Jackson, Mississippi, describes itself as “The City With Soul.” Forbes ranks Jackson, established in 1821, as 3rd out of America’s 100 largest metro areas for affordability. Rich with history, Jackson has seen her share of conflict, from playing an active role in the Civil War to being a battleground for civil rights.
Now Jackson faces, along with the rest of the nation, a time of uncertainty and unease, however many market indicators point to positive change in the Jackson area that could represent a good opportunity for buyers and investors alike.
Home sales in the 2nd quarter were down at -10.3% for the state, however this is still less than the national market which was down -12.7%. Year over year employment figures for Jackson as of June 2011 reveals that employment growth has eased, but is still headed in a positive direction. Jackson unemployment is better than the national average at 8.8% and job growth, although poor at 0.2%, is still moving in the right direction.
Jackson’s median home price as of the 2nd quarter of 2011 is more than $35,000 less than the U.S. Average of $171,567.00. Three bedroom homes have seen a 0.9% increase, as of August 24, 2011, which represents the largest increase among all single family homes in the area.
Over the last 3 years, housing has appreciated 5.3%, allowing this area to hold onto positive equity growth, despite the overall decline of the national market. Buyers in this market have access to government backed financing, and the lower median prices of homes in the area allows them to get more for their money. The local median to conforming limit ratio is a healthy 33%, opening up the market for more potential buyers.
Jackson is a lively city, offering many dining and entertainment opportunities – from Cajun eats to high class cuisine, and from the Blues to ballet, there is a cornucopia of choices for all number of tastes.
Right now, Jackson is a hot market for investors, as there are a large number of very affordable homes available at low prices, providing the opportunity to reap positive cash flow right from the closing table.