Phoenix, a neighborhood in Jacksonville, Florida, has experienced significant changes in its housing market from 2013 to 2022. Homeownership rates increased from 37% to 46%, while average home prices rose dramatically from $22,888 to $86,589, a 278% increase over nine years. This upward trend in homeownership coincided with historically low federal interest rates between 2013 and 2020, ranging from 0.08% to 0.4%, which typically encourages home buying due to more affordable financing options.

The relationship between interest rates and homeownership in Phoenix is complex. Despite rising interest rates in 2021 and 2022, homeownership rates continued to increase, suggesting other factors may have influenced this trend. Simultaneously, the percentage of renter-occupied homes decreased from 63% in 2013 to 54% in 2022. Average rent prices fluctuated during this period, starting at $756 in 2013, peaking at $949 in 2014, and settling at $911 in 2022. This modest increase in average rent, coupled with a decreasing renter population, may indicate shifts in the neighborhood's demographic composition or housing preferences.

As of 2024, the average home price in Phoenix stands at $84,702, showing continued growth from the 2023 value of $80,910. This upward trend persists despite the current federal interest rate of 5.33% in 2024, which is significantly higher than rates observed in the previous decade. The resilience of the housing market suggests strong local demand for homeownership, potentially driven by factors such as local economic conditions.