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 that 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.