Are there West Palm Beach Homes for Under a Million?
There was once a time when $1 million could buy a wide assortment of plush West Palm Beach homes, but when one looks at West Palm Beach real estate prices now, it’s obvious that that time is long gone.
If you are looking at West Palm Beach homes in established neighborhoods and only have one million to spend, you will probably have to settle for an older house “that may need some updating.” And forget about West Palm Beach homes on the water. One million will only get you an empty lot on the waterfront. You may also find that the further west you go, the more land or square footage you’ll get, but don’t count on getting more of both.
Regardless of whether these West Palm Beach homes are big or small, old or new, the primary problem is that most locals can’t afford those prices. “Assuming you have the $200,000 down payment the remaining mortgage on a 30-year fixed loan at 6 percent interest is about $4,800 a month.” Then there’s property taxes and insurance to worry about. A West Palm Beach family would have to earn a minimum of $250,000 a year in order to afford a million dollar home.
If you are looking at West Palm Beach homes in established neighborhoods and only have one million to spend, you will probably have to settle for an older house “that may need some updating.” And forget about West Palm Beach homes on the water. One million will only get you an empty lot on the waterfront. You may also find that the further west you go, the more land or square footage you’ll get, but don’t count on getting more of both.
Regardless of whether these West Palm Beach homes are big or small, old or new, the primary problem is that most locals can’t afford those prices. “Assuming you have the $200,000 down payment the remaining mortgage on a 30-year fixed loan at 6 percent interest is about $4,800 a month.” Then there’s property taxes and insurance to worry about. A West Palm Beach family would have to earn a minimum of $250,000 a year in order to afford a million dollar home.
