Sussex County Real Estate and Livability Trends
In Sussex County, Virginia, the average taxable income per tax return increased to $50,216.11 in 2021, hinting at economic growth and potentially more disposable income for residents. Median home values rose from $128,300 in 2021 to $151,000 in 2022, suggesting an appealing real estate market for cost-effective investments. However, the county has seen a notable rise in property crimes, which... Read more
Sussex County Market Trends
Sussex County, Virginia's median home values rose significantly from $128,300 in 2021 to $151,000 in 2022, remaining well below both state and national averages. Real estate taxes have also steadily increased, peaking around $1,662.50 in 2018, reflecting a growing local economy. Despite a decrease in the percentage of farm tax returns from approximately 2.89% in 2012 to around 1.66% in 2021,... Read more
Median Value of Occupied Housing Units in Sussex County, Virginia Over the Last 8 Years
Sussex County, Virginia has experienced fluctuations in median home values over the last eight years, with a significant increase from $128,300 in 2021 to $151,000 in 2022. In contrast, Virginia's state median values have steadily risen from $245,000 in 2015 to $339,800 in 2022. Nationally, home values have climbed from $125,500 in 2015 to $179,400 in 2022. This disparity highlights that while Sussex County's real estate market is growing, it is still markedly more affordable than both state and national averages, suggesting attractive opportunities for those considering investing or relocating to a less expensive housing market within Virginia.
Residential Energy Tax Credit Per Tax Return in Sussex County, VA Over the Last 9 Years
Over the past nine years, Sussex County, Virginia, has seen notable fluctuations in the average residential energy tax credits per tax return. These credits peaked in 2018 at $1,842.86 and have varied significantly since, reflecting both market changes and local adoption rates of energy-efficient improvements. These trends might suggest evolving incentives and the potential financial benefits for homeowners investing in energy-efficient home upgrades, which could be a key consideration for investors, appraisers, and real estate agents in the area. The notable peak and subsequent variations could indicate responses to state and federal policy changes affecting energy use.
Average Real Estate Taxes Per Tax Return in Sussex County, VA Over the Last 10 Years
Over the past decade, Sussex County, Virginia has seen a steady increase in average real estate taxes per tax return, starting at approximately $1,284.47 in 2012 and peaking around $1,662.50 in 2018. This upward trend, with a few fluctuations, suggests a growing local economy and possibly increased property values, combined with potential changes in tax rates. For potential investors and homebuyers, this might indicate a thriving real estate market, although it also means higher annual expenses. Real estate agents and appraisers could capitalize on this growth trend, whereas insurance agents should consider the implications of these tax increases when advising clients.
Percentage of Farm Returns in Sussex County, VA Over the Last 10 Years
Over the past decade in Sussex County, Virginia, there appears to be a gradual decline in the percentage of farm tax returns, starting from approximately 2.89% in 2012 and decreasing to around 1.66% in 2021. Farm tax returns are significant indicators of agricultural activity and economic health in rural areas. This trend might suggest a shift away from farming or variations in farm profitability and sustainability. Potential investors and prospective residents should consider the local agricultural economy's dynamics, as this could impact land valuation, job opportunities, and community development projects.
Number of Mortgages by Occupancy Type in Sussex County, VA Over the Last 5 Years in Sussex County
Over the past five years, Sussex County, Virginia has shown a marked increase in the number of mortgages for principal residences, peaking at 500 in 2021 before a slight decline to 392 in 2022. Investment property mortgages also saw an upward trend, reaching a high of 24 in 2021. The behavior of second residence mortgages remained relatively stable with minor fluctuations. Shifts in occupancy types can suggest economic patterns, influencing real estate market dynamics, property appraisal values, and insurance premiums. Increased investment properties might indicate growing economic confidence or rental demand, providing useful insights for investors and real estate professionals assessing market potential.
Economic Outlook
In Sussex County, Virginia, the average taxable income per tax return surged to $50,216.11 in 2021, reflecting possible economic growth despite occasional dips over the past nine years. This uptick suggests more disposable income, attracting potential investors and real estate stakeholders. However, with average state and local income taxes also climbing to $4,396.43 in 2021, the increasing tax burden may factor into financial considerations for prospective property owners. Total tax liability... Read more
Average Taxable Income per Tax Return in Sussex County, VA over the last 9 years
Sussex County, Virginia has seen a general upward trend in average taxable income per tax return over the last nine years, with a significant jump to $50,216.11 in 2021. Notably, there were dips and fluctuations such as a drop in 2020 to $44,350.00, but overall the trend reflects gradual economic growth. This increase in average taxable income suggests potential for higher disposable incomes, making it an increasingly attractive location for investors, real estate agents, and anyone looking to build property in the area.
Average State and Local Income Taxes Per Tax Return in Sussex County, VA Over the Last 10 Years
The average state and local income taxes per tax return in Sussex County, Virginia have seen a general upward trend over the past decade, rising from approximately $3,285.71 in 2012 to around $4,396.43 in 2021. Despite some fluctuations, such as a notable peak at $4,867.74 in 2020, the overall increase suggests a progressively higher tax burden on the residents. This data is significant for potential investors, homeowners, and real estate agents looking to understand the financial landscape and tax implications associated with living or doing business in Sussex County.
Average Total Tax Liability Per Tax Return in Sussex County, VA Over the Last 10 Years
Sussex County, Virginia has seen fluctuating but generally increasing trends in average total tax liability per tax return over the past decade. Starting at $5,077.32 in 2012, it peaked at $6,156.70 in 2017 before seeing some variability in subsequent years—ending at $6,085.00 in 2021. These trends suggest a gradual rise in the financial obligations per taxpayer, a factor potentially impacting investment decisions and property valuations in the area. Stakeholders should consider these trends as indicative of broader economic conditions within the county.
Cost of Living in Sussex County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,242 | $1,488 | $1,603 | $1,470 | $1,411 |
| 1 adult 4 children | $1,242 | $1,215 | $1,223 | $1,470 | $1,570 |
| 2 adults 3 children | $1,242 | $1,216 | $1,392 | $1,470 | $1,177 |
| 1 adult 3 children | $1,242 | $992 | $1,012 | $1,470 | $1,287 |
| 2 adults 2 children | $961 | $995 | $1,181 | $1,281 | $963 |
| 1 adult 2 children | $961 | $743 | $801 | $1,281 | $974 |
| 2 adults 1 child | $961 | $786 | $970 | $666 | $870 |
| 1 adult 1 child | $961 | $508 | $591 | $666 | $767 |
| 2 adults | $851 | $632 | $759 | $0 | $725 |
| 1 adult | $832 | $345 | $380 | $0 | $634 |
Safety trends & Data
Sussex County, Virginia has seen a notable rise in property crimes over the past five years, with larceny-theft jumping from 1.00 incidents in 2018 to 6.00 in 2022. Similar upward trends in burglary and fraud could raise concerns for investors, insurance agents, and residents. This increase may necessitate stronger security measures and could potentially impact property values and insurance premiums. Understanding these trends can help real estate professionals better gauge local market risks... Read more
Property Crime Trends in Sussex County, VA Over the Last 5 Years
Sussex County, Virginia has witnessed a noticeable increase in property crimes over the past five years, particularly in categories like larceny-theft, burglary, and fraud. The number of larceny-theft incidents jumped from 1.00 in 2018 to 6.00 in 2022, while burglary and fraud followed similar upward patterns. This could signal potential areas of concern for investors, insurance agents, and residents, highlighting the need for robust security measures and possibly impacting property values and insurance premiums. Analyzing these trends can help real estate agents and appraisers better understand local market dynamics and risks.
Demographics
Sussex County, Virginia's adult population seems to skew significantly more male, with males comprising around 60% of the demographic. Educational attainment shows a strong foundation in high school education and some college experience, though there could be less representation in higher education. The age distribution highlights a potentially vibrant working-age population, especially within the 25 to 34-year range. Race distribution reveals a predominantly Black or African American... Read more
Race Distribution in Sussex County, Virginia (2022)
Educational Attainment in Sussex County, Virginia (2022)
Age Distribution in Sussex County, Virginia
Citizen Population in Sussex County, Virginia (2022)
Political Trends & Data
In Sussex County, Virginia, the 2020 U.S. Presidential Election results potentially indicate a shift towards Democratic preferences, with approximately 55.6% of the votes going to Democrats compared to 43.6% for Republicans. Third-party impact appears minimal, as Libertarians garnered roughly 0.7% and other parties combined just 0.1%. This trend might suggest that the area leans more Democratic, with limited influence from minor... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Sussex County, Virginia, the 2020 U.S. Presidential Election saw Democrats possibly gaining a notable edge with approximately 55.6% of the votes, while Republicans received about 43.6%. Minor party representation was minimal, with Libertarians at roughly 0.7% and other parties combined at just 0.1%. This could suggest a political landscape leaning towards Democratic preferences in this region, with third-party influence being quite limited.
43.61% of voters voted for the Republican party in the 2020 Presidential Election
55.56% of voters voted for the Democrat party in the 2020 Presidential Election
0.69% of voters voted for the Livertarian party in the 2020 Presidential Election
0.14% of voters voted for the Other party in the 2020 Presidential Election
School Data
Sussex County, Virginia has seen its student-to-teacher ratio fluctuate between 11 and 13 students per teacher over the last decade. Currently, the ratio is 11.83, below the national average of 14. This lower ratio might suggest more individualized student attention, potentially boosting property values and making the area more appealing to families focused on education. Appraisers and insurance agents could also consider these trends when assessing property value and... Read more
Student-to-teacher ratio in Sussex County, Virginia over the last 10 years
Sussex County, Virginia has seen fluctuations in its student-to-teacher ratio over the past decade, with numbers ranging from around 11 to 13 students per teacher. Currently, the ratio stands at 11.83, which is slightly below the national average of 14. For investors, homebuyers, and real estate professionals, lower ratios could indicate more individualized attention for students and potentially more attractive educational outcomes. This might influence property values and appeal to families prioritizing education. Appraisers and insurance agents might also consider these trends when assessing property value and risk, respectively.
