It’s less than Miami, Orlando, and Tampa.
Jacksonville, FL, is known for its 80,000 acres of parks, miles of beaches, and delicious cuisine. In addition to being a coastal respite, Jacksonville is also home to a fairly competitive real estate market that’s seen moderate growth in recent years.
For many, buying a home in Jacksonville is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home
So whether you already live in Florida’s capital or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Jacksonville.
Check out our original report for a detailed nationwide analysis.
How much income do you need to buy a starter home in Jacksonville?
The median sale price of a starter home in Jacksonville is $239,500. In order to afford this, first-time homebuyers in Jacksonville should make $77,040 per year, up 9.9% from 2023. Also, the median income in Jacksonville is $83,778, meaning the typical resident can afford a starter home.
As expected, starter homes in Jacksonville are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $99,549 (as of October 2023).
Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.
First-time homebuyers’ guide to the Jacksonville housing market
Jacksonville’s housing market has experienced steady growth following the pandemic. While not as popular of a migration destination as neighbors Miami and Tampa, the area has still seen an inflow of homebuyers from around the country. The city’s population rose by 5% from 2019 to 2021 and is nearing the 1 million mark.
This growth has lifted…