West Palm Beach, Florida Housing Market Prices
West Palm Beach Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 55% above the Florida median$482,617
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Median rent 5% above the Florida median$1,756
Housing Market Overview
| Metric | West Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $482,617 | $311,338 | $248,835 |
| Price Trend (Annual %) | 22.2% | 11.2% | 7.5% |
| Median Gross Rent | $1,756 | $1,668 | $1,407 |
| Rent Trend (Annual %) | 6.1% | 6.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in West Palm Beach is about 55% higher than in Florida. Rent is about 5% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in West Palm Beach, up about 22.2% and 6.1% a year respectively. Home prices are changing faster.
Median rent in West Palm Beach rose about 65.3% between 2015 and 2024, from $1,062 to $1,756. Over the same span, rent in Florida rose about 66.5%.
Affordability
On average, housing unit costs 6.7 yearly household incomes in West Palm Beach.
Buying the median-priced home in West Palm Beach costs roughly 22.9 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in West Palm Beach. The price-to-rent ratio in Florida is about 15.6.
| Metric | West Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $482,617 | $311,338 | $248,835 |
| Median Household Income | $72,047 | $74,580 | $80,455 |
| Price-to-Income Ratio | 6.7 | 4.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in West Palm Beach rose about 511.2%, while median household income rose about 46.2% between 2009 and 2025 — 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 | West Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.8% | 57.7% | 58.5% |
| Rental Rate | 41.2% | 27.7% | 31.2% |
| Vacancy Rate | 15.9% | 14.6% | 10.2% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
West Palm Beach has a homeownership rate of 42.8%, lower than the Florida average of 57.7%. Its housing vacancy rate is 15.9%, compared with 14.6% in Florida.
Housing Stock
| Metric | West Palm Beach | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.24 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1983 | 1988 | 1978 |
| Median Number of Rooms | 4.4 | 5.2 | 5.5 |
The typical housing unit in West Palm Beach was built around 1983. On average, 2.2 people live in a home with about 4.4 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in West Palm Beach, Florida.
What is the median home price in West Palm Beach, Florida?
The median home price in West Palm Beach, Florida is $482,617, higher than the Florida average of $311,338.
What is the average home price in West Palm Beach, Florida?
The typical home price in West Palm Beach, Florida, reported as the median sale price, is $482,617. 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 West Palm Beach, Florida?
The median gross rent in West Palm Beach, Florida is $1,756 per month, higher than the Florida average of $1,668.
What was the median gross rent in West Palm Beach in 2020?
In 2020, the median gross rent in West Palm Beach, Florida was $1,374 per month.
What is the price-to-rent ratio in West Palm Beach, Florida?
The price-to-rent ratio in West Palm Beach, Florida is about 22.9, meaning it would take roughly 22.9 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in West Palm Beach.
Are home prices or rent rising faster in West Palm Beach, Florida?
Both home prices and rent are rising in West Palm Beach, up about 22.2% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in West Palm Beach, Florida?
42.8% of households in West Palm Beach, Florida own their home, lower than the Florida average of 57.7%.
What is the vacancy rate in West Palm Beach, Florida?
The housing vacancy rate in West Palm Beach, Florida is 15.9%, higher than the Florida average of 14.6%.
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