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The Real Deal Miami

Low-income renters are cashing in on Palm Beach’s poor market

October 03, 2011 04:09PM

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Palm Beach County’s dismal housing market is proving beneficial to low-income families. According to the Palm Beach Post, high-end homes languishing on the market are finding surprise residents in impoverished renters eligible for Section 8 housing subsidies.

“Guaranteed rent is guaranteed rent,” said Reggie Williams, who manages several rental homes, including the one on Crown Point. “I’ve had very good experiences with Section 8.”

Investors who purchased foreclosed homes, and even home sellers struggling to find buyers, are turning to the electronically delivered rent from the government for income. A 3,000-square-foot home on Crown Point in Wellington, for example, is actively soliciting subsidized renters.

Subsidies range from as little as $100 per month to $2,109 per month for the 6,600 Section 8 families in West Palm Beach, Delray Beach and nearby areas. The average West Palm Beach subsidy is $900. The amount is based upon annual income, which can not exceed $36,700 for a family of four. [Palm Beach Post]