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Rising Average Home Values and High Ownership Rates in Jacksonville, Zip Code 14886: A Decade of Housing Market Trends
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
Jacksonville, located in zip code 14886 in New York, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the local real estate dynamics.
The homeownership rate in Jacksonville has shown a slight decline over the years, decreasing from 80% in 2016 to 76% by 2022. During this same period, average home prices have steadily increased. In 2016, the average home price was $190,758, and by 2022, it had risen to $278,368, representing a significant 46% increase over six years.
The relationship between federal interest rates and homeownership rates in Jacksonville follows the general trend. As interest rates remained low from 2016 to 2020, ranging from 0.4% to 0.38%, homeownership rates remained relatively stable at around 80%. However, as interest rates began to rise in 2021 and 2022, reaching 1.68% by the end of 2022, a slight decrease in homeownership rates to 76% was observed.
Regarding rental trends, the percentage of renters in Jacksonville has increased modestly from 20% in 2016 to 24% in 2022. Average rent prices have shown some fluctuation during this period. In 2016, the average rent was $1,140, which peaked at $1,328 in 2017 before declining to $1,033 in 2022. This represents a 9.4% decrease in average rent prices from 2016 to 2022, despite the increase in the renter population.
Looking at the most recent data, average home prices in Jacksonville continued to rise in 2023 and 2024, reaching $296,179 and $306,380, respectively. This represents a 10.1% increase from 2022 to 2024. Simultaneously, federal interest rates have risen sharply, hitting 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in the area.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Jacksonville will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching around $1,200 per month by 2029, assuming economic conditions remain relatively stable.
In summary, Jacksonville has experienced a gradual shift towards more renters, with a slight decrease in homeownership rates. Despite this trend, average home prices have shown robust growth, while average rent prices have fluctuated but ultimately decreased over the observed period. The recent sharp increase in interest rates may influence future homeownership trends and housing affordability in the area. These dynamics highlight the complex interplay between homeownership, home prices, rental markets, and broader economic factors in shaping the local real estate landscape.
