The rental market in San Jose has also shown interesting trends. The percentage of renters increased from 71% in 2013 to 74% in 2022. Concurrently, average rent prices experienced overall growth, albeit with some fluctuations. In 2013, the average rent was $846, rising to a peak of $1,064 in 2017 before settling at $888 in 2022. This represents a 5% increase in average rent over the nine-year period, despite the significant rise in home values during the same time frame.

Recent data shows that the average home price in San Jose continued its upward trend, reaching $275,333 in 2023 and further increasing to $280,674 in 2024. This represents a modest growth of 1.9% and 3.9% respectively from the 2022 figure. Federal interest rates have also seen a substantial increase, rising to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the neighborhood.

Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in San Jose will continue to appreciate, albeit at a more moderate pace. Projections suggest that by 2029, average home prices could reach approximately $320,000 to $340,000, assuming current market conditions and economic factors remain relatively stable. For average rent prices, the forecast indicates a potential increase to around $950 to $1,000 per month by 2029, reflecting ongoing demand for rental properties in the area.

In summary, San Jose has experienced a notable increase in property values over the past decade, with average home prices more than doubling. Despite this, homeownership rates have slightly decreased, while the proportion of renters has marginally increased. The neighborhood's housing market has demonstrated resilience and growth, even in the face of fluctuating interest rates and economic conditions. As San Jose continues to evolve, it remains an attractive area for both homeowners and renters, with a dynamic real estate market that reflects its desirability within Jacksonville.