Jacksonville Real Estate Market 2020

Jacksonville Real Estate Market Trends & Statistics 2020

In this section, you’ll learn about the top factors that make Jacksonville one of the strongest real estate markets of 2020, including: affordability, rental income and cash flow, and equity growth potential. Explore Jacksonville’s housing market, population, and employment trends in the tabs to learn more.

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Data Sources:

• https://www.zillow.com/
• RealWealth Property Team Data
• https://factfinder.census.gov/
• https://www.deptofnumbers.com/

Jacksonville real estate prices are more affordable than many other U.S. cities today.

• In 2019, the median price of 3 bedroom homes in Jacksonville was $189,000. This is 15% lower than the national average of $222,000.
• In the neighborhoods where RealWealth members invest, the median price of 3 bedroom homes in Jacksonville was $175,000 in 2019. This is 21% lower than the national average of $222,000.
• This shows us that property values in Jacksonville are more affordable than many other U.S. cities today. This is especially true in the neighborhoods where RealWealth members are investing.

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In some Jacksonville neighborhoods, it’s possible to generate strong monthly income.

• In 2019, the median monthly rent 3 bedroom homes in Jacksonville was $1,409, which is 0.75% of the median purchase price of $189,000. This is right in line with the national purchase-to-rent ratio. In the neighborhoods where RealWealth members invest, the median monthly rent for 3 bedroom homes was $1,350 in 2019, which is 0.77% of the $175,000 purchase price.
• This shows us that the Jacksonville metro area offers investors the opportunity to generate more rental income than many other U.S. cities today, especially in the areas where RealWealth members invest.
• Bonus: In addition to affordable home prices and high monthly rents, Jacksonville also has no state income tax and one of the lowest property tax rates in the nation. This is another great indication that JAX offers a strong cash flow opportunity.

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Over the last seven years, Jacksonville home values have appreciated at a slightly faster rate than other cities across the nation.

• In 2012, median price of 3 bedroom homes in Jacksonville was $108,000. This means that, in the last 7 years (2012 to 2019), 3 bedroom homes in Jacksonville have appreciated by 75%. This is significantly higher than the 55% appreciation average for 3 bedroom homes nationwide.

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Over the last seven years, the median monthly rent for three bedroom homes has increased less than the national average.

• Between 2012 and 2019, the average rent for 3 bedroom homes in Jacksonville increased by 32%. This is a slightly lower increase than the national average of 37% during this period.
• All of this shows us that Jacksonville is still affordable for buyers and renters, but it probably won’t stay this affordable for long. If the population continues to grow rapidly — which seems likely — it’s only a matter of time before demand overtakes supply, driving up home values and rents.

Jacksonville’s population is growing significantly faster than the national average.

• Between 2010 and 2018, Jacksonville’s population increased by almost 14%. This is 139% faster population growth than the national average.
• This shows us that the demand for housing should continue to rise in Jacksonville. More people = more renters and more buyers. More renters and more buyers = higher rents and home values.

Jacksonville is creating jobs at a faster rate than other cities in the United States today.

• In the last year, Jacksonville created almost 22,100 jobs — an annual growth rate of over 3.0%. This is 111% higher than the U.S. annual job growth rate of 1.47%.
• This shows us that JAX is experiencing faster job growth than most other U.S. cities today. It’s likely this trend will continue as people and businesses continue moving to the area for its year-round sunshine, open space, and low taxes (zero income tax and a flat corporate tax rate of only 5.5%).

Jacksonville is Affordable

• In the neighborhoods where RealWealth members invest, the median price of 3 bedroom homes in Jacksonville was $175,000 in 2019. This is 21% lower than the national average of $222,000.
• This shows us that property values in Jacksonville are more affordable than many other U.S. cities today. This is especially true in the neighborhoods where RealWealth members are investing.

JAX is Great for Cash Flow

• In the neighborhoods where RealWealth members invest, the median monthly rent for 3 bedroom homes was $1,350 in 2019, which is 0.77% of the $175,000 purchase price. This shows us that the Jacksonville metro area offers investors the opportunity to generate more rental income than many other U.S. cities today, especially in the areas where RealWealth members invest.
• Jacksonville also has lower taxes than most of the country — zero income tax and a flat corporate tax rate of only 5.5% — which are positive factors in creating a strong cash flow opportunity.

Jacksonville is Growing Quickly

• Between 2010 and 2018 Jacksonville’s population increased by almost 14%. This is 139% faster population growth than the national average.
• This shows us that the demand for housing should continue to rise in Jacksonville. More people = more renters and more buyers. More renters and more buyers = higher rents and home values.
• In the last year, Jacksonville created almost 22,100 jobs — an annual growth rate of over 3.1%. This is 111% higher than the U.S. annual job growth rate of 1.47%.
• This shows us that JAX is experiencing faster job growth than most other U.S. cities today. It’s likely this trend will continue as people and businesses continue moving to the area for its year-round sunshine, open space, and low taxes (zero income tax and a flat corporate tax rate of only 5.5%).

 

Jacksonville Equity Growth is Likely

• In 2012 median price of 3 bedroom homes in Jacksonville was $108,000. This means that, in the last 7 years (2012 to 2019), 3 bedroom homes in Jacksonville have appreciated by 75%. This is significantly higher than the 55% appreciation average for 3 bedroom homes nationwide.
• Between 2012 and 2019, the average rent for 3 bedroom homes in Jacksonville increased by 32%. This is a slightly lower increase than the national average of 37% during this period. All of this shows us that Jacksonville is still affordable for buyers and renters, but it probably won’t stay like this affordable for long. If the population continues to grow rapidly — which seems likely — it’s only a matter of time before demand overtakes supply, driving up home values and rents.