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South Florida

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

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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.”

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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]

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