Russell County Real Estate and Livability Trends
Russell County, Virginia, is experiencing an economic upswing with an average taxable income increase from $42,944.68 in 2013 to $52,010.01 in 2021, potentially appealing to investors. Rising median home values to $112,000 in 2022, alongside heightened residential energy tax credits and real estate taxes, indicate growing property market dynamics, although fluctuations in tax liabilities suggest... Read more
Russell County Market Trends
Russell County, Virginia's housing market has seen a notable surge, with 2022's median home values jumping to $112,000. While still lower than Virginia’s $339,800 and the national $179,400 median, this increase highlights emerging opportunities for affordable investments. Concurrently, residential energy tax credits soared to $700.00 per return in 2021, indicating a significant shift towards... Read more
Median Value of Occupied Housing Units in Russell County, Virginia Over the Last 8 Years
Russell County, Virginia's median home values have fluctuated over the past eight years, with 2022 showing a significant increase to $112,000. This contrasts with the wider trends seen in Virginia, where the median home value reached $339,800 in 2022, and the national median of $179,400. The sharp rise in Russell County's median could signal emerging opportunities for investors and homebuyers seeking more affordable markets compared to state and national averages. The recent value uptick suggests growing demand and could indicate potential for future property value appreciation.
Residential Energy Tax Credit Per Tax Return in Russell County, VA Over the Last 8 Years
In Russell County, Virginia, the trend shows a notable increase in the average residential energy tax credit per tax return over the last eight years. Starting around $341.67 in 2013, there was a dip to approximately $293.33 by 2015, followed by a steady climb that peaked at $700.00 in 2021. This upward trajectory may indicate growing investments in energy-efficient home improvements, possibly spurred by rising energy costs or greater awareness of the long-term savings these upgrades can offer. This is potentially good news for real estate agents, appraisers, insurance agents, and investors as energy-efficient homes can often command higher property values and appeal to environmentally conscious buyers.
Average Real Estate Taxes Per Tax Return in Russell County, VA Over the Last 10 Years
In Russell County, Virginia, average real estate taxes per tax return have shown a general upward trend over the past decade, rising from $1,254.92 in 2012 to $2,146.15 in 2021. The most notable increases occurred from 2017 to 2020, where taxes spiked from $1,425.23 to $2,057.14. This pattern suggests a consistent growth in property taxes, likely reflecting rising property values and possibly indicating economic development or increased public spending. These changes could impact decision-making for investors, potential residents, real estate professionals, and insurance agents by affecting property valuations and ownership costs.
Percentage of Farm Returns in Russell County, VA Over the Last 10 Years
Over the last decade, the percentage of farm tax returns in Russell County, Virginia has shown a slight downward trend. Starting at approximately 8.39% in 2012, there has been a decrease to around 7.38% by 2021. Farm tax returns generally reflect the economic activity and viability of the agricultural sector in a region. This trend might suggest a gradual decline in farming operations or their economic output in the county, potentially impacting decisions for those considering agricultural investments, property developments, or relocation to Russell County.
Number of Mortgages by Occupancy Type in Russell County, VA Over the Last 5 Years in Russell County
In Russell County, Virginia, over the past five years, mortgage counts have shown a clear dominance of principal residences, with fluctuating numbers for investment properties and second residences. The highest peak for principal residences was in 2020, while second residences and investment properties stayed relatively low. This shift in occupancy type can indicate market stability and local economic confidence, appealing to investors and real estate agents. It also matters to appraisers and insurance agents who need to assess property values and risks accurately. Understanding these trends helps you make informed decisions whether you’re considering building property, moving, or just keeping track of local real estate dynamics.
Economic Outlook
Russell County, Virginia has seen a clear upward trend in average taxable income per tax return, climbing from about $42,944.68 in 2013 to roughly $52,010.01 by 2021. This suggests improving financial conditions and economic stability, which could make the area appealing to investors and real estate developers. The county also noted a significant rise in state and local income taxes, from $5,462.22 in 2012 to $8,450.00 in 2021, hinting at either rising incomes or shifts in tax policies.... Read more
Average Taxable Income per Tax Return in Russell County, VA over the last 9 years
Over the past nine years, Russell County, Virginia has seen a generally upward trend in average taxable income per tax return, increasing from approximately $42,944.68 in 2013 to around $52,010.01 in 2021. This growth suggests a gradual improvement in financial conditions and economic stability in the area, which could be attractive to potential investors, incoming residents, and real estate developers. It's worth noting a slight dip in 2016 and 2020, but overall, the trend line points towards rising taxable incomes, which may imply a growing market and potentially increasing property values. Appraisers and insurance agents may find these trends indicative of a community experiencing positive economic development.
Average State and Local Income Taxes Per Tax Return in Russell County, VA Over the Last 10 Years
Russell County, Virginia has seen a notable rise in average state and local income taxes per tax return over the last decade, climbing from $5,462.22 in 2012 to $8,450.00 in 2021. This increase suggests a possible shift in economic conditions, potentially indicating rising incomes or changes in tax policies. The substantial jump in 2018 to $7,495.83 and subsequent years could be of particular interest to appraisers, real estate agents, and those planning to move or invest in the area, as it may reflect broader financial or regulatory changes impacting the local economy.
Average Total Tax Liability Per Tax Return in Russell County, VA Over the Last 10 Years
Russell County, Virginia has generally experienced fluctuations in average total tax liability per tax return over the past decade, ranging notably from a low of $5,245.43 in 2020 to a high of $6,284.85 in 2021. This variability suggests a dynamic economic landscape that may impact financial planning and property investments. For those considering moving to or investing in the area, understanding these trends could be crucial for anticipating potential changes in tax burdens.
Cost of Living in Russell County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $972 | $1,355 | $1,512 | $997 | $934 |
| 1 adult 4 children | $972 | $1,107 | $1,154 | $997 | $1,033 |
| 2 adults 3 children | $972 | $1,107 | $1,313 | $997 | $774 |
| 1 adult 3 children | $972 | $904 | $955 | $997 | $789 |
| 2 adults 2 children | $793 | $906 | $1,114 | $871 | $681 |
| 1 adult 2 children | $793 | $677 | $756 | $871 | $625 |
| 2 adults 1 child | $793 | $716 | $915 | $461 | $661 |
| 1 adult 1 child | $793 | $463 | $557 | $461 | $582 |
| 2 adults | $602 | $575 | $716 | $0 | $564 |
| 1 adult | $588 | $314 | $358 | $0 | $512 |
Safety trends & Data
Russell County, Virginia, has seen a significant decline in property crimes over the past five years, with larceny-theft incidents dropping from 118.00 in 2018 to 64.00 in 2022, and burglary cases decreasing from 19.00 to 4.00. These trends might suggest improved law enforcement or effective community initiatives, hinting that the area could be becoming safer for investments and new residential developments. However, an increase in motor vehicle theft in 2022 raises concerns for policymakers... Read more
Property Crime Trends in Russell County, VA Over the Last 5 Years
Russell County, Virginia has seen a notable decrease in property crimes, such as burglary and larceny-theft, over the last five years. For instance, larceny-theft incidents dropped from 118.0 in 2018 to 64.0 in 2022. Similarly, burglary cases went down from 19.0 to 4.0 during the same period. These trends could imply better law enforcement or community initiatives, making it potentially a safer place for investments and residential developments. However, motor vehicle theft experienced an uptick in 2022, suggesting areas of concern for policymakers and residents alike.
Demographics
Russell County, Virginia's adult population is almost equally split between males and females, showing a balanced gender distribution. Education-wise, the majority are high school graduates with relatively low percentages attaining graduate or professional degrees. Age distribution is skewed towards an older demographic, with a noticeable concentration in the 55-64 age range. Racially, the county is predominantly White, which may influence cultural and social dynamics within the community. This... Read more
Race Distribution in Russell County, Virginia (2022)
Educational Attainment in Russell County, Virginia (2022)
Age Distribution in Russell County, Virginia
Citizen Population in Russell County, Virginia (2022)
Political Trends & Data
Russell County, Virginia, shows a noteworthy political leaning with around 81% of the 2020 U.S. Presidential Election votes going to Republican candidates. This conservative tilt could reflect the county's prevailing demographics, posing potential challenges for Democratic or Libertarian candidates to make significant inroads in future... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Russell County, Virginia, the 2020 U.S. Presidential Election data suggests a strong preference for Republican candidates, with approximately 81% of the vote. Democratic candidates garnered around 18%, while Libertarians received less than 1%. This significant leaning towards the Republican Party could indicate a prevailing conservative demographic and highlights potential challenges for other parties to gain traction in future elections.
81.27% of voters voted for the Republican party in the 2020 Presidential Election
17.73% of voters voted for the Democrat party in the 2020 Presidential Election
0.87% of voters voted for the Livertarian party in the 2020 Presidential Election
0.13% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Russell County, Virginia, the student-to-teacher ratio has varied significantly over the past decade, peaking at 18 students per teacher in 2017 and dipping to about 12 students per teacher in 2023. This is notably lower than the national average of 14 students per teacher, potentially making the area more appealing to families prioritizing educational quality. Lower ratios often suggest more personalized student attention, which could enhance educational outcomes and add value to local... Read more
Student-to-teacher ratio in Russell County, Virginia over the last 10 years
Over the past decade in Russell County, Virginia, the student-to-teacher ratio has generally fluctuated, peaking at around 18 students per teacher in 2017 and hitting a low of approximately 12 students per teacher in 2023. Notably, the ratio dips below the national average of 14 students per teacher in several recent years, which could appeal to prospective residents or investors prioritizing educational quality. Lower student-to-teacher ratios often indicate more personalized attention for students, potentially boosting educational outcomes and making the area more attractive for families. Real estate agents and appraisers might find this data relevant as it adds context to the value of properties, emphasizing a school system that potentially offers more individualized instruction.
