Palm Beach County’s housing affordability lowest in a decade

(Getty Images)

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.

Author: Jeff Ostrowski

Jeff covers the economy, banking and biotech for The Palm Beach Post.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s