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Rising Home Values and Shifting Ownership in Ortega Hills: A Decade of Housing Market Transformation
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ortega Hills, a neighborhood in Jacksonville, Florida, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, homeownership rates declined from 53% to 42%, while average home prices more than tripled from $78,868 to $237,159, representing a 200.7% increase. This shift coincided with changes in federal interest rates, which remained low from 2013 to 2016 but began to rise from 2017 onwards, reaching 1.68% in 2022.
The percentage of renters in Ortega Hills increased from 47% in 2013 to 58% in 2022, corresponding with a 7.1% increase in average rent prices from $1,107 to $1,186. The neighborhood's population grew from 8,874 in 2013 to 9,505 in 2022, potentially contributing to increased demand for rental properties.
Recent data shows that average home prices in Ortega Hills continued to rise in 2023 and 2024, reaching $241,595 and $243,198 respectively, a modest 2.5% increase from 2022 to 2024. Federal interest rates also saw a significant increase during this period, rising from 1.68% in 2022 to 5.33% in 2024, which could potentially impact future homeownership rates and home prices.
Applying predictive models to forecast 5-year trends, average home prices in Ortega Hills are expected to continue rising, albeit at a slower pace. Projections suggest average home prices could reach approximately $275,000 to $290,000 by 2029. Average rent prices are also anticipated to follow an upward trend, potentially reaching $1,300 to $1,400 per month by 2029, assuming current economic conditions and local market factors remain relatively stable.
In conclusion, Ortega Hills has undergone a significant transformation in its housing market over the past decade. The shift from homeownership to renting, coupled with substantial increases in both average home prices and rent prices, has reshaped the neighborhood's real estate landscape. The growing population, rising property values, and changing interest rates have all played roles in this transformation. As we look to the future, these trends are likely to continue influencing the local housing market, with potential implications for affordability and community demographics.
