Living in a large metropolitan area offers a vibrant lifestyle, complete with eclectic living spaces and cultural variety. The pace of life is fast and exciting, but it all comes at a price. Cities like New York, Chicago, and Los Angeles are known worldwide for being some of the most expensive urban areas in which to live and work, with rentals often reaching $5,000 a month and home prices in the millions of dollars for minimal space.
In the past several years, these three cities, as well as others like Miami, Houston, and Washington DC, have begun to see an exodus to less expensive cities. According to the Brookings Institute, the population in the country’s major metropolitan areas fell by nearly half over the past decade.
Throw in the coronavirus pandemic and the urban landscape takes on an additional set of issues, with the density of population becoming a concern as well as the closures of hundreds of those cultural and entertainment businesses for an unspecified time. Many residents have begun to question the viability of that lifestyle if the high price isn’t reaping the rewards they expect. So, where have those people been going?
They are relocating to smaller urban cities, the suburbs, or even rural areas. Cities like Jacksonville, Florida, with around 1 million people spread out over 850 square miles amid every kind of landscape anyone could want. The climate is subtropical, with all that implies: endless sandy beaches, hot summers, mild winters, world-class golf courses, and a myriad of other year-round activities to match each season. And housing in Jacksonville is well within the reach of just about everyone.
Nearly 90% of all apartment rentals in the area fall between $700 and $1500 for approximately 1000 square feet, and the average cost of a home is just under $200,000. The city has over 500 neighborhoods, with every style of living available: downtown, upscale urban, walkable, suburban, condos, beach life, and rural. Yet even with more and more people working from home due to COVID-19, it is important to look at the available job market before making a major move like this. How does Jacksonville fare for business?
Forbes lists Jacksonville on the Top 25 Best Cities for Business and Careers. The major industries in the area are tourism, international trade, insurance, health sciences, aviation, and marketing and sales. The city is home to Mayo Clinic, Amazon, CSX, Johnson & Johnson, UPS, Baptist Health, Bank of America, Naval Air Station Jacksonville and Naval Base Mayport, to name just a handful of companies that make the city a multi-dimensional source of employment. In February 2020, the unemployment rate was only 3% thanks to these industries.
It’s easy to see why this large metropolitan area has been so popular. Add to it that there is no state income tax in Florida and the crime rate in Jacksonville has steadily declined over the past 11 years. As high costs and high stress drive many people out of places like New York City and Los Angeles, Jacksonville offers a slower pace, a lower cost of living, and a multitude of reasonably-priced living choices.
Welcome to Jacksonville!
