Rising mortgage rates and rising numbers of “For Sale” signs on front lawns are effecting the Jacksonville housing market. Over the last five years the market has been running at a record pace, and experts believe that the market is merely re-adjusting its pace.
Quick Jacksonville Housing Facts
Percent of Homeowners in Jacksonville: 70.1%
Percent of Renters in Jacksonville: 29.9%
Median Jacksonville Household Income: $38,819
Average Jacksonville Credit Score: 673
Best City to Live in Florida: Ponte Vedra Beach, Lutz, Hollywood, Lake Mary
Median Jacksonville Home Value: $105,500
How Much Real Estate Can I Afford In Jacksonville?
We can’t tell you exactly what kind of house you can afford in Jacksonville because we aren’t peeking over your shoulder at your bank statements, pay stubs, and monthly bills. But that doesn’t mean we can’t help you figure out how much you can afford. First, we suggest that you grab a pen and paper and scribble out some answers to the following topics:
- Decide how much you are willing to spend on your monthly mortgage payments. It is very important to be very realistic when answering this question. Consider not only your income and bills, but your lifestyle and spending habits. Being honest now can help save you from being in a sticky situation later on.
- Decide which payment plans sound like they will be right for you. Check out the ever popular Fixed Rate Mortgage and Adjustable Rate Mortgages, but be sure to check out other ones too. A more uncommon mortgage plan may turn out to be the best one for you.
- Find out what the property taxes and mortgage rates are in Jacksonville.
After you have thought about those topics, check out our online mortgage calculators. Once you are done number crunching, you should have a good idea of where you stand in the Jacksonville housing market.
Refinancing in Jacksonville
The ability to refinance is just one of the many fascinating financial tools that open up to you when you enter the world of homeownership. Besides refinance’s most obvious benefit—the ability to take advantage of lower interest rates—you may also be able to get a Cash Out Refinance that would leave you with extra cash to pay off bills.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.