WEST PALM BEACH, Fla. — Finding affordable housing in South Florida is still a challenge, according to those tracking and watching the real estate market.
"We need livable housing that's reasonably priced," Ken Johnson at FAU's Real Estate Initiative said.
Jack Weir of the Housing Leadership Council of Palm Beach County agrees.
"Salaried professionals are still being squeezed," Weir said.
For the most part, rents and home prices have slowed from steep increases, but they have rarely retreated.
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"The average rental unit, you will need an income as a household, an income of $112,000 or higher," Johnson said.
As for buying a home, Weir said typically a household earning $130,000 a year would be able to buy a home for about $400,000.
"To put it in perspective, the median home price in Palm Beach County is over $550,000," Weir said.
The issue, both men said, is about the low inventory of affordable and workforce housing.
"Can we build fast enough? The answer is we're not doing it yet," Johnson said.
A newly approved $200 million housing bond in Palm Beach County does offer help, including incentivizing developers, but it could take years.
"The goal for the housing plan is to do 20,000 units of workforce and affordable housing over the next 10 years, so that's the goal," Weir said. "It's an ambitious goal."