Can I Live Affordably in Palm Beach?
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The cost of living varies in Palm Beach County, however, according to www.zillow.com, the median home value is $224,200 in the county. Late last year, www.trulia.com concluded that Palm Beach County is the second-highest priced metro area in the state, and the 15th in the U.S. Data shows that 50.6 percent of a resident’s monthly income is spent on housing, utilities and commuting, with the average listing price of a home, as of January 2016, was $309,840 in West Palm Beach.
Prices increase as demand decreases, making West Palm Beach, and Palm Beach County, a solid investment, if funds are available. Sale prices in Wellington are up from 2000 but down from mid-2006, where they reached their most recent high. Sales are down in Wellington from mid-2015, but historically decrease at the beginning and end of the year. The average listing price for a home, as of January 2016, was $890,816.
In comparison, San Francisco, where in August of 2015 Trulia determined 77 percent of monthly income was spent on housing, was deemed the least affordable U.S. Metropolitan city. In West Palm Beach, 38.3 percent of monthly income is spent on housing. New York is higher, with 42 percent of monthly income spent on housing. Housing in Kansas, Missouri, Kentucky, Arkansas and Ohio all came in with less than 20 percent of monthly income spent on housing.
Keep in mind, however, that though the averages are high, the numbers are dramatically skewed due to the multi-million dollar estates in many of these communities. Reasonably-priced communities are abundant.
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