Even if the technology to create economical hovercars was available, I can't imagine how dangerous it would be to have a bunch of them flying around above me. Jetpacks are basically the same thing, except without the protective metal shell of a complete vehicle. Motorcycles of the sky, if you will.
If you're not up-to-date with some of the more memorable attempts at creating a functional jetpack, this article over at Tech Graffiti should familiarise you.
Perhaps the most impressive looking jetpacker (as it were) is Yves Rossy. I'd say that has to do with the fact he's pictured flying in formation with a bunch of jets, but having the nerve to go airborne with nothing but a hunk of metal strapped to your back is amazing regardless.
From the Tech Graffiti article:
Ex-Swiss Air Force pilot Yves Rossy's action-packed nicknames tell you everything you need to know about him. Over the years, he's been called Airman, Jetman, Rocketman and, most recently, Fusionman. Rossy invented his own jetpack — which consists of four modified Jet-Cat P200 model aircraft engines and a set of 7.9-foot (2.4 metre) carbon-fibre wings — and successfully piloted it over the Alps in 2008.
Unfortunately, Rossy's pack doesn't appear capable of propelling him directly from the ground — he has to be launched from another aeroplane. After that, though, it looks like he does OK.
Check out the link below for the six other attempts at melding man with rocket.