With a projected wage growth rate of 6.7 percent and job growth rate of 2.4 percent (Forbes), the economy in Palm Beach County continues grow and thrive. These numbers, along with seemingly endless shopping, dining, outdoor and other entertainment activities in South Florida, is perhaps why local residents over the age of 65 have high hopes for the seller's market.
Nearly 70 percent of Americans think now is a good time to buy a home, according to a new National Association of Research (NAR) survey, with the highest buyer optimism coming from those in the south aged 65 and older.
Palm Beach County has more people in the age group 65+ than it does persons under age 18- understandably, as the area is geared toward the affluent with its luxury real estate, 160+ golf courses, and some of the finest shopping and dining in the country.
Seventy seven percent of people in southern states aged 65+ also said that they believe homeownership strengthens communities a great deal. Palm Beach County has a 68.6 percent homeownership rate, higher than the national rate of 63 percent and higher than the state average rate of 64 percent.
"Homeowners are more likely to be involved and engaged in the issues facing their communities, since they tend to be more rooted in the area than renters," said NAR President Elizabeth Mendenhall. "This involvement – homeowners are more likely than renters to vote, volunteer their time at local charities and support neighborhood upkeep – helps shape and strengthen our nation's communities, as well as drive the national economy."
Palm Beach County currently has 12,610 active listings according to the Beaches MLS and economists expect that high consumer optimism, job creation and wage growth will encourage more people to sell their homes and give buyers a larger pool of options. The county has already seen $10.3 million more dollar volume this year than it did this time last year, as buyers search now before prices continue to rise.