Historic changes in housing patterns
Over the past forty years the Jackson real estate market has changed dramatically. The 1960s ushered in a new generation purchasing ‘recreational’ second homes for their growing ‘baby-boom’ families. Small lots were purchased in subdivision areas and A-frame ski and vacation homes were constructed. Through the seventies, this trend continued and in the 1980s the condominium was introduced. The economic boom of the 1990s brought with it a trend toward larger year-round homes, a greater number of retirement homes and an infusion of younger service and high technology professionals.
Starting in the year 2000, the market again shifted as the first of the baby-boomers, at around 55 years old, were closing in on retirement. This segment of the population has been enjoying a combination of high rates of return on investments and an unprecedented amount of equity in their primary homes located within commuting distance of major urban areas. They have placed new demands on the housing market in Jackson and Mt. Washington Valley, and are purchasing larger parcels of land and building substantially larger homes. These ‘boomers’ are building year-round vacation homes that they intend to use as their primary residences upon retirement.
A subtle urban exodus is also fueling the immediate housing market. With this exodus come young and middle-aged entrepreneurs who no longer need urban locations to operate their businesses. Additionally investors are looking at real estate investment as the tried and true investment with the current downturn of the stock market.
Trends in Single Family House Size
Current Housing
According to the 2000 census there were a total of 910 housing units in Jackson. Of those 428 were for seasonal, recreational or occasional use. The census reported that of the 377 housing units that were occupied year-round 297, or 79%, were owner-occupied while the remaining 21% were occupied by renters.
Based on a sample of the Jackson population, the 2000 census reported that 80% of the housing units were single-family detached structures. There were three mobile homes, two structures with 20 or more units and the remaining structures contained less than ten attached units. The median value of the owner-occupied units was $195,800. The gross rent of rental units ranged from $300 to less than $1500, with a median rent of $536.
Building Permits Issued
Subdivisions Approved (1988 - 2002)
Real Estate Sales in Jackson January 1997 through Dec. 2001 (Prices x $1000)
Future housing trends
The desire for larger and larger houses and parcels has virtually priced the buyer/developer out of the Jackson housing market. They cannot compete with the single purchaser who does not have to factor in the cost for subdivision infrastructure and profit. If this trend continues, it is less likely that we will have small lot/home development, condominium and or affordable housing development.
The demand for rental housing in Jackson has been growing steadily over the past 10 years. The current situation of limited supply and high demand has forced rental prices upward where the rental rates are between $600 and $1500 per month. Given the price and shortage of rentals, it is increasingly difficult for the median income family to afford to reside in Jackson.
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