Palm Beach County housing affordability slips

(Getty Images)
(Getty Images)

Homes in Palm Beach County became less affordable in the first quarter, according to the latest Housing Opportunity Index from the National Association of Home Builders.

Just 61.4 percent of homes sold in the quarter were affordable to a median-income family, down from 62.1 percent in the fourth quarter. The culprit? Not rising home prices but falling incomes.

According to the index, the median price of houses and condos in the county was $211,000 in the first quarter, up slightly from $210,000 in the fourth quarter. But incomes fell to $64,800 in 2016 from $66,000 in 2015.

In the Treasure Coast, on the other hand, median income rose to $56,300 this year from $53,300 in 2015, according to the index.

 

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