Buyers Beware: Troubling trend for homebuyers continues across Jacksonville, US
For many, owning a home is a lifelong dream, but that dream may slowly be becoming a thing of the past.
>>> STREAM ACTION NEWS JAX LIVE <<<
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.”
Read: Brent & Austin Show: How much of an impact will the Jags’ first-round pick make?
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.”
Read: No one hurt in Eastside house fire, extensive damage to home, JFRD says
[SIGN UP: Action News Jax Daily Headlines Newsletter]
Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
