News4JAX spoke to a Florida Atlantic University economist who explained why financial hardships could be on the horizon.
The nationwide median price of a home is at an all-time high, a record $391,200. That’s up nearly 15% from last year.“There’s going to be some repercussions, there’s going to be a reckoning. So this is occurring not only in Jacksonville but many cities around the country right now. But everybody doesn’t have the same set of circumstances or the same backdrop that Jacksonville does,” said Johnson.
In contrast, Johnson said in other metropolitan areas which are seeing a population decrease, homeowners there could see the value of their homes decline.
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