Alderman Park, a neighborhood in Jacksonville, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This area's real estate market reflects broader economic trends and local dynamics. The homeownership rate in Alderman Park increased from 60% in 2019 to 71% in 2022, coinciding with substantial growth in average home prices. In 2019, the average home price was $180,331, which rose to $282,230 by 2022, representing a 56.5% increase over three years. This trend suggests a strong correlation between rising property values and increased homeownership in the neighborhood.

Federal interest rates have significantly influenced homeownership trends in Alderman Park. From 2019 to 2021, historically low interest rates, dropping from 2.16% to 0.08%, likely contributed to the surge in homeownership by making mortgage financing more accessible and affordable. The increase in homeownership from 60% in 2019 to 72% in 2020 aligns with this period of exceptionally low interest rates.

Rental trends in Alderman Park have shown inverse relationships with homeownership rates. As homeownership increased, the percentage of renters decreased from 40% in 2019 to 29% in 2022. However, average rent prices have generally trended upward despite fluctuations in the renter population. The average rent rose from $1,015 in 2019 to $1,037 in 2022, a modest increase of 2.2%. This upward trend in rent prices, even as the renter population decreased, may indicate a tightening rental market with increased demand for available units.