Jacksonville Farms-Terrace, a neighborhood in Jacksonville, Florida, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the area saw a substantial increase in homeownership rates, rising from 64% to 77%. This trend coincided with a significant increase in average home prices, which grew from $157,171 in 2013 to $339,311 in 2022, representing a 116% increase. The most dramatic rise occurred between 2020 and 2022, with average home prices jumping by 45% in just two years.

The trend in homeownership rates appears to have been influenced by federal interest rates. As interest rates remained low between 2013 and 2016, homeownership in the neighborhood increased from 64% to 72%. This aligns with the general principle that lower interest rates make mortgages more affordable, encouraging homeownership. However, even as interest rates began to rise more significantly from 2017 onwards, homeownership in Jacksonville Farms-Terrace continued to increase, reaching 77% by 2022, suggesting other local factors may have been at play.

As homeownership rates increased, the percentage of renters in Jacksonville Farms-Terrace decreased from 35% in 2013 to 23% in 2022. Despite this decrease in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $1,535, which increased to $1,524 by 2022. However, this trend was not consistent, with rent prices peaking at $1,575 in 2017 before declining and then rising again. The fluctuations in rent prices may be related to changes in the neighborhood's population, which grew from 5,110 in 2013 to 7,289 in 2022, potentially affecting housing demand and supply dynamics.