Palm Beach County housing affordability fell to its lowest level in nearly a decade, the National Association of Home Builders said Thursday.
Just 56.9 percent of new and existing homes sold between the beginning of April and end of June were affordable to families earning Palm Beach County’s median income of $67,900. That’s down from the 60.4 percent of homes sold that were affordable to median-income earners in the first quarter.
Rising prices were the biggest driver of falling affordability. Palm Beach County’s median home price was $250,000 in the second quarter, up from $222,000 in the first quarter.
Palm Beach County’s affordability index hasn’t been below 57 percent since 2008.