JACKSONVILLE, Florida – The median price of a single-family home in Jacksonville has skyrocketed more than 50% since 2011, according to data released Wednesday by the city of Jacksonville.
In 2011, the median price for a single family home in the city was $175,000.
Since then, the city’s median price has increased by more than $100,000 to $300,000 per home, the data showed.
The median price in Jacksonville jumped by more $50,000 in 2011, reaching $330,000, and by $30,000 this year.
The increase in price over the past five years is the result of a number of factors, including a spike in housing costs, the new wave of housing construction and a recent economic downturn.
Jacksonville has experienced the worst housing crisis in the state in the past decade.
Many people in Jacksonville are paying higher rents and mortgages than in other parts of the state, which means more of the city has been priced out of the market.
The city is also experiencing an economic downturn, with job growth slowing, and housing costs also rising.
The city’s housing affordability crisis has created a national conversation about the need to fix the citys housing market.
During his visit to Jacksonville on Wednesday, President Barack Obama called on the city to take action to fix its housing crisis, noting the region’s growing population has increased its demand for housing.
Last month, Mayor Lenny Curry announced a plan to build more affordable housing in Jacksonville, with a goal to reach 50% of all housing units by 2020.
Curry said the city would invest $10 million to $15 million to address the housing crisis.
The money will be used to improve existing homes and help build new ones, he said.
President Donald Trump recently visited the city, saying he hopes to help Jacksonville become “a place where all people can get ahead, no matter where you come from.”
Courier-Post Media Staff Writer, Laura Fuchs-Klein, [email protected]