Home Values Soar In Jacksonville While Mortgages Remain Lower Than Rent
Home values in Jacksonville have jumped an average 46 percent over the past five years.
That works out to an average value increase of $71,343; according to Point2 Homes.
The real estate search portal company looked at the 83 largest U.S. cities. Jacksonville was No. 15 on the list in terms of the biggest price changes, tying with Portland, Oregon.
Despite the increase, another report finds Jacksonvlle ranks No. 8 in the U.S. among cities where mortgage payments are cheaper than rent payments.
Lending Tree analyzed monthly rental and mortgage payments for homes in the 50 largest metropolitan areas in the U.S.
In Jacksonville the median monthly mortgage is $1,048, just below the median rent of $1,140, according to Lending Tree. That number doesn’t take into account the cost of a down payment needed to qualify for a mortgage.
Lending Tree said cash down payment requirements on a home can be as high as 20 percent.
A Colliers International report in January found multifamily construction starts in Jacksonville are at an all-time high. That's as a 2018 RENTCafe study found Jacksonville ranked 12th in the nation when it comes to high-end apartment construction, or "luxury" apartments.