Westmoreland County Real Estate and Livability Trends
In Westmoreland County, Virginia, economic growth over recent years is reflected in a significant uptick in average taxable income from $48,872.69 in 2013 to $68,588.99 in 2021, hinting at a buoyant local economy that could drive property values up. Median home values surged to $244,000 in 2022, outpacing national trends but remaining below the state median of $339,800, suggesting investment... Read more
Westmoreland County Market Trends
Westmoreland County, Virginia has seen an ongoing rise in median home values, peaking at $244,000 in 2022, moving faster than the national median but still lower than the state average of $339,800, suggesting solid investment potential. Fluctuations in residential energy tax credits, which spiked to $1,407.14 in 2021, indicate growing investments in energy-efficient upgrades, enhancing market... Read more
Median Value of Occupied Housing Units in Westmoreland County, Virginia Over the Last 8 Years
Westmoreland County, Virginia has experienced a steady climb in median home values over the past eight years, climaxing at $244,000 in 2022. This upward trend outpaces the national median value, which reached $179,400 the same year. However, it's still trailing behind the state average, which hit $339,800 in 2022. Investors and potential homeowners might find this county appealing given its relatively moderate pricing compared to the broader state figures, yet more substantial growth than the national trend suggests a healthy demand and ongoing development.
Residential Energy Tax Credit Per Tax Return in Westmoreland County, VA Over the Last 9 Years
Over the past nine years, Westmoreland County, Virginia has shown significant fluctuations in the average residential energy tax credit per tax return. After a relatively steady start from 2013 to 2016, the credits saw a dramatic spike in 2017 and 2018 to $833.33, and again in 2021, reaching $1407.14. These increases could suggest a rising investment in energy-efficient home improvements, potentially making the area more attractive to environmentally-conscious buyers and investors. This trend might also affect property valuations and insurance considerations as homes become more energy-efficient.
Average Real Estate Taxes Per Tax Return in Westmoreland County, VA Over the Last 10 Years
Westmoreland County, Virginia, has seen a notable increase in average real estate taxes per tax return over the past decade. Starting at approximately $1,944.63 in 2012, taxes have surged to about $3,698.85 by 2021. This uptick could indicate rising property values or increased county tax rates, aspects that are critical for potential investors, homeowners, and real estate agents to consider. It’s a sign of potentially escalating costs for future property owners and might affect appraisal values and insurance premiums.
Percentage of Farm Returns in Westmoreland County, VA Over the Last 10 Years
Over the last decade, the percentage of farm tax returns in Westmoreland County, Virginia has showcased a slight but steady decline, starting from 1.45% in 2012 and gradually decreasing to approximately 1.23% by 2021. This trend could signal shifts in the agricultural landscape, suggesting potential changes in land use or economic pressures on farming. For potential investors, property developers, or those interested in relocating, understanding these subtle economic indicators can provide insights into the evolving agricultural economy and land value within the county.
Number of Mortgages by Occupancy Type in Westmoreland County, VA Over the Last 5 Years in Westmoreland County
In Westmoreland County, Virginia, mortgages for principal residences have dominated the market, especially in recent years. A notable spike is seen in 2021 with values reaching 1839, compared to a relatively lower 1014 back in 2018. Investment property mortgages saw a decrease from the mid-50s in 2018 to just 76 in 2022, indicating perhaps a contraction in the investment market. Second residences have somewhat steady numbers but show a slight decline from a high of 365 in 2021 to 189 in 2022. Shifts in occupancy types matter because they reflect changing economic conditions, lifestyle preferences, and investor confidence, impacting everything from market valuation to insurance risk profiles. These trends are crucial for stakeholders like investors, potential movers, appraisers, and real estate agents. Understanding these patterns helps in making informed decisions in buying, selling, or insuring property in the region.
Economic Outlook
In Westmoreland County, Virginia, the average taxable income per tax return has increased from $48,872.69 in 2013 to $68,588.99 in 2021, suggesting economic growth that could influence higher property values. Additionally, the average state and local income taxes per return have risen from $4,435.74 in 2012 to $8,144.05 by 2021, potentially affecting decisions for investors and homebuyers given the higher economic burden. The average total tax liability per tax return also climbed from about... Read more
Average Taxable Income per Tax Return in Westmoreland County, VA over the last 9 years
Over the past nine years, Westmoreland County, Virginia has experienced a steady increase in average taxable income per tax return, rising from approximately $48,872.69 in 2013 to about $68,588.99 in 2021. This trend indicates economic growth and potentially higher property values, making it an interesting spot for investors and real estate professionals. The upward trajectory may also suggest a stronger local economy, which could affect property appraisals and insurance premium rates. This data is critical for those considering building or purchasing property in the area.
Average State and Local Income Taxes Per Tax Return in Westmoreland County, VA Over the Last 10 Years
In Westmoreland County, Virginia, there has been a steady increase in average state and local income taxes per tax return over the last decade. Starting from $4,435.74 in 2012, it's seen consistent growth year-over-year, spiking to $8,144.05 by 2021. This upward trend suggests a rising economic burden for residents, which may impact decisions for potential investors, homebuyers, and businesses considering the area. Tax considerations are essential for those looking to build or appraise property, as higher costs may influence overall valuation and affordability in the region.
Average Total Tax Liability Per Tax Return in Westmoreland County, VA Over the Last 10 Years
Average total tax liability per tax return in Westmoreland County, Virginia, has seen a notable overall increase over the past decade. The tax liability has risen from approximately $7,147.16 in 2012 to $10,069.03 in 2021, peaking sharply in 2020. This trend might suggest a growing economic base or increased property values, making it potentially appealing for investors and real estate agents looking at market growth. For appraisers and insurance agents, this could imply higher property valuations and increased risk assessments. Prospective homebuyers and those interested in relocating might consider the escalating tax burdens, possibly reflecting enhanced community services or development in the area.
Cost of Living in Westmoreland County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,379 | $1,464 | $1,550 | $1,259 | $1,284 |
| 1 adult 4 children | $1,379 | $1,195 | $1,184 | $1,259 | $1,431 |
| 2 adults 3 children | $1,379 | $1,196 | $1,346 | $1,259 | $1,062 |
| 1 adult 3 children | $1,379 | $976 | $979 | $1,259 | $1,191 |
| 2 adults 2 children | $970 | $979 | $1,142 | $1,102 | $861 |
| 1 adult 2 children | $970 | $731 | $775 | $1,102 | $842 |
| 2 adults 1 child | $970 | $774 | $937 | $589 | $802 |
| 1 adult 1 child | $970 | $500 | $571 | $589 | $692 |
| 2 adults | $737 | $622 | $733 | $0 | $628 |
| 1 adult | $719 | $339 | $367 | $0 | $559 |
Safety trends & Data
Westmoreland County, Virginia, has seen notable changes in property crime over the past five years. Burglary cases dropped dramatically from 26.00 in 2018 to just 2.00 by 2022. Larceny-theft, the most frequent crime, had a spike with 30.00 instances in 2018 but showed mixed trends thereafter. Vandalism remained steady, while fraud had an unexpected rise to 15.00 cases in 2022. These crime pattern fluctuations might impact property values and insurance premiums, emphasizing the importance of... Read more
Property Crime Trends in Westmoreland County, VA Over the Last 5 Years
Westmoreland County, Virginia, has witnessed fluctuations in property crime over the past five years. Burglary incidents peaked in 2018 with 26.00 cases but drastically reduced to 2.00 cases by 2022. Larceny-theft, consistently the most common property crime, spiked at 30.00 instances in 2018 but showed a mixed trend, illustrating variability in the county's economic stability and community vigilance. Vandalism has been relatively stable, whereas fraud saw a surprising jump to 15.00 cases in 2022. This variability in crime patterns can influence real estate decisions, affecting property values and insurance premiums, while highlighting the importance of local community and law enforcement efforts in maintaining security.
Demographics
Westmoreland County, Virginia presents an interesting demographic landscape with a nearly equal ratio between male and female adults. Educational attainment reveals a significant portion of residents having completed high school, yet, fewer have progressed to obtaining bachelor's or graduate degrees. The age distribution showcases a substantial older population, particularly those above 55 years. The racial composition is predominantly White, with smaller representations of Black or African... Read more
Race Distribution in Westmoreland County, Virginia (2022)
Educational Attainment in Westmoreland County, Virginia (2022)
Age Distribution in Westmoreland County, Virginia
Citizen Population in Westmoreland County, Virginia (2022)
Political Trends & Data
In Westmoreland County, Virginia, the 2020 U.S. Presidential Election revealed a moderately Republican-leaning voter base, with about 53% support for the GOP. Democrats, however, secured close to 45%, indicating a possibly competitive political landscape. The negligible impact of third parties, such as the Libertarian's 1%, emphasizes the dominance of the two major parties. This electoral makeup might influence local real estate trends, as areas with a more balanced political environment can... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Westmoreland County, Virginia, the 2020 U.S. Presidential Election saw Republicans capturing around 53% of the vote, while Democrats garnered roughly 45%. The Libertarian candidate received just about 1%, with other parties barely making a dent. This data might suggest leaned support for Republican candidates, though the Democratic share isn't too far behind, hinting at a potentially competitive political climate.
53.46% of voters voted for the Republican party in the 2020 Presidential Election
45.25% of voters voted for the Democrat party in the 2020 Presidential Election
0.90% of voters voted for the Livertarian party in the 2020 Presidential Election
0.39% of voters voted for the Other party in the 2020 Presidential Election
School Data
In Westmoreland County, Virginia, the student-to-teacher ratio has largely mirrored the national average of 14 students per teacher over the past decade, hitting a peak of around fifteen in 2015 and dipping to roughly thirteen in 2018. By 2023, it's approaching fifteen again, a metric that can indirectly suggest classroom sizes and perhaps even the quality of schooling. This info can be notable for potential home buyers and investors, as educational quality often correlates with property... Read more
Student-to-teacher ratio in Westmoreland County, Virginia over the last 10 years
Over the past decade, the student-to-teacher ratio in Westmoreland County, Virginia has fluctuated but generally stayed close to the national average of 14 students per teacher. After peaking at around fifteen students per teacher in 2015, the ratio dipped to a low of about thirteen in 2018, with some ups and downs since. The 2023 ratio has again neared fifteen students per teacher. For those eyeing property investments or considering moving to the area, these figures can hint at classroom sizes and potentially the quality of education. Real estate agents and appraisers might find this ratio particularly relevant, as educational quality often influences property values. Insurance agents and builders may also consider these trends, as changes in population dynamics and demographics can impact their fields.
