Palm Bay Homeowners See Wealth Gap Widen

Report finds median net worth of homeowners is now 4 times higher than median net worth of renters

Apr 18, 2023

Middle-income homeowners in Palm Bay have seen their wealth increase by an average of $120,000 over the past decade, according to a new report from the National Association of Realtors (NAR).

The report, which was released on April 18, 2023, found that the median home value in Palm Bay increased by 120% between 2013 and 2022. This increase in home values has helped to boost the wealth of homeowners in the city, who now have an average net worth of $254,900.

The report also found that the gap between the wealth of homeowners and renters in Palm Bay has widened over the past decade. In 2013, the median net worth of homeowners was 2.5 times higher than the median net worth of renters. By 2022, that gap had widened to 4.0 times.

There are a number of factors that have contributed to the increase in home values in Palm Bay over the past decade. These factors include:

A strong economy
Low interest rates
A growing population
A shortage of housing inventory

The increase in home values has had a number of positive effects on the Palm Bay economy. It has boosted property tax revenue, which has helped to fund local government services. It has also created jobs in the construction and real estate industries.

However, the increase in home values has also made it more difficult for some people to afford to buy a home in Palm Bay. The median home price in the city is now $350,000, which is out of reach for many middle-income families.

The NAR report is a reminder of the importance of homeownership. Homeownership is a key driver of wealth creation, and it can provide homeowners with a sense of stability and security. However, the rising cost of homeownership is making it more difficult for some people to achieve the dream of homeownership.