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Imeson Park: Rising Home Values and Strong 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
Imeson Park, a neighborhood in Jacksonville, Florida, has experienced notable changes in its housing market over the past decade. This area has maintained a high rate of homeownership while seeing significant fluctuations in both average home prices and average rent prices. The homeownership rate in Imeson Park has remained consistently high, albeit with some variations. In 2013, the neighborhood boasted a remarkable 97% homeownership rate. This figure slightly decreased to 84% by 2018 but rebounded to 88% in 2022. Concurrently, average home prices in the area have shown a steady upward trend. From 2013 to 2022, average home prices increased from $187,068 to $364,530, representing a substantial 94.9% growth over this period. The relationship between federal interest rates and homeownership rates in Imeson Park appears to follow general economic principles. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained high, above 88%. As interest rates began to rise from 2017 onwards, there was a slight dip in homeownership rates, reaching a low of 84% in 2018 when the federal interest rate was 1.83%. However, the neighborhood's strong preference for homeownership seemed to persist despite these rate changes.
Renter percentages in Imeson Park have remained relatively low but showed some fluctuation. In 2013, only 3% of residents were renters. This percentage increased to 16% by 2018 before decreasing to 12% in 2022. Average rent prices have generally trended upward during this period. In 2013, the average rent was $1,120, which increased to $1,304 by 2022, representing a 16.4% increase. It's worth noting that the population of Imeson Park grew from 1,112 in 2013 to 1,529 in 2022, a 37.5% increase, which may have contributed to the upward pressure on both home prices and rents.
In 2023 and 2024, Imeson Park's housing market continued to evolve. The average home price in 2023 reached $367,553, a slight increase from 2022. However, in 2024, there was a minor decline to $361,879. This slight downturn coincides with higher federal interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024.
Looking ahead, based on current trends and economic factors, it's projected that average home prices in Imeson Park may experience moderate growth over the next five years. The rate of increase might slow compared to the rapid growth seen in the past decade, potentially reaching around $400,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching approximately $1,500 by 2029, assuming steady population growth and continued demand for rental properties in the area.
In summary, Imeson Park has maintained a strong homeownership culture despite fluctuations in the housing market. The neighborhood has seen substantial growth in average home prices and moderate increases in average rent prices over the past decade. While recent data suggests a potential cooling in the housing market, the area's consistent population growth and historically high homeownership rates indicate a resilient and desirable residential community in Jacksonville.
