Is Jacksonville Expensive To Live In?
If you’re thinking about moving to Jacksonville, you’re probably wondering, “Is Jacksonville Florida expensive to live?” Luckily, there are several simple rules that will help you determine if Jacksonville is affordable. Depending on your income and lifestyle, you can live within your means by using widely accepted rules. The “28% rule” is a common one; your housing costs should not exceed 28% of your gross monthly income. Another widely used rule is the 50-30-20 rule: you should spend 50% of your net income on necessities, 30% on wants, and 20% for savings.
The average cost of living in Jacksonville is lower than the national median, but prices do vary according to where you live. Housing costs are significantly lower than the national median, but they vary. Depending on your lifestyle, transportation will be your largest cost of living. For many people, transportation is the primary expense, and many rely on their own car for transportation. If you’re looking to relocate to Jacksonville, it’s time to think about living in Jacksonville.
Average Home Price in Jacksonville FL
Housing costs in Jacksonville are generally lower than the national average. More than half of Jacksonville residents own their homes, and a three-bedroom home is easily affordable. While Jacksonville is a busy, growing metropolis, housing costs are relatively low. You can even find three-bedroom homes that are within shouting distance of the beach! If you’re thinking about moving to Jacksonville, keep in mind that it’s affordable for many people.
Although home prices in Jacksonville have increased in recent years, the market has remained somewhat competitive. Home values have increased by 19.9% since last year. On average, Jacksonville homes have been on the market for 30 days or less, while they took 37 days on the market last year. Despite this, Jacksonville is a seller’s market and higher prices are good for both buyers and sellers. Jacksonville’s median home value is $300,730 and the median home value is projected to increase 21.8% in the coming year.
Apartments in Jacksonville cost a median of $1,260 a month, lower than Miami’s average of $1,768. For those looking for luxury apartments in Jacksonville, look in the more expensive neighborhoods. Luxury neighborhoods like Beach Haven and Isle of Palms are more expensive, so be prepared to pay a bit more to live in a luxury apartment.
Jacksonville Transportation Cost
There’s another cost to living in Jacksonville that isn’t included in your monthly rent: transportation. Keeping a vehicle on the road costs about $2570 per year, which is a pretty decent amount for the state of Florida. A car is also necessary if you’re a Jacksonville resident. A light car costs $40,472 and is well worth the price. There are also reduced fee options available through the Jacksonville Transportation Authority.