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Home Values and Ownership Dynamics in Settlers Landing, Jacksonville
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Settlers Landing, a vibrant neighborhood in Jacksonville, Florida, has experienced significant shifts in its housing market over the past decade. This community, characterized by its dynamic population growth and evolving real estate landscape, offers a compelling case study of homeownership trends and property values.
The relationship between homeownership rates and average home prices in Settlers Landing reveals an interesting pattern. In 2013, the neighborhood boasted a high 77% homeownership rate, with average home prices at $92,643. As property values steadily increased, reaching $179,492 by 2019, homeownership remained relatively stable at 80%. However, a notable shift occurred from 2020 to 2022. Despite average home prices surging to $281,835 in 2022, homeownership rates declined to 70%, suggesting that rising property values may have priced out some potential buyers.
Federal interest rates have played a crucial role in shaping homeownership trends in Settlers Landing. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%, coinciding with stable homeownership rates above 75%. As interest rates began to rise, reaching 1.83% in 2018 and 2.16% in 2019, homeownership rates remained resilient, even peaking at 80% in 2019. However, the sharp increase in interest rates to 1.68% in 2022 corresponded with a decline in homeownership to 70%, indicating a potential correlation between higher borrowing costs and reduced home buying activity.
The rental market in Settlers Landing has shown its own distinct trends. In 2013, the renter-occupied rate was 22% with an average rent of $1,275. As the population grew from 4,783 in 2013 to 5,714 in 2022, the rental market experienced fluctuations. Notably, the renter-occupied rate increased to 30% in 2022, with average rent reaching $1,262. This suggests that as home prices rose significantly, more residents may have opted for renting, despite only a modest increase in average rent prices over the decade.
Looking at the most recent data, average home prices in Settlers Landing continued to rise in 2023, reaching $284,265, and further increased to $284,772 in 2024. This upward trend persisted despite the Federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, indicating a robust demand for housing in the area even in the face of higher borrowing costs.
Applying predictive models to forecast the next five years, we anticipate a continued upward trajectory for average home prices in Settlers Landing, albeit at a more moderate pace due to the current high interest rates. Average home prices could potentially reach around $310,000 by 2029. For the rental market, we project a gradual increase in average rent prices, potentially reaching approximately $1,400 by 2029, driven by population growth and the ongoing demand for housing in the area.
In summary, Settlers Landing has demonstrated a complex interplay between homeownership rates, property values, and rental market dynamics. The neighborhood has seen substantial growth in average home prices, from $111,984 in 2010 to $284,772 in 2024, a remarkable 154% increase. Despite rising interest rates, the area continues to attract residents, with the population growing from 4,519 in 2010 to 5,714 in 2022. The shift towards a higher percentage of renters in recent years, coupled with steadily increasing home values, suggests a changing landscape in this Jacksonville neighborhood that bears watching in the coming years.
