Palm Beach County Affordability Index Drops Below 57 Percent

Michael Gozzo August 22, 2017

According to new data from the National Association of Home Builders, housing affordability in Palm Beach County dropped to its lowest level seen in almost a decade.
 
The report, which was just released earlier in the month, shows that just 56.9% of new and existing homes during the second quarter of 2017 were affordable to Palm Beach County families earning a median income of $67,900.

Compared to the first quarter of this year, that’s down from 60.4%, or a decline of approximately 3.5%.
 
It’s estimated that rising home prices throughout Palm Beach County have been the biggest driving force behind the affordability decline, as the county’s median home price soared from $222,000 in the first quarter to $250,000 between April and June.
 
The last time Palm Beach County’s affordability index dropped below 57% was back in 2008.

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Palm Beach County Affordability Index Drops Below 57 Percent

The last time Palm Beach County’s affordability index dropped below 57% was back in 2008.

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