This is not news: Hurricane season starts NOW and once again predicted to be VERY active. Residents have been reminded excessively to be prepared. The City of Jacksonville, JEA, etc. will do their part if and when the time comes. We will keep you informed of any storm threat to this area. Now, we carry on with fingers crossed till November.

As you already know housing supply & affordability continues to be a topic in Florida (and the nation). Here's a snapshot:

Michael had the opportunity to attend the executive forum hosted by the Florida Apartment Association and presented by the Florida Chamber recently and some of the takeaways are:

1)     Florida is still growing fast. We currently have over 23 million people.

2)     There are not enough single-family homes to fill the shortfall for the growing population

3)     Florida will need 1.34 million jobs by 2030

What does this mean? Depending on what part of the state, market values of homes will remain steady especially in the First Coast Area. Declines in market values evolving in the Miami area.

Florida does have a good graduation rate of 88% as compared to rest of the country. This will help.

Florida’s median rent is $1,556 per month, the 12^th highest in the country. Rents increased quickly from December 2020 at just about $1,200 to a high in August 2022 at just about $1,625. They are still currently level in the state. In our First Coast area they are about $1,672 per month.

Insurance is starting to see signs of leveling with 10 insurance carriers requesting to increase in insurance in the state and 8 insurance carriers requesting decreases in the state. So, in 2025 we may see no increases in insurance for the first time in a long time.

So, Jacksonville and the surrounding area is still a good market to invest in!

The opinions expressed are solely educational in purpose and we are not a financial advisor. Always seek advice from your licensed financial and licensed accounting advisor before making decisions.  

More data next month--stay tuned!

Lastly, an interesting update on Jacksonville: Cracking the Top 15

Happy Father's Day to all the Dads!

The Team at FPM Properties