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Imbalance of Palm Beach County Population Growth and Housing Supply
Figure 5.2: Renter Occupied Unit Supply Change by Value Palm Beach County, 2014-2018
$2,000 or more $1,500 to $1,999 $1,250 to $1,499 $1,000 to $1,249 $900 to $999 $800 to $899 $750 to $799 $700 to $749 $650 to $699 $600 to $649 $550 to $599 $500 to $549 $450 to $499 $400 to $449 $350 to $399 $300 to $349 $250 to $299 $200 to $249 $150 to $199 $100 to $149 Less than $100 (5,000) (3,000) (1,000) 1,000 3,000 5,000 7,000 9,000 11,000 13,000
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Imbalance of Palm Beach County Population Growth and Housing Supply
Palm Beach County’s affordable housing supply and demand imbalance is further aggravated by a deficient level of new housing construction activity which has not kept pace with the County’s population growth since 2010. The County has had an average supply/demand gap of 2,732 housing units during the last ten years. The gap places added pressure on existing owner and renter values. This market dynamic has played out over the past six months with rapidly appreciating values that have priced most Palm Beach County residents out of the housing market.
Actual Year Built Units Built PBC Population
Population Growth from Previous Year Avg. HH Size
New Housing Unit Demand Gap/Surplus of Housing Units
2010 2,142 1,299,356 2011 1,685 1,309,401 10,045 2.46 4,083 2,398 2012 3,019 1,324,085 14,684 2.49 5,897 2,878 2013 4,793 1,339,221 15,136 2.51 6,030 1,237 2014 4,882 1,359,074 19,853 2.53 7,847 2,965 2015 4,624 1,378,806 19,732 2.54 7,769 3,145 2016 5,586 1,398,757 19,951 2.56 7,793 2,207
Note: table continued.
2017 5,638 1,426,772 28,015 2.59 10,817 5,179 2018 5,378 1,446,277 19,505 2.60 7,502 2,124 2019 4,726 1,465,027 18,750 2.61 7,184 2,458
Source: U.S. Census Bureau (BOC): Form C-404, via Moody's Analytics; US Census, ACS, 2010-2019 5-Year Estimates; table and calculations created by the Jorge M. Perez FIU Metropolitan Center.
