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Del Rio's Home Values Soar: A Decade of Growth 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
Del Rio, a neighborhood in Jacksonville, Florida, has experienced significant growth and changes in its housing market over the past decade. From 2010 to 2022, the population nearly doubled, increasing from 14,454 to 27,413 residents. This growth has been accompanied by fluctuations in homeownership rates and notable changes in average home and rent prices.
Homeownership rates in Del Rio have shown variability since 2013. The rate stood at 67% in 2013 and remained relatively stable until 2019 when it dropped to 63%. A significant increase occurred in 2020, with homeownership reaching 72%, before slightly decreasing to 70% in 2022. These changes have coincided with trends in average home prices. In 2013, the average home price was $158,747, which steadily increased to $235,974 by 2019. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping from $244,851 to $354,547, representing a 44.8% increase in just two years.
The relationship between federal interest rates and homeownership rates in Del Rio reveals interesting patterns. From 2013 to 2019, when interest rates were relatively low (ranging from 0.09% to 2.16%), homeownership rates remained fairly stable around 65-67%. The significant jump in homeownership to 72% in 2020 coincided with a sharp drop in interest rates to 0.38%. This aligns with the general trend that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Del Rio have generally mirrored the inverse of homeownership rates. In 2013, the renter percentage was 33%, which gradually increased to 37% by 2019. However, there was a notable decrease to 28% in 2020, corresponding with the surge in homeownership. Average rent prices have shown a gradual upward trend over the years. In 2013, the average rent was $1,507, which remained relatively stable until 2019 at $1,521. There was a noticeable increase in 2020 and 2021, with average rent reaching $1,635, before slightly decreasing to $1,544 in 2022. This trend in rent prices appears to be influenced by the growing population and changes in homeownership rates.
Recent data shows that the average home price in Del Rio for 2023 was $357,923, showing a slight increase from 2022. In 2024, the average home price has further risen to $359,631. These figures indicate a continued upward trend in home values, albeit at a slower pace compared to the rapid growth seen in previous years. The federal interest rate in 2023 was 5.02%, increasing to 5.33% in 2024, which may impact future homeownership trends and housing affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Del Rio to continue their upward trajectory, albeit at a more moderate pace. Given the recent slowdown in price increases, we might anticipate average home prices to reach around $400,000 by 2029. For rent prices, the trend suggests a potential increase to approximately $1,700-$1,800 per month over the next five years, assuming consistent population growth and economic conditions.
In summary, Del Rio has experienced significant population growth and substantial increases in both average home prices and rent over the past decade. The neighborhood has maintained a relatively high homeownership rate, peaking in 2020 despite fluctuations in the housing market. The interplay between federal interest rates, homeownership rates, and housing prices has been evident, with lower interest rates generally corresponding to higher homeownership rates. As the neighborhood continues to develop, it will be crucial to monitor these trends and their impact on the local housing market and community dynamics.
