In order to buy a Jacksonville property for use as an investment, selecting the right neighborhood is essential. Duval County is full of excellent homes that can be purchased for a relatively lower market value. Knowing key statistics is what can help you to make good decisions about what houses to purchase in emerging areas.
Jacksonville Investing Facts
Duval is the county where the bulk of most real estate is held. The current population as of the 2015 Census report is 913,010. This number reflects a 5.6% increase in people now living within the city limits.
The population is split 51% to 49% female to male.
Approximately 9.4% of the residents that own or rent real estate in Jacksonville are military veterans.
88.4% of residents have completed high school while 26.5% have a higher education that includes a minimum of two-years of college.
According to the most recent data, there is an 80.9% retention rate among homeowners and renters. This higher than average rate is what keeps more investors buying vacant homes in and around the city as investment properties.
Top Neighborhoods in Jax
1. Neptune Beach
The population in Neptune Beach is slightly under 6000 people. The current unemployment rate is about 2%. When considering any home to buy, taking a look at the local economic scene is important. Single occupant renters as well as family-oriented adults pay close attention to neighborhood statistics.
The average monthly rent paid in Neptune Beach, FL is between $675 and $1500.
The population of Deerwood is almost 7000 residents. With a typical home averaging $300,000 in value, this upper class area Southeast of the city is attractive to buyers and renters. The current rate of unemployment in this neighborhood is 4.9% partially due to a higher percentage of retirees.
A person who rents a house in Deerwood, Jacksonville will likely pay between $1100 and $2500 a month.
3. Holiday Harbors
Located Southwest of Neptune Beach, Holiday Harbors is an emerging neighborhood that has a mixed culture. Homes are for sale in the upper range of the median figures statewide. The average age of a property owner is 48 years. The majority of the 1573 population in this area are homeowners although 9% are renters.
Someone who plans to rent a house in Holiday Harbors will pay around $1481 per month on average. Third-party websites like this one can help you uncover useful data about more than one community.
The population is just over 9000 in this neighborhood. One drawback that people learn about when moving to this Southeastern part of Jax is the higher cost of living. On average, adults pay 25% more for utilities and food costs compared to the inner-city neighborhoods. 82% of residents own their own homes which means 19% rent homes in Greenland, Jacksonville, Florida.
$1578 is the average price to rent a house in Greenland.
Home prices average $340,000 in Ortega. There are plenty of things to do in this community which makes it popular among older adults. The average age of a renter or homeowner in this area is 45 years of age. A typical resident earns as much as $100K annual salary. There are currently 1059 residents who own or rent houses here.
$1037 is what someone would expect to pay for a rental home per month in Ortega, Jax.
6. East Arlington
The population is currently 17,638. $172,000 is what the typical home is worth in this neighborhood. Since most homes are in excellent condition, both families and single renters are attracted to this community. According to statewide estimates, 3 people live in each owned or rented property.
To rent a house in East Arlington, it costs about $1218 per month.
7. Chimney Lakes
A home normally sells for around $136,000 in this area Southwest of the city. 17% percent of all area residents rent a home here. The latest data for population is 15,849 people. On average, there are typically 4 people living in one property. While not centrally located, this area is positioned just outside of the I-295 loop.
Renting a home in Chimney Lakes costs about $1152 based on current estimates.
Located along the East side of the St. Johns River and in between San Marco and Southwood is Brierwood. The total population is 1792. The breakdown of people in terms of race is 95% Caucasian and 2.5% African-American. The typical person living here is about 46 years old. A home in good condition usually sells for $161,500.
People renting houses in Brierwood, Jacksonville, Florida pay about $1024 a month.
Just East of Arlington is the neighborhood of Sandalwood. The median home value is about $140,000 making this area a place that is in demand. Someone who invests in real estate, will be impressed to know that 33% of the 19,584 total residents are renters. Most adults are around 35 years in age, and a large percentage are not married.
How much does it cost to rent a house in Sandalwood, Jax? The answer is $1231 although some prices can be higher.
10. San Marco
Take the Fuller Warren bridge south of the city and you will come into San Marco. Situated just off of I-95, there are 2,226 people who live in this community. The typical resident is a 40-year-old adult. 61% of the neighborhood includes Caucasian people with a near 22% African-American range. 65% of the people who live here rent a property instead of owning one. A 5.6% unemployment rate keeps rental prices lower.
The monthly cost to rent a home in San Marco is as low as $750.
High-Rated Schools in Duval County
The Department of Education across Florida awards each school district a letter grade based on prior year performance. In the case of Jacksonville area schools, District 16 is the code used to designate the elementary schools.
Adults who currently have a family or are planning one in the future should take the time to research the best schools in North Florida prior to buying or renting a home. JaxHomeOffer.com has published its list of the top elementary schools in Duval County, Florida to aid in research.
Inheriting Property in Jacksonville
There are times when someone does not find a home for sale in North Florida to buy. The property is willed to them. Having a close friend, aunt, grandma, grandpa, uncle, brother, sister, mother or father pass awawy while owning property means that probate will be part of the process to acquire the home. It is not uncommon for an adult living outside of the state of Florida to rent out a property.
Something to keep in mind is that not every attorney is qualified to represent the complexities of real estate law. A list of some of the most knowledgeable probate attorneys in Jacksonville is provided on this website as a research tool. Selecting someone to assist you when you are dealing with a probate property is not an easy decision to make. Regardless of how you get a hold of a single-family or multi-family property, using the information available on this website should help you to buy real estate in Jacksonville, FL without making typical mistakes.