About the Jacksonville Housing Market
Jacksonville has one of the country’s highest-performing economies, and its low unemployment rate highlights the strength of the job market. The average price of a single family home in Jacksonville is $353,575 while the average monthly rent price is $1,743.
Jacksonville, located in northeastern Florida, often gets overshadowed by some of the state’s more popular destinations, but it offers a diverse economy and plenty of investment opportunities for real estate investors.
Jacksonville has grown by more than 100,000 residents over the past decade—the latest census numbers show St. Johns County in the Jacksonville metro area has seen a 44% growth in population since 2010. And this influx of residents is drawing businesses to the area and making it a prime place to invest in real estate for 2023.
Median Household Income: $68,394
Metro Population: 1.64 Million
11-Year Population Growth: 21.4%
Median Home Price: $353,575
Median Rent Per Month: $1,743 (0.49% rent-to-value ratio)
1-Year Equity Growth: 23.8%
1-Year Rent Growth: 13%
8-Year Rent Growth (January 2014 – December 2022): 57%
Job Growth: +33,100 CES jobs created over the last year
1-Year Job Growth Rate: 4.51% (17% higher than the national average)
Unemployment Rate: 2.5% (32% lower than the national average)
Tenant Laws: Landlord-Friendly
What to Like
Low cost of living
Strong economy
Beautiful beaches
Variety of activities
What to Watch Out For
Lack of public transport
Traffic congestion
Summer heat and humidity
Higher crime in some areas
– Transportation infrastructure: Jacksonville has a well-developed transportation infrastructure, including a deep-water port, an international airport, and a network of highways and interstates. The city is also home to several major military installations, including Naval Air Station Jacksonville and Naval Station Mayport.
– In the next decade, job growth in the Jacksonville region is expected to reach 44%. This is approximately 11 percentage points higher than the national average. It’s no wonder that so many people are moving here.
– In Jacksonville, the prices of homes have risen faster than rent prices, which has fueled demand for rental properties and created an attractive investment opportunity. The percentage of households in Jacksonville that rent their homes is currently 44%, a number that is expected to increase in the near future.
– The Jacksonville metro area has had a 21.4% increase in population since 2010. That’s almost 194% faster than the average US population growth rate. Jacksonville has been growing at the rate of 1.96% per year since 2010.
Steady population increase
Between 2010 and 2021, the population of Jacksonville grew by 21.4% at the rate of 1.96% annually. This fast population growth is expected to continue for the foreseeable future. Jacksonville is the largest city in Florida by land area, and its population has been steadily increasing. According to the US Census Bureau, the city’s population was estimated at 911,507 in 2020, making it the 12th largest city in the US.
Strong job growth
Jacksonville’s economy is diverse, with significant employment in healthcare, finance, logistics, and manufacturing. The city is home to several major corporations, including CSX, Fidelity National Financial, and Southeastern Grocers, and has a growing technology sector.
Steady home price appreciation
Jacksonville has seen significant real estate development in recent years, with new housing, commercial, and mixed-use projects popping up throughout the city. This includes the development of the Downtown area and the revitalization of historic neighborhoods like Springfield.
Purchasing Property in Jacksonville
Jacksonville offers a high quality of life, with access to beaches, parks, and cultural amenities like the Jacksonville Symphony Orchestra and the Cummer Museum of Art and Gardens. The city also has a strong sports culture, with professional teams in football, basketball, and soccer.
The median home price in Jacksonville has increased by 110% over the last eight years. That means that buyers who purchased a home in 2014 could sell for over twice the price now. Jacksonville’s real estate prices have been growing by an average of 11% per year since 2014.
Jacksonville’s median home price of $353,575 is only about 3% greater than the national average. Jacksonville has an average monthly rent price of $1,743 that is only 11.6% lower than the national average. With a price to rent ratio of 16.9, renting is more cost-effective for Jacksonville residents than buying.
Jacksonville, Florida
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