Hennepin County Real Estate and Livability Trends
Hennepin County, Minnesota has demonstrated a marked rise in average taxable income per tax return from $82,129.52 in 2013 to $123,171.48 in 2021, bolstered by rising state and local income taxes, now at $30,035.30, and an upward trajectory in median home values, leaping from $229,200 in 2015 to $358,000 in 2022. Steadily climbing real estate taxes, now at $7,445.91, and a notable... Read more
Hennepin County Market Trends
Hennepin County has seen a significant rise in median home values, jumping from $229,200 in 2015 to $358,000 in 2022, outpacing both Minnesota’s and the national average. Residential energy tax credits spiked to $3,320.83 in 2018 and have since stabilized at higher levels, suggesting a sustained interest in energy-efficient upgrades. Real estate taxes have steadily increased from $4,605.81 in... Read more
Median Value of Occupied Housing Units in Hennepin County, Minnesota Over the Last 8 Years
Hennepin County has seen a substantial increase in median home values over the last eight years, from $229,200 in 2015 to $358,000 in 2022. This growth rate outpaces both Minnesota’s state-wide median value, which rose from $186,200 to $286,800, and the national median which updated from $125,500 to $179,400 within the same timeframe. This trend suggests that Hennepin County may be an increasingly attractive area for residential investment compared to broader state and national markets.
Residential Energy Tax Credit Per Tax Return in Hennepin County, MN Over the Last 9 Years
Hennepin County, Minnesota has seen fluctuations in the average residential energy tax credit per tax return over the past nine years, peaking significantly at $3,320.83 in 2018. This spike suggests a potential surge in energy-efficient home improvements or policy changes encouraging such investments. Following this peak, the average credits stabilized but remained higher than earlier years, reflecting a sustained interest in energy-efficient upgrades. This trend could be valuable for investors, real estate agents, and appraisers considering the county's evolving focus on energy efficiency, which might impact property values and market attractiveness.
Average Real Estate Taxes Per Tax Return in Hennepin County, MN Over the Last 10 Years
Real estate taxes in Hennepin County, Minnesota have demonstrated a steady increase over the past decade, jumping notably from $4,605.81 in 2012 to $7,445.91 in 2021. This escalating tax trend may impact potential investors' and homebuyers' decisions, suggesting a potential rise in property values and possibly influencing cost assessments for appraisors and insurance agents. This upward trajectory could indicate a robust property market but also highlights the growing financial commitment required to own property in the county.
Percentage of Farm Returns in Hennepin County, MN Over the Last 10 Years
Farm tax returns in Hennepin County, Minnesota have seen a slight but steady decline over the last decade, starting at approximately 0.25% in 2012 and dropping to around 0.19% in 2021. In 2018, there was a notable dip to 0.20%, and by 2019 it was down to about 0.19%, before experiencing a marginal increase in 2021. This trend could suggest that fewer farms are reporting taxable income, possibly reflecting changes in the agricultural landscape or the economic viability of farming in this urbanizing area. For investors, builders, or those considering a move here, this could indicate a shift away from traditional agriculture, potentially opening up the land for different types of development or investment opportunities.
Number of Mortgages by Occupancy Type in Hennepin County, MN Over the Last 5 Years in Hennepin County
In Hennepin County, Minnesota, the shifting dynamics in mortgage counts by occupancy type over the past five years reveal intriguing insights. While the number of mortgages for principal residences peaked in 2020, there's been a gradual decline since, falling from 112,822 in 2020 to 52,234 in 2022. This drop could suggest a saturation point or evolving economic conditions impacting home ownership interest. Investment property mortgages also saw their zenith in 2021 but have been on a steady downward trajectory post-2020. Notably, second residence mortgages remain significantly lower than the other categories, hinting at focused local demand possibly limited by economic constraints or lifestyle choices. These trends can offer valuable context for investors, appraisers, real estate agents, and others in the housing market, as changes in occupancy type can influence property valuations, insurance rates, and development opportunities.
Economic Outlook
Hennepin County, Minnesota has shown a clear upward trend in average taxable income per tax return, growing from $82,129.52 in 2013 to $123,171.48 in 2021. Coupled with rising state and local income taxes, which hit $30,035.30 in 2021, this suggests an economic environment conducive to real estate investments. Additionally, a significant jump in total tax liability between 2020 ($20,776.85) and 2021 ($25,144.41) could be indicative of rising incomes or property values. Despite fluctuating... Read more
Average Taxable Income per Tax Return in Hennepin County, MN over the last 9 years
Over the past nine years, Hennepin County, Minnesota has shown a clear upward trend in average taxable income per tax return. Starting from approximately $82,129.52 in 2013, the average income has steadily increased, peaking at around $123,171.48 in 2021. This consistent growth highlights the county's potential attractiveness for investments and real estate ventures, suggesting overall economic stability and potential for future growth. Such insights are invaluable for anyone considering moving to or investing in the area, as well as for appraisers, insurance agents, and real estate professionals assessing property values.
Average State and Local Income Taxes Per Tax Return in Hennepin County, MN Over the Last 10 Years
Average state and local income taxes per tax return in Hennepin County, Minnesota have seen a notable upward trend over the past decade. In 2012, the amount was $10,353.37, rising steadily to $13,761.44 by 2015. Significant spikes occurred in 2018 and beyond, with the number reaching $20,793.57 in 2018 and $30,035.30 by 2021. It indicates a rise in either incomes or tax rates, presenting both challenges and opportunities for potential investors and homebuyers.
Average Total Tax Liability Per Tax Return in Hennepin County, MN Over the Last 10 Years
Over the past decade, the average total tax liability per tax return in Hennepin County, Minnesota has generally seen an upward trend. The most notable increase occurred between 2020 ($20,776.85) and 2021 ($25,144.41), reflecting a significant jump that may interest investors and real estate professionals. This shift could be interpreted as indicative of rising incomes or property values in the area, which might impact appraisals and insurance rates. For those looking to invest or move to the region, understanding these tax trends is crucial, as they could affect future financial planning and property decisions.
Cost of Living in Hennepin County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,961 | $1,822 | $1,609 | $2,666 | $2,215 |
| 1 adult 4 children | $1,961 | $1,488 | $1,259 | $2,666 | $2,389 |
| 2 adults 3 children | $1,961 | $1,488 | $1,381 | $2,666 | $1,961 |
| 1 adult 3 children | $1,961 | $1,215 | $1,032 | $2,666 | $2,179 |
| 2 adults 2 children | $1,443 | $1,218 | $1,154 | $2,368 | $1,489 |
| 1 adult 2 children | $1,443 | $910 | $804 | $2,368 | $1,624 |
| 2 adults 1 child | $1,443 | $963 | $927 | $1,399 | $1,152 |
| 1 adult 1 child | $1,443 | $622 | $577 | $1,399 | $1,172 |
| 2 adults | $1,176 | $773 | $699 | $0 | $745 |
| 1 adult | $1,030 | $422 | $350 | $0 | $613 |
Safety trends & Data
Over the past five years, Hennepin County, Minnesota has seen fluctuating property crime rates with differing trends by category. Larceny-theft has consistently remained on the higher side, peaking at 6,396 incidents in 2019 and gradually declining since. Burglary saw its highest numbers in 2020 with 652 cases, likely influenced by pandemic-driven economic challenges. Fraud also spiked notably, reaching 909 cases in 2019. Investors, real estate agents, and insurance providers should keep an eye... Read more
Property Crime Trends in Hennepin County, MN Over the Last 5 Years
Over the past five years, Hennepin County, Minnesota has seen fluctuations in property crimes with varying trends across different categories. Notably, larceny-theft remains consistently high, peaking at 6,396 incidents in 2019 before seeing a gradual decline. Burglary and motor vehicle theft show more variability, with burglary reaching its highest at 652 cases in 2020, likely influenced by the pandemic-related economic hardships. Fraud incidents also demonstrate notable surges, hitting 909 cases in 2019. Investors, real estate agents, and insurance providers should closely watch these trends for a comprehensive risk assessment, as property-related crimes can significantly impact property values and insurance premiums.
Demographics
In 2022, Hennepin County, Minnesota had a somewhat balanced gender split among its adult population with males slightly outnumbered by females. Education-wise, a significant proportion had at least some college education, and nearly 300,000 individuals held a bachelor's degree. The age distribution showed a relatively young population, with many residents falling in the 25 to 34-year age range. From a racial perspective, the majority were White, but there was noticeable diversity with... Read more
Race Distribution in Hennepin County, Minnesota (2022)
Educational Attainment in Hennepin County, Minnesota (2022)
Age Distribution in Hennepin County, Minnesota
Citizen Population in Hennepin County, Minnesota (2022)
Political Trends & Data
In Hennepin County, Minnesota, the 2020 U.S. Presidential Election results suggest a notable lean towards the Democratic Party, capturing around 70% of the votes. Republicans claimed about 27%, while Libertarian and Green parties, along with others, captured roughly 1% each. This dominant Democratic presence may influence both local and state election outcomes in future... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Hennepin County, Minnesota, the 2020 U.S. Presidential Election data suggests a significant lean towards the Democratic Party, with approximately 70% of the votes, whereas Republicans garnered about 27%. Minor parties, including the Libertarian and Green parties, appear to have captured a marginal share of the vote, roughly around 1% each, with other parties collectively making up a similar proportion. This trend may indicate a strong Democratic presence in the county, potentially influencing local and state elections as well.
27.25% of voters voted for the Republican party in the 2020 Presidential Election
70.46% of voters voted for the Democrat party in the 2020 Presidential Election
1.00% of voters voted for the Livertarian party in the 2020 Presidential Election
0.32% of voters voted for the Green party in the 2020 Presidential Election
0.98% of voters voted for the Other party in the 2020 Presidential Election
School Data
Hennepin County, Minnesota's student-to-teacher ratio has fluctuated from 13 to nearly 19 students per teacher over the past decade, recently stabilizing around 16. This is higher than the national average of 14 and suggests potential impacts on classroom dynamics and educational outcomes. The notable spike to 19 in 2021 could indicate broader trends in school funding or population growth, affecting property values and community resources. For real estate professionals, these dynamics might... Read more
Student-to-teacher ratio in Hennepin County, Minnesota over the last 10 years
Hennepin County, Minnesota has seen fluctuating student-to-teacher ratios over the past decade, with figures ranging from 13 to nearly 19 students per teacher, recently settling at around 16. During most years, the county's ratio has hovered near or slightly above the national average of 14 students per teacher. A noticeable spike occurred in 2021, hitting 19 students per teacher, which may have implications for classroom dynamics and educational outcomes. For investors, real estate agents, and those looking to move to the area, these shifts could reflect broader trends in local school funding or population growth, potentially impacting property values and community resources. Appraisers and insurance agents might consider these dynamics when assessing the area’s market and educational quality, as demand for homes in areas with lower student-to-teacher ratios is often higher due to perceived better educational environments.
