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St. Johns Bluff: Rising Home Values and Stable Ownership in a University Neighborhood
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
St. Johns Bluff, a neighborhood in Jacksonville, Florida, adjacent to the University of North Florida, has experienced notable trends in homeownership and property values over the past decade. The area has maintained a high percentage of owner-occupied homes while seeing a general increase in average home prices. Rent prices, however, have shown more variability.
The homeownership rate in St. Johns Bluff has remained consistently high, with some fluctuations. In 2013, the neighborhood had 100% owner-occupied homes, which slightly decreased to 93% by 2022. Despite this minor shift, the area has preserved a strong ownership culture. Concurrently, average home prices have demonstrated a significant upward trend. The average home price rose from $189,228 in 2010 to $375,216 in 2022, marking a substantial 98.3% increase over 12 years.
Federal interest rates have influenced homeownership trends in St. Johns Bluff. During periods of lower interest rates, such as from 2010 to 2015 when rates remained below 0.2%, the neighborhood maintained very high homeownership rates, often exceeding 95%. As interest rates began to rise from 2016 onwards, there was a slight decrease in homeownership, though it remained above 90% in most years. This suggests that while interest rates have some impact, other factors have contributed to maintaining the strong ownership culture in St. Johns Bluff.
The renter population in St. Johns Bluff has shown some variability. In 2014, only 5% of the housing units were renter-occupied, which increased to 18% by 2018. However, by 2022, this percentage decreased again to 7%. Average rent prices have shown a downward trend in recent years. From a peak of $1,813 in 2013, average rent decreased to $1,176 in 2022, a 35.1% reduction. This trend could be influenced by various factors, including changes in housing supply and local economic conditions.
In 2023, the average home price in St. Johns Bluff reached $387,300, and in 2024, it further increased to $399,009. This represents a continued upward trend in property values. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership decisions and mortgage affordability in the neighborhood.
Looking ahead, based on historical trends and current market conditions, it is projected that average home prices in St. Johns Bluff will continue to rise over the next five years, potentially reaching around $450,000 by 2029. However, this growth rate may moderate compared to the rapid increases seen in recent years. Average rent prices, which have been declining, may stabilize or see a slight increase, potentially reaching around $1,250 by 2029, influenced by factors such as housing demand and local economic developments.
In summary, St. Johns Bluff has maintained a strong homeownership culture despite some recent fluctuations. The neighborhood has experienced significant appreciation in average home values, particularly over the past decade. While renting has become slightly more common in recent years, it remains a small portion of the housing market in this area. The interplay between federal interest rates, housing prices, and rental rates continues to shape the residential landscape of St. Johns Bluff, with a trend towards increasing property values and a predominantly owner-occupied housing market.
