As Palm Beach County home prices rise, housing affordability takes a hit

(Getty Images)
(Getty Images)

Palm Beach County’s home price rebound is putting the squeeze on affordability.

Just 57.7 percent of homes sold in Palm Beach County in the second quarter were affordable to a median-income family, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

That’s based on a median price of $235,000 for all new and existing houses and condos sold in the county from April through June. Palm Beach County’s median income was $65,400.

Palm Beach County was one of Florida’s least affordable counties, according to the index. Only Miami (where just 39 percent of homes sold were in reach of a median-income family) and Naples (47 percent) were less affordable.

 

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