West Palm Beach Homes Increase in Price While Salaries Drop
West Palm Beach home prices rose 28 percent between June 2004 and June 2005. Price appreciation increased by 2 perent between March 2005 and June 2005 alone. With such enormous growth in so little time, it should come as no surprise that West Palm Beach home values have appreciated 114 percent over the past five years.
These soaring prices make one wonder whether residents are really able to afford West Palm Beach homes. In June, the median price of existing West Palm Beach homes "rose above $400,00 for the first time." However, the Palm Beach County´s median income "plunged 8 percent between 2003 and 2004, one of the largest declines in the country for counties of its size."
If this increasing price trend continues, West Palm Beach may find itself in a situation similar to that of other coastal cities in Florida. One such city is Sarasota, where home prices have gotten so out of hand that community groups are forming to advocate affordable new construction.
These soaring prices make one wonder whether residents are really able to afford West Palm Beach homes. In June, the median price of existing West Palm Beach homes "rose above $400,00 for the first time." However, the Palm Beach County´s median income "plunged 8 percent between 2003 and 2004, one of the largest declines in the country for counties of its size."
If this increasing price trend continues, West Palm Beach may find itself in a situation similar to that of other coastal cities in Florida. One such city is Sarasota, where home prices have gotten so out of hand that community groups are forming to advocate affordable new construction.
