Rapid Decline in the Supply of Affordably-Priced Housing Units

4 Registered Nurses 5 Retail Salespersons 13,296 14,942 1,646 12.4% $32.1 24,942 26,484 1,542 6.2% $11.3

6 Cooks, Restaurant 7 Laborers and Freight, Stock, and Material Movers, Hand 8,044 9,534 1,490 18.5% $14.0

8,138 9,550 1,412 17.4% $12.5

8 Customer Service Representatives 15,561 16,948 1,387 8.9% $15.3 9 Janitors and Cleaners, Except Maids and Housekeeping Cleaners 10,100 11,424 1,324 13.1% $11.4 10 Lawyers 6,518 7,553 1,035 15.9% $61.0

Source: Florida Department of Economic Opportunity, 2019-2027 Florida Employment Projections. The occupations of Palm Beach County’s resident workforce are reflective of the County’s industrial or economic base. Since local housing and labor markets are inextricably linked to one another, this level of occupation job growth can only increase the current affordable housing demand and supply shortfall. The COVID-19 pandemic has already resulted in significant job loss in Palm Beach County. The timing and level to which the economy recovers from the pandemic will ultimately determine the County’s future affordable housing demand.

Rapid Decline in the Supply of Affordably-Priced Housing Units

Palm Beach County’s existing and future affordable housing demand is not just a production issue. From 2014-2018, Palm Beach County has lost, due to market appreciation, an annual average of 13,419 units affordable to potential owner households earning less than 140% of the median household income ($83,929) and 3,748 units affordable to renters earning less than 120% of the median household income ($50,668). The supply of owner and renter units affordable to households has declined rapidly in both absolute numbers and as a percentage of total housing supply.

Table 5.7: Palm Beach County Owner Occupied Unit Supply Change by Value

Housing Units by Value 2014 2015 2016 2017 2018 Average Unit Change By Year

Below $250,000 230,579 220,785 206,359 192,278 176,904 9,794 14,426 14,081 15,374

13,419

Above $250,000 141,182 148,736 163,177 180,399 199,235 7,554 14,441 17,222 18,836

14,513

Source: US Census, ACS, 2014-2018 5-Year Estimates; table and graph created by the FIU Metropolitan Center.

Figure 5.1: Owner Occupied Unit Supply Change by Value Palm Beach County, 2014-2018

$1,000,000 or more $750,000 to $999,999 $500,000 to $749,999 $400,000 to $499,999 $300,000 to $399,999 $250,000 to $299,999 $200,000 to $249,999 $175,000 to $199,999 $150,000 to $174,999 $125,000 to $149,999 $100,000 to $124,999 $90,000 to $99,999 $80,000 to $89,999 $70,000 to $79,999 $60,000 to $69,999 $50,000 to $59,999 $40,000 to $49,999 $35,000 to $39,999 $30,000 to $34,999 $25,000 to $29,999 $20,000 to $24,999 $15,000 to $19,999 $10,000 to $14,999 Less than $10,000

(8,000) (6,000) (4,000) (2,000) - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000

Table 5.8: Palm Beach County Renter Occupied Unit Supply Change by Value

Rental Units by Value 2014 2015 2016 2017 2018 Average Unit Change By Year

Below $1,250 88,842 90,548 86,935 80,192 73,851 1,706 3,613 6,743 6,341

3,748

Above 1,250 61,906 66,891 74,259 83,556 91,384 4,985 7,368 9,297 7,828

7,370

Source: US Census, ACS, 2014-2018 5-Year Estimates; table and graph created by the FIU Metropolitan Center.