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Clifton's Real Estate Evolution: Home Values and Ownership in Jacksonville's Dynamic Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Clifton, a neighborhood in Jacksonville, Florida, has undergone significant changes in its real estate landscape over the past decade. This community has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Clifton has shown a notable shift over the years. In 2013, homeowners occupied 51% of the housing units. However, this percentage declined to 41% by 2017, before rebounding to 50% in 2022. This fluctuation coincides with changes in average home prices. In 2013, the average home price in Clifton was $134,748. As homeownership rates declined, average home prices rose steadily, reaching $201,360 in 2018 and $332,184 in 2022. This inverse relationship suggests that rising home prices may have initially pushed some residents towards renting, but as the market stabilized, homeownership became more attainable for some.
Federal interest rates have played a crucial role in shaping homeownership trends in Clifton. From 2013 to 2015, interest rates remained extremely low, hovering around 0.1%. During this period, homeownership rates in Clifton declined from 51% to 44%, possibly due to rising home prices outpacing the benefits of low interest rates. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased to 50%. This trend suggests that while low interest rates can encourage homeownership, other factors such as local market conditions and overall economic health also play significant roles.
Renter percentages in Clifton have mirrored the homeownership trends, increasing from 48% in 2013 to a peak of 59% in 2017, before settling at 50% in 2022. Average rent prices have generally trended upward during this period. In 2013, the average rent was $882, rising to $1,012 in 2017, and reaching $1,508 in 2022. This represents a 71% increase in average rent over nine years. The population of Clifton has also fluctuated, from 1,512 in 2013 to 1,749 in 2022, which may have contributed to the demand for rental properties and subsequent rent increases.
Looking at the most recent data, average home prices in Clifton continued to rise, reaching $337,506 in 2023 and $344,410 in 2024. This represents a modest 2% increase from 2023 to 2024, suggesting a potential slowdown in the rapid price growth seen in previous years. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Clifton will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $400,000 to $425,000, assuming a steady growth rate of 3-4% annually. Average rent prices are also expected to increase, potentially reaching $1,800 to $2,000 per month by 2029, based on historical growth patterns and accounting for potential market adjustments.
In summary, Clifton has experienced a dynamic real estate market over the past decade, with homeownership rates initially declining but then rebounding, while average home and rent prices have shown consistent growth. The interplay between federal interest rates, local market conditions, and population changes has significantly influenced these trends. As we look to the future, Clifton is likely to continue seeing moderate growth in both home prices and rents, with potential for stabilization in homeownership rates as the market adjusts to higher interest rates and evolving economic conditions.
