Jacksonville ranks favorably in home affordability when compared nationally, according to a recent report.
Home Affordability in Jacksonville Beach’s Real Estate Market is a concern for many homebuyers. The main reason for this is the national issue of interest rates reaching a 23-year high of 7.5% according to Freddie Mac.
A recent report by Insurify ranks the Jacksonville metro area as #9 on a national list of top housing markets to watch based on affordability. This is according to an article in the Jacksonville Business Journal. Jacksonville has higher average home values and annual insurance costs when compared nationally. However, there are other factors that create a strong positive impact for Jacksonville’s home affordability. These factors include “average home value appreciation, the increase in new housing units year over year, the ratio of new housing units to homeowners and population changes” as stated by the article.
Single-Family Home Permits
In August, 1,358 building permits were issued for single-family homes on the First Coast according to Northeast Florida Builder’s Association as cited here. This was the highest number of permits in a single month since March 2022.
High Insurance Costs
Of course, Jacksonville’s higher annual insurance costs are due to Florida’s susceptibility to hurricanes. Thankfully, we’re near the end of peak hurricane season for this year. However, it’s important for Jacksonville Beach residents to be prepared for hurricanes any time of year. Check out our post on hurricane preparedness to make sure you have everything in place before the storm tracker is pointed at us.
Assessing Your Ability to Afford a Home & Resources Available
Although home affordability is challenging on a national level right now, it is reassuring to know that Jacksonville is ranking well comparatively. For more information on affordability check out our post that helps you to assess your own ability to afford a home. We also have a great post that shares resources for financing and down payments.
Fluid Realty
Reach out to the Fluid Realty team for all your real estate needs. The Fluid Realty Team is Jacksonville’s top real estate group and local boutique brokerage. We provide a full-service experience with the best realtors in the area. Our expertise includes luxury beach real estate within the four Beaches of Jacksonville, FL: Atlantic Beach, Neptune Beach, Jacksonville Beach, and Ponte Vedra Beach.
