Petersburg city Real Estate and Livability Trends
Petersburg city, Virginia has observed a rise in average taxable income per tax return, suggesting potential economic stability attractive to investors. The median home values have fluctuated significantly but have recently climbed to $147,200, reflecting growing local real estate demand. Additionally, the student-to-teacher ratio has dropped to below the national average, signaling a commitment... Read more
Petersburg city Market Trends
Petersburg city, Virginia has seen significant fluctuations in median home values, plummeting to $108,100 in 2019 before climbing to $147,200 by 2022, contrasting with Virginia's steady increase to $339,800 and the national rise to $179,400 during the same period. Residential Energy Tax Credit values also soared from $337.93 in 2013 to $1,242.10 in 2021, indicating a heightened focus on energy... Read more
Median Value of Occupied Housing Units in Petersburg city, Virginia Over the Last 8 Years
Petersburg city, Virginia has experienced significant volatility in median home values over the past eight years. From a dip to $108,100 in 2019, the city's median value surged to $147,200 by 2022. This spike contrasts with Virginia's steady climb from $245,000 in 2015 to $339,800 in 2022 and the broader national trend, where median values grew from $125,500 in 2015 to $179,400 in 2022. Investors and potential homebuyers may find Petersburg's affordability appealing, especially given its rapid recent appreciation compared to both state and national averages.
Residential Energy Tax Credit Per Tax Return in Petersburg city, VA Over the Last 9 Years
Petersburg city, Virginia has seen significant fluctuations but overall growth in Residential Energy Tax Credit per tax return over the past 9 years. The average credit rose from approximately $337.93 in 2013 to about $1,242.10 in 2021, peaking dramatically in 2018 at $1,590.91. These trends likely reflect both increased investment in energy-efficient home improvements and possibly changes in tax policies or incentives. This could be particularly relevant for property investors and real estate agents, indicating a growing emphasis on energy efficiency that could affect property valuations and marketability.
Average Real Estate Taxes Per Tax Return in Petersburg city, VA Over the Last 10 Years
Real estate taxes per tax return in Petersburg City, Virginia, have seen a general upward trajectory over the past decade, with a few fluctuations. The average tax amount rose from approximately $2,055.07 in 2012 to around $2,416.67 in 2021. Noteworthy spikes occurred in 2017 and 2020, which may indicate periods of significant property value assessments or changes in tax policy. These trends could suggest an increasing financial burden for property owners, which may influence decisions for investors, potential residents, appraisers, and agents considering the area's real estate market.
Percentage of Farm Returns in Petersburg city, VA Over the Last 2 Years
Over the past two years, the percentage of farm tax returns in Petersburg city, Virginia has seen a slight decline from 0.13% in 2012 to 0.12% in 2013. Farm tax returns provide insights into the local agricultural activity and economic contributions from farms. This minor dip could suggest either a small reduction in farming operations or perhaps a shift in income reporting. While this change might seem minimal, it's useful for those looking to invest or develop property in the area, as it hints at the stability or slight variances in the local agricultural sector.
Number of Mortgages by Occupancy Type in Petersburg city, VA Over the Last 5 Years in Petersburg city
Over the past five years in Petersburg city, Virginia, there's been a noticeable rise in the number of mortgages taken out for principal residences, jumping from 879 in 2018 to 1341 in 2022. Investment property mortgages also saw a significant increase from 147 in 2018 to 384 in 2022. In comparison, the numbers for second residences remained fairly stable around the low twenties. Changes in occupancy type can heavily influence the local real estate market, as higher demand for principal residences often drives up property values and affects inventory. For investors, this trend suggests that Petersburg might be becoming a more attractive place for families and individuals looking to settle down, which could stabilize and likely increase rental demand. Appraisers and insurance agents should take note of these shifts, as they could impact property valuations and risk assessments. These trends are essential for real estate agents, developers, and potential movers, highlighting where the market is headed and helping guide strategic decisions on investments and property development.
Economic Outlook
Petersburg city, Virginia has observed a steady rise in average taxable income per tax return, moving from about $32,271.68 in 2013 to roughly $37,628.52 in 2021. This suggests potential economic stability which could be attractive to investors and real estate agents. While state and local income taxes have mostly hovered around the $3,100 mark, the overall tax liability has generally stayed near $4,000, making it seem like a relatively predictable financial landscape. These trends might be... Read more
Average Taxable Income per Tax Return in Petersburg city, VA over the last 9 years
Petersburg city, Virginia has seen a gradual increase in average taxable income per tax return over the past nine years, rising from approximately $32,271.68 in 2013 to about $37,628.52 in 2021. This upward trend potentially suggests a growing economic stability that might interest investors and real estate agents. Such income trends can be beneficial for insurance agents and appraisers as well, indicating a likely increase in property values and perhaps a more financially stable population. This data can also support decisions made by potential homebuyers or those looking to build property, as a steadily increasing income level can be a positive sign of economic health in the area.
Average State and Local Income Taxes Per Tax Return in Petersburg city, VA Over the Last 10 Years
Over the last decade, average state and local income taxes per tax return in Petersburg, Virginia have shown a mostly steady increase, peaking at $3,411.20 in 2018. Though following a decline in 2019 to $3,157.38, there has been slight up-and-down movement around the $3,100 mark. This indicates a relatively stable tax environment with marginal fluctuations, crucial for those assessing the financial implications of living, investing, or appraising property in the area.
Average Total Tax Liability Per Tax Return in Petersburg city, VA Over the Last 10 Years
Over the past decade, the average total tax liability per tax return in Petersburg city, Virginia, shows some fluctuations but generally stays around the $4,000 mark. The highest liability, roughly $4,422.13, occurred in 2017, while the lowest, approximately $3,982.26, was seen in 2020. Despite some year-to-year variances, this relatively stable tax obligation could be appealing for those looking to invest or move into the area, offering a predictable financial environment. This trend could be particularly relevant for real estate agents, appraisers, and insurance agents assessing economic factors in Petersburg city.
Cost of Living in Petersburg city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,464 | $1,327 | $1,603 | $1,208 | $1,178 |
| 1 adult 4 children | $1,464 | $1,084 | $1,223 | $1,208 | $1,310 |
| 2 adults 3 children | $1,464 | $1,084 | $1,392 | $1,208 | $974 |
| 1 adult 3 children | $1,464 | $885 | $1,012 | $1,208 | $1,066 |
| 2 adults 2 children | $1,133 | $887 | $1,181 | $1,051 | $815 |
| 1 adult 2 children | $1,133 | $663 | $801 | $1,051 | $788 |
| 2 adults 1 child | $1,133 | $701 | $970 | $538 | $767 |
| 1 adult 1 child | $1,133 | $453 | $591 | $538 | $682 |
| 2 adults | $1,003 | $563 | $759 | $0 | $669 |
| 1 adult | $981 | $307 | $380 | $0 | $608 |
Safety trends & Data
Petersburg city in Virginia has seen notable shifts in property crime rates over the last five years. Larceny-theft incidents have declined significantly, from 152.0 in 2018 to 59.0 in 2022, while vandalism has seen a more stable pattern but peaked at 68.0 in 2022. Burglary figures have dramatically dropped, from 23.0 in 2018 to just 11.0 in 2022. These crime trends could impact real estate values and insurance premiums, indicating evolving security needs for new residents and investors in the... Read more
Property Crime Trends in Petersburg city, VA Over the Last 5 Years
Over the last five years, Petersburg city in Virginia has seen notable fluctuations in property crime rates. Larceny-Theft consistently tops the charts but shows a gradual decline, from 152.0 incidents in 2018 to 59.0 in 2022. Conversely, Vandalism incidents have remained somewhat stable, peaking at 68.0 in 2022 after a dip in 2020. Burglary numbers have also decreased dramatically, from 23.0 cases in 2018 to just 11.0 in 2022. While Arson cases remain relatively low, Fraud has seen a slight increase recently. These trends could influence real estate values and insurance premiums and might suggest evolving security needs for new residents and investors eyeing the area.
Demographics
Petersburg, Virginia, shows a higher number of females than males within its adult population, hinting at potential gender-specific community programs or services. Education levels reveal a significant portion holding a high school diploma or some college experience but relatively fewer possessing bachelor's or higher degrees; this could suggest opportunities for advancing higher education access. The age distribution leans towards younger demographics, with notable populations under 10 and... Read more
Race Distribution in Petersburg city, Virginia (2022)
Educational Attainment in Petersburg city, Virginia (2022)
Age Distribution in Petersburg city, Virginia
Citizen Population in Petersburg city, Virginia (2022)
Political Trends & Data
Petersburg City in Virginia might show a strong Democratic preference, with around 87% of the vote leaning that way in the 2020 U.S. Presidential Election. The Republican party possibly secured just over 11%, indicating a significant gap. Other parties, including the Libertarian and others, seem to have minimal influence, collectively pulling less than 2% of the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Petersburg City in Virginia appears to lean heavily Democratic in the 2020 U.S. Presidential Election, with nearly 87% of the vote potentially going to the Democratic party. The Republican party might have secured just over 11%, suggesting a notable disparity. Other parties, such as the Libertarian and others, likely garnered minimal support, collectively getting less than 2%.
11.21% of voters voted for the Republican party in the 2020 Presidential Election
87.66% of voters voted for the Democrat party in the 2020 Presidential Election
0.76% of voters voted for the Livertarian party in the 2020 Presidential Election
0.37% of voters voted for the Other party in the 2020 Presidential Election
School Data
Petersburg City, Virginia has seen its student-to-teacher ratio drop steadily from 16 students per teacher in 2014 to 14 in 2023, now sitting below the national average. This trend signals a commitment to more personalized education, which can appeal to families and potentially boost real estate values. Lower ratios are often a key factor for homebuyers, hinting at increased demand in the local property market. Real estate agents, appraisers, and investors might see this as a plus, while... Read more
Student-to-teacher ratio in Petersburg City, Virginia over the last 10 years
Petersburg City, Virginia has seen a consistent decrease in the student-to-teacher ratio over the last ten years, dropping from 16 students per teacher in 2014 to 14 in 2023, positioning it below the current U.S. national average of 14 students per teacher. This trend can suggest a commitment to more personalized education and potentially better learning outcomes, which might appeal to families considering a move to the area. It can also impact real estate values positively as lower ratios are often a key factor for homebuyers. Real estate agents, appraisers, and investors should note the potential for increased demand in the local property market, while insurance agents might consider the implication of a growing population in need of services. For property developers and those in construction, understanding these trends can offer insights into future community planning and school infrastructure projects.
