Jul 24, 2024
Rebecca Esche has lived in Jacksonville, Florida, for most of her life — but she says her budget started to strain about a year ago, so her family switched to a different grocery store and started eating out less.
The 35-year-old artist and homemaker says she’s noticed other families struggling financially as well.
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"Parents aren't having birthday parties for their kids as much as last year," Esche told ABC News. "You can feel it. I mean, there's a girl in my daughter's class who turned to her and said, 'I wish I had strawberries. My mommy said they're too expensive.'”
She says she knows neighbors who are considering leaving Jacksonville as well.
"There is a mass exodus," she said. "People can't afford insurance. They can't afford food, they can't afford the things that they want to do entertainment-wise, because all of the prices have climbed so high."
The cost of living has climbed
Jacksonville has long been a top destination for movers — with 14,000 people moving to the city between July 2022 and July 2023, reports First Coast News, citing census data.
It boasts the second hottest job market in the country, according to the Wall Street Journal and features a few gorgeous beaches to boot.
But while it’s not as expensive to live in — compared to other major metros like New York City and San Francisco — the costs are certainly climbing thanks to inflation and Jacksonville’s increasing population.
David Jaffee, a sociologist at the University of North Florida, started a program to investigate why rental prices have risen in the city, and discovered that corporate ownership of rental properties could be playing a significant role.
Jaffee’s research found that Duval County has the highest eviction rate among all the metropolitan areas in Florida — with the county notably being the only area that had not passed some form of a tenant’s bill of rights before the state rolled back a number of such ordinances in 2023.
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“There is evidence to suggest that local policies can reduce the level of eviction filing activity,” the researchers write in the report.
Jaffee explains that Jacksonville residents are eventually getting priced out — unable to purchase the basics, like groceries and other necessities, while also making their monthly rental payments on time.
"At some point, it's going to be unbearable, they're going to have to move, they're gonna get evicted,” Jaffee told ABC News.
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Insurance is a growing problem
The Sunshine State as a whole is grappling with a homeowners’ insurance crisis, leading some residents to drop their policies or leave the state entirely.
A surge in major weather events has caused some providers to hike their premiums or move out of the state and leave homeowners with limited options.
Lindsay Bowyer, who works in art education and resides in Jacksonville, told ABC News she’s considering leaving the city in part due to home insurance.
"We have already had to switch insurance carriers because, in just a short three-year time span, our premium was going to double, and we simply couldn't afford it," she said. Although her family's insurance broker encouraged them to budget, she says they ultimately had to switch carriers and go for a less comprehensive policy.
"If the money is not there, the money is not there," she said.
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Serah Louis is a reporter with Moneywise.com. She enjoys tackling topical personal finance issues for young people and women and covering the latest in financial news.
