Your Palm Beach County Real Estate Market News by Lilianna Gizynski
Just 55.9 percent of homes sold in Palm Beach County in the fourth quarter of 2017 were affordable for a median-income family, it was the lowest level of affordability since 2008.These statistics are based on a median home price of $255,000, and a median income of $67,900.
According to the same statistics, Palm Beach County’s rising home prices and stagnant wages equal a current affordability crisis.
However, the local picture mirrors national trends.
Nationwide, homes sold in the fourth quarter were in reach of 59.6 percent of families, and affordability level varies from location. For example, Youngstown, Ohio, and Syracuse, New York, are the most affordable markets. In both places, fully 88.3 percent of homes sold in the fourth quarter were in reach of a median-income family. As usual, San Francisco, with its seven-figure median price, is the nation’s least affordable market. Despite median income of $113,000, just 6.3 percent of homes sold there are affordable to a typical family.