By Jeff Ostrowski – Palm Beach Post Staff Writer
Mirroring a national trend of rebounding home prices and rising mortgage rates, Palm Beach County saw housing affordability fall to a 10-year low in the second quarter of 2018, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
Just 54.9 percent of homes sold in Palm Beach County in the second quarter were affordable to a median-income family, according to the index. That’s the lowest affordability reading since 2008.
That’s based on a median home price of $260,000 (the measure combines new and existing houses, condos and townhouses) and a median income of $71,800.