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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Jackson, Tennessee, is a vibrant community with a rich history and diverse population. Over the past decade, the city has experienced fluctuations in homeownership rates and notable changes in average home and rent prices. This analysis will explore these trends and their relationships to provide insights into Jackson's housing market dynamics.
From 2013 to 2022, Jackson saw a slight decline in homeownership rates, with some fluctuations. In 2013, the homeownership rate was 56%, which decreased to 54% by 2022. During this period, average home prices in Jackson showed a significant upward trend. In 2013, the average home price was $111,208, which steadily increased to $210,196 by 2022, representing an impressive 89% growth over nine years.
The relationship between federal interest rates and homeownership rates in Jackson shows some correlation. From 2013 to 2015, when interest rates were extremely low (0.11% to 0.13%), homeownership rates remained relatively stable at 54-56%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates experienced a slight decline, dropping to 50% in 2017 before recovering to 54% in 2022.
Renter percentages in Jackson increased from 44% in 2013 to 46% in 2022, with a peak of 50% in 2017. This trend coincided with rising average rent prices. In 2013, the average rent was $739, which increased to $1,037 by 2022, representing a 40% increase over nine years. The population growth from 67,685 in 2013 to 68,381 in 2022 likely contributed to the increased demand for rental properties and subsequent rise in rent prices.
In 2023 and 2024, Jackson's housing market continued to evolve. The average home price reached $216,856 in 2023 and further increased to $220,291 in 2024, showing a continued upward trend. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, predictive models suggest that average home prices in Jackson may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and demand for housing. However, the rate of increase may moderate as the market adjusts to economic conditions and housing supply changes.
In summary, Jackson has experienced a gradual shift towards renting, with homeownership rates slightly declining over the past decade. Average home prices have shown substantial growth, nearly doubling from 2013 to 2022. Rent prices have also increased significantly, reflecting the growing demand for rental properties. The recent spike in interest rates may influence future homebuying trends, potentially slowing the rate of price increases in both the home purchase and rental markets.