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East Arlington's Housing Market: Rising Home Values Amidst Declining Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
East Arlington, a neighborhood in Jacksonville, Florida, has experienced significant changes in homeownership and housing prices over the past decade. The area has seen a general trend of decreasing homeownership percentages, while average home prices and rent prices have shown an upward trajectory.
The homeownership rate in East Arlington has declined steadily from 2013 to 2022. In 2013, 83% of residents owned their homes, but this percentage decreased to 72% by 2022, representing a significant shift in the neighborhood's housing dynamics. Concurrently, average home prices in the area have shown a strong upward trend. In 2013, the average home price was $164,337, but by 2022, this figure had more than doubled to $378,053, reflecting a substantial increase in property values over the decade.
The relationship between federal interest rates and homeownership rates in East Arlington reveals some interesting patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, hovering around 81-84%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the neighborhood declined more rapidly, falling to 72% by 2022. This trend aligns with the general principle that higher interest rates can make homeownership less affordable and accessible.
The percentage of renters in East Arlington has increased from 17% in 2013 to 28% in 2022, mirroring the decline in homeownership. During this period, average rent prices have also risen substantially. In 2013, the average rent was $1,483 per month. By 2022, it had increased to $1,737, representing a 17% rise over nine years. This upward trend in rent prices, coupled with the growing renter population, suggests increasing demand for rental properties in the area.
Looking at the most recent data, the average home price in East Arlington reached $386,576 in 2023 and further increased to $393,111 in 2024. These figures represent a continued upward trajectory in property values. Federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in East Arlington will continue to rise, potentially reaching around $450,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,000 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, East Arlington has experienced a shift towards a higher proportion of renters over the past decade, accompanied by significant increases in both average home prices and average rent prices. The rising interest rates in recent years have likely contributed to the declining homeownership rates. As the neighborhood continues to evolve, it's expected to see further increases in housing costs, potentially affecting the demographic composition and housing preferences of residents in the coming years.
