Rents on Jupiter homes keep going up and up and up…..

One look at the chart below and it is pretty easy to see that something has to give in the Jupiter real estate market. At least if you think there is anything to the old saying that what goes up must come down.

rents-with-logo

What this chart clearly shows is what has happened to the median rental price of a single family Jupiter home over the past 10 years. Back in 2007 the median rental price of that Jupiter home was $1,950. In 2008 it fell to $1,925 and since then it has been pretty much straight up. In 2016 the median price was $2,800 up from $2,600 the previous year. So far in 2017 affordability remains a very big problem as the median price has moved higher to a new threshold of $3,000. For a median single family home rental in Jupiter. Unbelievable.

If you take a $3,000 monthly rental and apply a standard “housing ratio” it takes family income of $128,571 to comfortably afford to rent this median home. The median household income in Jupiter sits at $70,240 according to Sperling’s Best Places so there is a disconnect we need to watch. Closely. Breaking that down further, only about 25% of residents in Jupiter could afford to rent that middle of the road home. A large percentage of the top 25% earners in Jupiter are not renting and 75% of residents do not have enough income to justify this monthly expense for housing. There is a disconnect called affordability and it will be a driving force in the market ahead.

With rental prices up 56% in 8 years and 75% of residents not financially qualified to rent at today’s prices one has to wonder when the what’s going up starts going down.

Here at Paradise Sharks we strongly believe consumers of anything should be educated and make fully informed decisions. If you have any potential real estate decisions to make please interview at least 3 brokers and get educated. If you live anywhere in Palm Beach or Martin County Paradise Sharks would be honored to be included on your interview list and the opportunity to earn your business. If you live anywhere else and we can be of help in any way you can reach out to us. It’s what we do. Anyone is invited to reach us at your convenience at info@paradisesharks.com or 561.308.0175.

Fins up……

#jupiterhomes

Advertisements

Published by

Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s