Jacksonville, Florida is one of America’s up and coming cities. Situated on Florida’s North-East, Jacksonville has a burgeoning economy, a growing population, and a future that could see them become one of Florida’s most exciting cities for real estate. There are a wide variety of trends in Jacksonville that should influence a buyer or seller’s perception of the city. Below we have some trends that should stand out to you.
A Growing Economy
Jacksonville’s workforce is expanding by two times the national average. With no income tax in Florida, Jacksonville is an attractive spot for professionals looking to save money. Jacksonville is also the only city in Florida that is home to four Fortune 500 companies, so there are a lot of employment prospects in the city.
Jacksonville’s future job growth has been projected at a 39.1% uptick over the next 10 years, which would continue their trend of growth over the last few years. In the last year, Jacksonville created over 22,100 jobs, which was an annual growth rate of 3.1%. This was 111% higher than the job growth rate of the United States of America as a whole, which had a rate of 1.47%.
Jacksonville’s economy is shaping up to be one of the most promising of any city in America in terms of growth. All trends seem to indicate that over the next few years, Jacksonville could become a new powerhouse in Florida.
A Growing Population
Jacksonville right now has a relatively small population of 903,889, but that doesn’t tell the full story. Jacksonville’s population has been increasing every year at a rate of nearly 2%, and an increased rate of growth in the future appears likely. Between 2010 and 2018, the population of Jacksonville increased by 14%, which was 139% faster growth than the national average. As the city continues to expand economically, it’s going to attract more and more residents based on the opportunities it provides.
Jacksonville’s population is low right now, which makes real estate there very accessible and cheap compared to many other metro areas in the U.S. But as the population continues to increase, the real estate market is likely to be impacted.
Right now, Jacksonville is an extremely affordable market for buyers. The median price of a 3-bedroom home in Jacksonville was $189,000, which is 15% lower than the national average of $222,000. This is combined with the lack of an income tax, and one of the lowest property tax rates in the nation, to make Jacksonville an extremely affordable city for buyers.
With an increase in population, comes an increase in demand for property. If the supply can’t keep up, which is difficult when the population increase is so drastic, prices rise. Between 2012 and 2019, the average rent for 3-bedroom homes in Jacksonville increased by 32%. It appears very likely that in the coming years, real estate prices in Jacksonville will continue to surge. This isn’t necessarily a bad thing for buyers, as it appears real estate in Jacksonville will continue to rise for years, so property investments seem safe given the burgeoning economy and growing population.
Jacksonville is a city that offers a ton of promise. Their real estate market is one of the most affordable of any big city in America, and there is a lot of indication that the city seems ready to take off. A growing economy, and a steadily growing population means that Jacksonville is a city to watch. While real estate prices are poised to rise as the economy thrives and the population climbs, the low property tax rates and lack of income tax make Jacksonville all the more enticing for residents and investors alike.