Gulf Shores Realty
Scott Swonger, Realtor ®, Gulf Shores RealtyPhone: (941) 600-3534
Email: [email protected]

A Few Facts to Help You Decide Whether to Rent of Buy a Jacksonville Home

by Scott Swonger, Realtor ® 09/15/2020

 

 Photo by Paul Brennan via Pixabay

 

Thinking of making the move to Jacksonville, Florida? It's not a bad idea when you consider Atlantic Beach and the Riverside Arts Market. Jacksonville boasts its own zoo and wildlife refuge, too, along with miles of beaches. There's ton for the family to see and do here, and it's all just a stone's throw from Walt Disney World in Orlando. But, what about the housing market here? Is it easier and more economical to rent your home in Jacksonville, or buy it? Let's consider the facts. 

Jacksonville Offers Low Property Taxes

Jacksonville's property tax rate is among the lowest in the nation. This means that buying a home here will cost you less annually than it will elsewhere in the country. Florida also charges no state income tax and charges low corporate taxes to companies wishing to come to town. Lower corporate taxes mean more employers. This is probably why Jacksonville is currently home to four companies on the Fortune 500 list and 13 companies on the Global 500 List. 

Home Prices Are Down But Rising

The median cost of three-bedroom home in Jacksonville right now is $189K. That's just about 15-percent less than the national average. Monthly rent payments hover around $1,409, which is also below the national average, but only by a single percent. Using these figures, it may make more sense to buy your home right now than it does to rent it. Prices in this area are expected to keep rising over the next few years, which will give you nice equity, as well. 

Jacksonville's Economy Is Strong

Unemployment in Jacksonville is low. This city has an annual job-growth rate of 3 percent. That's a hearty 82 percent above the national average, which is almost hard to believe. Roughly 22,000 jobs came to Jacksonville last year, and with them came a strong economy that's only expected to improve. There's a big demand for housing here right now, because word is getting out that this city is a great place to call home. While that's good news for investors, it will pump up the prices for buyers and renters, so sooner might be better than later to take the plunge. 

There's Lots to Do in Jacksonville

Jacksonville, Florida has the largest urban park system in the nation. It encompasses over 337 green spaces for residents and visitors to enjoy. Additionally, there are 20 miles of pristine beaches and free WIFI. If you enjoy craft beer and artisan foods, you'll be happy in Jacksonville. 

If you're looking for a new home in Jacksonville, Florida, it makes more sense to buy your home right now than it does to rent. Buying will get you in low, and set you up to sell for a hefty profit later on. 

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About the Author
Author

Scott Swonger, Realtor ®

I pride myself on educating home buyers when it comes to their single largest purchase. I love to research properties, especially condominiums. It troubles me when I hear stories of families buying into a condominium complex that has not been managed properly or does not have proper reserves. I feel an essential part of my job as a full-service realtor is to guide buyers to the best possible home we can work to find together.

I am married to the love of my life Marty and I am the father of three grown children and 6 grandchildren and now 1 great grandson. They all love their “Poppa Scott”

Please feel free to reach out to me with any real estate questions or needs.

I have a philosophy I have lived by for years.

“Successful people allow others to help them.”

I look forward to working with you! 

Scott