2021 Housing Market Overview
Jacksonville Real Estate Market 2021
Jacksonville Real Estate Market Overview
Metro Population: 1.5 M
Median Household Income:$59,000
Unemployment Rate:5%
Median Home Price*:$240,000
Median Monthly Rent*:$1,379
Interested in investing in the Jacksonville real estate market in 2021? On this page you’ll learn about housing market trends and statistics to help you make that decision.
About Jacksonville
Located on the eastern coast of Florida, Jacksonville lines both banks of the St. Johns River – the longest river in Florida and also one of only two rivers in North America that flows north instead of south.
In the past 10 years, the Jacksonville metro area has grown by almost 16%. To date, there are over 1.5 million people living in this area and more continue to come every year. In fact, Jacksonville’s population has been steadily increasing at a rate of over 2% per year, and its workforce has been expanding at twice the national average.
There are many factors that explain this growth. First, Jacksonville is the only Florida city that is home to four Fortune 500 companies. The region also has a world-class health care system, with more than 20 hospitals and a growing bioscience community. Additionally, 13 of Forbes Global 500 have operations in Jacksonville.
With a cost of living below the national average, wonderful climate and business-friendly environment, we believe Jacksonville is one of the best real estate markets in the country.
More To Love About Jacksonville
- The population in Jacksonville has grown nearly 16% in population since 2010, which is higher than both Miami and Tampa.
- Future job growth in Jacksonville is predicted to be around 40% over the next 10 years.
- The expansion of the Panama Canal is helping to bring jobs into the Jacksonville area ports, which is likely to lead to even more population growth.
- The Jacksonville metro also has a world-class health care system with more than 20 hospitals and a growing bio-science community.
Jacksonville Housing Market Trends
Jacksonville Real Estate Market Trends & Statistics 2021
In this section, you’ll learn about the top factors that make Jacksonville one of the strongest real estate markets of 2021, 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.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 2020, the median price of average homes in Jacksonville was $240,000. This is 6% lower than the national average of $254,000.
- In the neighborhoods where RealWealth members invest, the median price of average homes in Jacksonville was $200,000 in 2020. This is 21% lower than the national average of $254,000.
- 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.
In some Jacksonville neighborhoods, it’s possible to generate strong monthly income.
- In 2020, the median monthly rent for average homes in Jacksonville was $1,379, which is 0.57% of the median purchase price of $240,000. This is below the national purchase-to-rent ratio of 0.68%.
- In the neighborhoods where RealWealth members invest, the median monthly rent for average homes was $1,600 in 2020, which is 0.80% of the $200,000 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.
Over the last six years, Jacksonville home values have appreciated at a faster rate than other cities across the nation.
- In 2014, median price of average homes in Jacksonville was $168,325. This means that, in the last 6 years (2014 to 2020), average homes in Jacksonville have appreciated by almost 43%. This is higher than the 36% appreciation average for homes nationwide.
Over the last six years, the median monthly rent for average homes has increased slightly more than the national average.
- Between 2014 and 2020, the median rent for average homes in Jacksonville increased by 24%. This is a slightly above the national average of 23% 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 2019, Jacksonville’s population increased by almost 16%. This is 156% 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 lost 26,500 jobs — an annual job loss rate of 3.65%. This is 40% better than the U.S. annual job loss rate of 6% in 2020.
- This shows us that JAX has experienced job losses, but not as many losses compared to most cities around the country. In a typical year, the job market in Jacksonville has been growing faster than the national average. 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 average homes in Jacksonville was $200,000 in 2020. This is 21% lower than the national average of $254,000.
- 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 average homes was $1,600 in 2020, which is 0.80% of the $200,000 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 2019 Jacksonville’s population increased by almost 16%. This is 156% 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 lost 26,500 jobs — an annual job loss rate of 3.65%. Overall, Jacksonville’s job market fared 40% better than the U.S. annual job loss rate of 6%.
- In a typical year, JAX is experiencing faster job growth than most other U.S. cities today. It’s likely this trend will continue as COVID-19 subsides, people and businesses will 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 2014, the median price of average homes in Jacksonville was $168,325. This means that, in the last 6 years (2014 to 2020), average homes in Jacksonville have appreciated by almost 43%. This is higher than the 36% appreciation average for homes nationwide.
- Between 2014 and 2020, the median rent for average homes in Jacksonville increased by 24%. This is a slightly higher increase than the national average of 23% 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.
Major Employers in Jacksonville
Property Teams
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Sample properties
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Disclaimer: The information provided on this page is for educational purposes only. RealWealth makes no warranty or representation as to the accuracy, completeness or reliability of this information. Please be advised that this content may contain errors, is subject to revision at all times, and should not be relied upon for any purpose. Under no circumstances shall RealWealth be liable to you or anyone else for damage stemming from the use or misuse of this information.
