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Goodby's Creek: Rising Home Values and Ownership Rates Amid Rental Surge
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
Goodby's Creek, a neighborhood in Jacksonville, Florida, has experienced significant fluctuations in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership, rising from 67% in 2013 to 75% in 2022. Concurrently, average home prices have shown substantial growth, more than doubling from $136,654 in 2010 to $287,550 in 2022.
The relationship between homeownership rates and average home prices in Goodby's Creek reveals an interesting dynamic. As average home prices increased from $136,654 in 2010 to $198,723 in 2020, the percentage of owner-occupied homes rose from 67% in 2013 to 72% in 2020. This trend continued into 2022, with homeownership reaching 75% as average home prices climbed to $287,550. The consistent rise in both metrics suggests a strong local housing market and increasing property desirability.
Federal interest rates have played a crucial role in shaping homeownership trends in Goodby's Creek. The period of historically low interest rates from 2010 to 2021, ranging from 0.08% to 0.4%, coincided with the increase in homeownership from 67% in 2013 to 76% in 2021. This aligns with the general principle that lower interest rates make homeownership more accessible due to reduced borrowing costs.
Renter percentages in Goodby's Creek have inversely mirrored homeownership trends, decreasing from 33% in 2013 to 25% in 2022. Average rent prices, however, have shown volatility. From 2013 to 2022, average rent fluctuated between $1,120 and $1,463, with notable increases in certain years. For instance, average rent rose from $1,134 in 2020 to $1,463 in 2021, a significant 29% increase, before dropping back to $1,130 in 2022. These fluctuations may be influenced by changes in population, which varied from 3,673 in 2013 to 4,017 in 2022, affecting housing demand.
In 2023 and 2024, Goodby's Creek continued to see growth in average home prices, reaching $292,948 in 2023 and further increasing to $300,310 in 2024. This represents a steady appreciation in property values. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, marking a substantial increase from the near-zero rates of the previous decade.
Looking ahead, predictive models suggest a continued upward trend in both average home prices and rent for Goodby's Creek over the next five years. Average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $350,000 by 2029. Average rent prices are expected to grow at a similar rate, potentially surpassing $1,600 per month within the same timeframe.
In summary, Goodby's Creek has demonstrated resilience and growth in its housing market. The neighborhood has seen a steady increase in homeownership rates alongside rising property values, despite recent interest rate hikes. The rental market, while experiencing some volatility, has generally kept pace with these trends. As the area continues to develop, it is likely to remain an attractive location for both homeowners and investors in the coming years.
