Despite being Florida’s largest city, Jacksonville’s housing market has often been overshadowed by other more prominent markets in the state, like Miami and Orlando. Because of this, many interested homeowners are shocked to find that the city currently has one of the healthiest housing markets in the country.
In a recent study conducted by HSH, Jacksonville was ranked as the country’s 22nd most affordable major metropolitan area to live in. But if you’re thinking about packing up and moving to Jacksonville, here are some things you should know:
- The median value of a home in Jacksonville is approximately $232,000. Buyers looking to move to Jacksonville should earn at least $51,000 in order to afford a median priced home if they put a 20% down payment.
- With an average mortgage rate of 4.01%, homeowners should be around $1,190 per month for a median priced home.
- Home prices in Jacksonville have increased by 5.94% over the past year.
From these statistics, we can clearly see that Jacksonville is an affordable city with a healthy housing market that’s currently ripe with investment opportunities. Now, compare that with San Jose, which topped the list as the most-expensive metro to buy a home, where homebuyers need a yearly salary of $216,181 just to afford a median priced home.
Jacksonville Has the Perfect Blend of Comfort and Affordability
Along with being one of the more reasonably priced housing markets in the country, Jacksonville has a lot to offer. It’s home to historic homes, beautiful architecture, and fun-filled events and attractions for all ages, which is why the APA Foundation listed Jacksonville as one of the greatest places to live in America.
Furthermore, with a posted job growth rate of 3.8% in 2016, Jacksonville has also benefitted from one of the healthiest job markets in country – especially for the transportation and defense industries. This, combined with the city’s growing influx of residents and out-of-towners, indicates that the city’s real estate markets will continue to enjoy positive growth throughout the following year.
As you can see, Jacksonville is one of Florida’s most promising markets. Thanks to its moderate cost of living and affording housing, now’s the perfect time to buy property in the city.
If you’re a prospective homebuyer that’s interested in owning property in Jacksonville and would like to learn more about the area, the Edge Group at Keller Williams can help. Our team of friendly professionals have extensive market knowledge of the greater Jacksonville area are happy to assist you with buying and selling property. Contact us today to get started.