Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Palm Beach County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $382,850 | $293,727 | $242,182 |
| Price Trend (Annual %) | 14.6% | 12.0% | 8.2% |
| Median Gross Rent | $1,817 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Palm Beach County is about 30% higher than in Florida. Rent is about 16% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Palm Beach County, up about 14.6% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Palm Beach County rose about 55.5% between 2015 and 2023, from $1,169 to $1,817. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Palm Beach County.
Buying the median-priced home in Palm Beach County costs roughly 17.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Palm Beach County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Palm Beach County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $382,850 | $293,727 | $242,182 |
| Median Household Income | $81,672 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.7 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Palm Beach County rose about 177.5%, while median household income rose about 51.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Palm Beach County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.4% | 57.1% | 58.2% |
| Rental Rate | 25.2% | 27.7% | 31.3% |
| Vacancy Rate | 16.4% | 15.2% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Palm Beach County has a homeownership rate of 58.4%, higher than the Florida average of 57.1%. Its housing vacancy rate is 16.4%, compared with 15.2% in Florida.
Housing Stock
| Metric | Palm Beach County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1987 | 1987 | 1978 |
| Median Number of Rooms | 5.0 | 5.2 | 5.5 |
The typical housing unit in Palm Beach County was built around 1987. On average, 2.5 people live in a home with about 5.0 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Palm Beach County, Florida.
What is the median home price in Palm Beach County, Florida?
The median home price in Palm Beach County, Florida is $382,850, higher than the Florida average of $293,727.
What is the average home price in Palm Beach County, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Palm Beach County, Florida?
The median gross rent in Palm Beach County, Florida is $1,817 per month, higher than the Florida average of $1,564.
What was the median gross rent in Palm Beach County in 2020?
In 2020, the median gross rent in Palm Beach County, Florida was $1,451 per month.
What is the price-to-rent ratio in Palm Beach County, Florida?
The price-to-rent ratio in Palm Beach County, Florida is about 17.6, meaning it would take roughly 17.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Palm Beach County.
Are home prices or rent rising faster in Palm Beach County, Florida?
Both home prices and rent are rising in Palm Beach County, up about 14.6% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Palm Beach County, Florida?
58.4% of households in Palm Beach County, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Palm Beach County, Florida?
The housing vacancy rate in Palm Beach County, Florida is 16.4%, higher than the Florida average of 15.2%.