 2020 Presidential Election
20.49% of voters voted for the Democrat party in the 2020 Presidential Election
0.85% of voters voted for the Livertarian party in the 2020 Presidential Election
0.16% of voters voted for the Other party in the 2020 Presidential Election
School Data
Patrick County, Virginia's student-to-teacher ratio has seen some notable fluctuations, peaking at around 18:1 in 2023 and dropping to 14:1 in 2022, which aligns with the national average. Such variations might influence real estate investment and development decisions, as educational quality is often critical for families. These trends can also affect property values and risk assessments for appraisers and insurance agents, while real estate agents might highlight schools with lower ratios as... Read more
Student-to-teacher ratio in Patrick County, Virginia over the last 10 years
Patrick County, Virginia has experienced fluctuations in its student-to-teacher ratio over the past decade, peaking at around 18 students per teacher in 2023 compared to the national average of 14. Notably, the ratio dipped to approximately 14 students per teacher in 2022, aligning more closely with national standards. These variations might impact real estate investment and development decisions, as educational quality can be a key consideration for families and investors. For appraisers and insurance agents, changes in occupancy types could affect property values and risk assessments. Real estate agents may find these trends useful when advising clients on school district choices, potentially highlighting schools with lower ratios as a selling point.
