Affordability squeeze tightens in Palm Beach County

house money

Palm Beach County’s home-price gains continue to outpace income growth, a trend that’s creating an affordability challenge.

In the third quarter of 2015, 60.8 percent of homes sold in Palm Beach County were in reach of a median-income family, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. That was down from 61.7 percent the previous quarter.

The index looks at the median price for new and existing houses and condos ($210,000 in Palm Beach County in the third quarter) and compares it to median income ($66,004 in 2015).

Broward and Miami-Dade counties also saw dips in affordability. The Treasure Coast bucked the trend with a slight increase in affordability.

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