Categorized | Residential

Real-Estate Crash Has Devastated Palm Beach County’s Economy

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There are few places that have suffered more from the bursting of the real estate bubble than Palm Beach County. The area was once flourishing, and served as a region of opportunity for middle class families. However, since the crash, the middle class has essentially disappeared.

With record-low unemployment, and a surging housing market, Palm Beach County was once the ideal place for middle class homeowners to take up residence. However, over the last five years since the real estate crash, all of that has changed for the worse. Nearly seventy eight billion dollars in real estate value has disappeared. The county has seen over ninety thousand jobs get eliminated, causing a massive decline in tax revenue.

The county still has its super-rich and poor sectors, but the middle class has faded away into near non-existence. For some, the real estate boom had helped maintain the middle class. With that said, the rapid decline in the real estate market caused many of those families and homeowners to drop from the middle class to poverty.

Despite the depressing numbers that came as a result of the real estate crash, there are some analysts that believe that good times will come soon. There is the belief that those that have lost their homes or jobs are building new skills to gain better employment. The real estate market decline has also slowed down, and is even picking up in certain areas. These experts believe that it is only a matter of time before things once again change, and the middle class once again flourishes.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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