Jacksonville Ranked No. 9 in Best Cities to Buy a Home

According to Forbes.com, Jacksonville is named one of 10 best cities to buy a home in July 2008.

Forbes examined the country’s 40 largest metropolitan areas and looked at where home prices have appreciated over the last two years. Forbes also measured tightening vacancy rates. These metrics indicate places where buyers are investing in homes in order to live, not just make a quick buck, and where the housing market is relatively solid. The vacancy and home price information were obtained from the U.S. Census Bureau and the National Association of Realtors.

The average vacancy rate across the major metro areas was 2.88%, and the average percent appreciation was just .07% over the last two years.

With lending tight, Forbes also factored in the spread between a monthly rent check and a mortgage payment at the median level (assuming that the down payment was 10% and the fixed interest rate is 6.25%). Cities where a mortgage payment was close to, or less than, the average rent were given a higher score.

The South made a nice showing with Charlotte, N.C., Jacksonville, Flo., and Atlanta, Ga., making the list. Charlotte and Jacksonville have surged in price by 12.9% and 8%, respectively. Atlanta has seen huge amounts of growth and remains reasonable with a median home price of $172,000.

Since 2000, Jacksonville’s population has grown an impressive 8%. Meanwhile, median home prices have climbed 14% in the last 24 months to $189,200. Along with its other virtues, sunshine-rich Jacksonville came in at No. 3 on the 2008 Cleanest Cities list thanks to fresh air and clean water.

Source: Forbes.com