Jax-metro housing costs more affordable
Written on March 26, 2010
Jacksonville ranked No. 119 out of the 208 home ownership markets and No. 79 out of 210 rental markets in 2009, according to the Center for Housing Policy.
The River City actually became more affordable between 2008 and 2009 with median home prices sliding from $165,000 to $140,000.
The city ranked No. 98 on the list from most to least expensive markets in 2008.
The study “Paycheck to Paycheck” compares and ranks costs in more than 200 metro areas in the United States and ultimately concludes home ownership is still unaffordable for many workers despite low interest rates and steep drops in home prices.
And, despite some perceptions it’s a renter’s market in the U.S., the study found that in the vast majority of metro fair market rents have held steady or increased, even occasionally surpassing monthly mortgage payments for a median-priced home.
Among the home ownership markets ranked, San Francisco was the most expensive in 2009 with a median home price of $625,000. San Jose, Calif. ranked No. 2 with a median home price of $465,000. Honolulu was No. 3 with a median price of $450,000. Six of the top 10 most expensive markets were in California fast payday loan no faxing.
Naples was the most expensive market in Florida with a median price of $210,000. It shared that price spot with Chicago and Tacoma, Wa.
The least expensive home ownership markets were Wheeling, WV with a median home price of $72,000, followed by Battle Creek, MI. at $75,000 and Youngstown, OH. at $76,000.
Jacksonville actually became a more expensive rental market between 2008 and 2009. Although the average fair market rent declined from $907 to $903 it moved up in rank of expensive from No. 60 in 2008 to No. 79.
Among the rental markets ranked San Francisco was again the most expensive, with an average two-bedroom fair market rent of $1,760. Honolulu was No. 2 at $1,704 and Santa Cruz., Calif. ranked No. 3 at $1,656. Six of the 10 most expensive rental markets in the nation were also in California. Fort Lauderdale was the most expensive market in Florida at $1,358.
Wheeling, WV was also the least expensive rental market in the nation at $588, followed by Youngstown, OH. at $595 and El Paso, TX. at $598.
Filed in: online.