Palm Beach Housing Market Not Affordable to Many Potential Buyers

It’s spreading. While areas such as North Port are attractive for those seeking a reasonable Florida home loan, the epidemic of low affordable housing remains a problem in other areas of the state.

Nassau County has faced the problem and now it’s an issue in Palm Beach. According to the latest affordability study from the National Association of Home Builders, fewer than a third of new and existing homes sold in Palm Beach County were affordable for a typical family in the fourth quarter of last year - while less than a quarter of homes in St. Lucie County fit the average family’s budget.

The association based its conclusions on the following numbers:

- Palm Beach County’s median home price for the quarter was $289,000 (that includes both single-family homes and condos), while median family income was $61,900.

- The Treasure Coast’s median home price was $245,000, compared with a median family income of $52,500.

The group looked at 160 markets nationally. Palm Beach County ranked 118th, while the Treasure Coast ranked 130th.

Miami was the state’s least-affordable market, while Los Angeles was the toughest nationally. Fortunately, certain measures are being taken to solve this problem. Grants for affordable housing and manageable Florida home loans have been proposed and approved of recently.