JACKSONVILLE, Fla. — *The above video was originally published March 18.
Rising rent costs have garnered national attention for Jacksonville with a special report from CBS’s 60 Minutes team Sunday night.
Lesley Stahl talked about the 15% increase in rent across the country over the last year, nearly twice the overall inflation rent, and a Jacksonville couple who experienced a 30% rent increase.
As a result of an inflated housing market, more Jacksonville residents may be trying to break into homeownership. But that cost is rising, too.
Affordability for Jacksonville homes may have leveled off slightly since the end of 2021, but the inflation rates seem to be here to stay.
This, as pointed out in the CBS report and previous Times-Union articles, could move the finish line for first-time homebuyers for years to come as they stay in rentals with higher monthly payments and aren’t able to save what they need for a down payment.