Buyers Beware: Troubling trend for homebuyers continues across Jacksonville, US
According to a recent study by Realtor, renting is now almost 60% cheaper every month than buying in the Jacksonville area. A study by Realtor.com has found that renting is now almost 60% cheaper every month than buying in the Jacksonville area. This trend, which started in 2021 during the pandemic, has led to a decrease in available housing supply. The median rent in Jacksonville is $1,518 while the monthly cost to own is $2,417. Tim Newman, president of the North Florida Mortgage Brokers, suggests that more building and higher occupancy could be solutions to this issue. However, Newman also emphasized the need for downpayment assistance and affordable housing.
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Published : 4 weeks ago by Logan MacDonald in
JACKSONVILLE, Fla. — For many, owning a home is a lifelong dream, but that dream may slowly be becoming a thing of the past.
According to a recent study by Realtor.com, renting is now almost 60% cheaper every month than buying in the Jacksonville area.
“Housing prices are just a byproduct of supply and demand,” explained Tim Newman, president of the North Florida Mortgage Brokers. “And right now, supply of available supply of homes to purchase is far less than supply of available rental units.”
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Newman told Action News Jax on Thursday that this troubling trend all started in 2021 during the pandemic. Up until then, Newman outlined that rent and home ownership used to be side by side in terms of monthly costs. But now, the median rent in Jacksonville is $1,518 while the monthly cost to own amounts to $2,417.
Newman offers the following solution: “More building. More buildings and higher occupancy. These are all issues that we can vote on here legislatively. But you know, a lot of us don’t want to see the higher occupancy housing right in our backyard, so it’s a contentious issue.”
However, while the affordability of brand new apartments continues to overtake buying affordability in Jacksonville and across the nation, Newman reassured that there are options for those looking to keep that white picket fence dream alive.
“Downpayment assistance,” Newman said. “I would recommend reaching out to a local mortgage broker, someone who can walk you through that process. Don’t let the hindrance of coming up with a downpayment stop you from realizing your dream of owning a home.”
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