The Dark Side of Jacksonville’s Real Estate Market

February 17, 2022
by
2 mins read
Set of Keys With Red House Isolated on White Background.

Omar Aftab

In recent years, Jacksonville has become increasingly developed. People have been gathering from around the nation for the sunshine and beaches that the city provides while still being relatively slow-paced and understated compared to more tourist-based cities like Miami and Orlando. However, whereas these cities are popular for tourists, Jacksonville is becoming a place where people are settling down, and this is being reflected in the booming housing market.

According to Zillow, an online real-estate marketplace company, Jacksonville is the second hottest housing market in the nation, runner-up only to Tampa. Even with an average price of more than $300,000, homes in Jacksonville are expected to increase 22% through November. This is all great news for anyone who owns property and is looking to sell, as well as those itching to try their hand at the real estate business in the hopes of hitting it big. But what about those who are still in the process of saving up to put down their roots and buy a home, while also dealing with rising rent?

For them, Jacksonville is quickly becoming a nightmare of a city to live in. Houses have outrageous price tags that are nearly impossible to afford, and the price of rent is shooting up every year, forcing people to move back in with parents, find roommate, or simply give up most of their paychecks and any opportunities that come with a price in order to make rent.

WJCT News recently reported that local rent has increased by 31.5% in the last year, nearly 6% higher than the increase in mortgages over the same time period and over two times the average rent for the entire nation. Economist Daryl Fairweather claimed the high cost of mortgages is forcing people to rent, further driving up rental costs and creating a vicious cycle that is expected to persist throughout 2022.

Jacksonville resident Danyal Asad said he’s seen his own rent prices soar recently. When he first started living at Waters Ridge Apartment on St. Johns Bluff, his rent was around $850 a month. It was a manageable amount, enabling him to pursue a college degree while working full time. Over the years, however, rent steadily increased, while the quality of various services, such as maintenance, were only going down. By mid-2021, his rent had reached $1,300 a month, unless he signed a lease for a period of time he simply wasn’t willing to. Given only two weeks to make a decision, Asad scrambled to find a new place to live. He ended up paying $1,280, nearly the same price but for a more spacious apartment with better services.

Asad’s story isn’t a rare one. The entire population of Jacksonville has felt the waves of this increase in prices; some for better, some for worse. Ever since the pandemic began, there’s been a steady shift of wealth from the poor to the rich, creating a greater class disparity than the U.S. has seen in ages. Nearly two years later, the effects are still present and are perhaps even worsening. The real estate market is just a reflection of that economic reality.

 

Folio is your guide to entertainment and culture around and near Jacksonville, Florida. We cover events, concerts, restaurants, theatre, sports, art, happenings, and all things about living and visiting Jax. Folio serves more than two million readers across Jacksonville and Northeast Florida, including St. Augustine, The Beaches, and Fernandina.

Current Issue

SUBMIT EVENTS

Submit Events

Advertisements

Alice Cooper at the AMP
The Amp
Collision Homecoming
JWJ Park Events
omaha-steaks-banners

Date

Title

Current Month

Follow FOLIO!

Previous Story

Love and Knowledge

Next Story

Jax transplants take a grassroots approach to promoting local artists with Neighborhood Jams

Latest from Community

THE ILLUSIONISTS will add magic to your season

This Tuesday, for one night only, the record-breaking THE ILLUSIONISTS-MAGIC OF THE HOLIDAYS will be onstage at the Performing Arts Center in Jacksonville.  Having originated on Broadway, the show features rotating performers who have wowed audiences around the world since 2012. Multi-award-winning Chris Cox – The Mentalist  – has performed

Rumor Has It

Is First Baptist Church controlling Downtown development?  Words by Ambar Ramirez It’s one of the oldest and largest Baptist congregations in Jacksonville. And probably one of the most influential. Whether you were born and raised in Jacksonville or moved to this bold city in recent years, chances are you know

Party in the Front and the Back: Inside Jacksonville PorchFest

Words by Carmen Macri Jacksonville’s one-of-a-kind festival returns for its 10th anniversary, bringing live music, art and local vendors to the historic porches of Springfield Nov. 9.  For some backstory; Elizabeth Augustus, a San Marco resident, attended her first porch festival while visiting upstate New York, the origin

Humans of Jacksonville: Gunnel Humphreys

Words & photos by Ambar Ramirez If you’ve heard of Edge City, you’ve likely heard of Gunnel Humphreys. For 50 years, Humphreys’ daily routine was familiar and consistent. Her mornings began at 6 a.m., and after breakfast and a quick outfit change, she and her partner Tom would hop

Downtown we will rock you with THE ULTIMATE QUEEN CELEBRATION

This Friday (10/18), Jacksonville rock fans are going to get a special treat.  THE ULTIMATE QUEEN CELEBRATION is coming to our city for one performance only.  This is not a typical tribute or impersonation show, nor is it a story about Freddy Mercury and the original group.  This is a
July 5th Cleanup
GoUp