The Future of Housing in Palm Beach Gardens by Joann Skaria
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ith a harmonious mix of attractive homes, employment opportunities, and numerous recreation and retail services, all nestled into a verdant landscape, the City of Palm Beach Gardens has been a desirable community to call home for decades. Having a robust housing stock has always been a key component of this appeal. In 1962, a “Parade of Homes” event was held where local home builders displayed model homes for families to tour and purchase. Tis became an annual event for many years. Te City experienced a housing boom around that time and was one of the fastest growing new cities in the nation. Today, with over 30,000 residential dwelling units in the City, over 50,000 residents call the City of Palm Beach Gardens home. Te primary home type is detached single-family homes that are owner occupied. Approximately 35% of the City’s residential units are multifamily, providing some variety in housing types. Te median sales price of a single-family home is $504,500, and median rental price is $2,500 per month. Tough the Area Median Income (AMI) in the City of Palm Beach Gardens is quite 16
SIGNATURE CITY: City of Palm Beach Gardens
high at $81,508 (2019), the costs of housing are escalating at a much higher pace than salaries and wages are rising, resulting in signifcant cost burden for certain residents. Housing cost burden is defned as when a household’s housing costs exceed 30% of their income. Tere is a gap between what the average family can aford to pay, and the cost of the available housing supply. Workers with incomes at this level may include teachers, nurses, utility and public workers, and entry-level professionals. Te City prides itself on a high level of service, and a low tax rate, and in order to keep services high and taxes low, a thriving local economy is necessary. Te City has been fortunate to be home to signifcant economic engines over the years, from RCA Corporation and PGA National in the early days, to the Gardens Mall, to a currently booming ofce hub along PGA Boulevard, most recently punctuated with the completion of the DiVosta Towers. Te medical and technology industry clusters are continuing to grow as well. But in order to continue to attract high quality employment, services must be provided, such as transportation and mobility systems, and housing. Many successful local economies around the nation have experienced
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unprecedented economic growth, leaving a lack of housing options for the employees. Tis results in people being cost burdened or selecting housing that is further from their employment, requiring signifcantly longer commutes and resulting in negative environmental impacts. In fact, only 11% of Palm Beach Gardens residents are employed in the City. A variety of housing options is an essential component of a thriving local economy. Corporations and small businesses alike require safe, convenient, and attainable housing options for all their employees. Providing for diversity in the City’s housing stock is necessary to maintain the City’s high quality of life. Tis brings an excellent opportunity to the City to provide more attainable options when purchasing or renting a home. Tis goal has successfully been accomplished in many municipalities through implementation of a workforce housing program. Te City has embraced this opportunity by recently adopting its frst Workforce Housing Program. Many workforce housing units are seamlessly incorporated into new multi-family or single-family developments. Te term “Workforce Housing” is for households with incomes ranging from 60% to 120% of the City’s AMI, and as mentioned
