2981 Somerset Rd, Lake Worth
Palm Beach County Real Estate - Lake Worth
Lake Worth is in South East Florida. It's population as recorded in the 2010 Census was 34,910. Lake Worth is approximately 58 miles from Miami (population 399,457) and around 54 miles from Hialeah (population 224,669).
The median age for residents of Lake Worth is 35. Around 30.1% of Lake Worth households include school aged children and 22.1% of households include individuals aged 65 years or over. Census records indicate 60% of the Lake Worth population are White, 19.8% are Black or African American, 5.6% American Indian, .9% Asian and 4.5% are Two or more Races. Lake Worth has a significant Hispanic population. 39.6% (13,834) of Lake Worth residents are of Hispanic or Latino origin. Of these 19.98% are of Mexican origin, 10.21% Puerto Rican, 10.39% Cuban and 59.4% are of other Hispanic or Latino origin.
There are 16,473 housing units in Lake Worth. 3,515 (21.3%) of these were reported as vacant in the 2010 Census. There are 7,843 residential rental units in Lake Worth. 6,535 of them were occupied in 2010 providing a residential rental vacancy rate of 16.1%.
Lake Worth links:
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Palm Beach County
Palm Beach County is part of the southeast Florida region along with Indian River, St. Lucie, Martin, Miami-Dade, Broward, and Monroe counties. Palm Beach County has 38 cities, towns and villages in total. West Palm Beach is the county's largest city and acts as the county seat. Palm Beach has a population over 1.3 million.
Palm Beach County has many wealthy towns such as Palm Beach, Boca Raton, and Jupiter, as well as a large equestrian population making it one of Florida's wealthiest counties. As a result, real estate prices are comparatively higher in Palm Beach County than most other counties in Florida.
Palm Beach County's major private sector employers are Tenet Healthcare Corporation, Hospital Corporation of America, Florida Power & Light, The Breakers, and Office Depot. Top public sector employers are Palm Beach County School Board, Palm Beach County, Florida Atlantic University, and Boca Raton Community Hospital. Palm Beach County considers agribusiness; aviation, aerospace, and engineering; equestrian; healthcare; green energy; and corporate headquarters to be among its main industries.
Boca Raton is in southern Palm Beach County and is known as the birthplace of the IBM personal computer. It still hosts a large research park focused on technological innovation. The city hosts the headquarters for Office Depot and GEO Group. Florida Atlantic University and Lynn University are both located in Boca Raton.
Neighboring Properties
| Address | Type | Sq Ft | Class | |
|---|---|---|---|---|
| 6622 S Congress Ave | Single Family | 1,400 | B |
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| 2959 Somerset Rd | Single Family | 1,311 | B |
|
| 6623 Massachusetts Dr | Single Family | 1,787 | B |
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| 6608 S Congress Ave | Single Family | 1,842 | B |
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| 6663 Massachusetts Dr | Single Family | 1,295 | B |
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| 6609 Massachusetts Dr | Single Family | 2,477 | B |
|
| 3020 Emerald Ln | Single Family | 1,772 | B |
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| 3019 Seagrape Rd | Single Family | 1,772 | B |
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| 6665 Massachusetts Dr | Single Family | 1,456 | B |
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| 6594 S Congress Ave | Single Family | 1,833 | B |
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| 6595 Massachusetts Dr | Single Family | 1,596 | B |
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| 3019 Emerald Ln | Single Family | 1,980 | B |
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| 6640 Massachusetts Dr | Single Family | 1,834 | B |
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| 6622 Massachusetts Dr | Single Family | 1,770 | B |
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| 3020 Seagrape Rd | Single Family | 2,036 | B |
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| 6664 Massachusetts Dr | Single Family | 1,909 | B |
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| 6691 Massachusetts Dr | Single Family | 1,522 | B |
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| 3040 Emerald Ln | Single Family | 2,195 | B |
|
| 6580 S Congress Ave | Single Family | 2,281 | B |
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| 3039 Seagrape Rd | Single Family | 2,237 | B |
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| 6700 S Congress Ave | Private school or college | 5,624 | B |
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| 6608 Massachusetts Dr | Single Family | 1,745 | B |
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| 6581 Massachusetts Dr | Single Family | 1,579 | B |
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| 6678 Massachusetts Dr | Single Family | 1,442 | B |
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| 3039 Emerald Ln | Single Family | 2,680 | B |
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| 3020 Caribb Way | Single Family | 1,775 | B |
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| 6594 Massachusetts Dr | Single Family | 1,623 | B |
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| 3040 Seagrape Rd | Single Family | 1,827 | B |
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| 6705 Massachusetts Dr | Single Family | 1,374 | B |
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| 3019 Tropical Trl | Single Family | 1,477 | B |
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| 6692 Massachusetts Dr | Single Family | 1,714 | B |
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| 6566 S Congress Ave | Single Family | 1,468 | B |
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| 2889 Somerset Rd | Single Family | 2,643 | B |
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| 2908 Somerset Rd | Single Family | 1,416 | B |
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| 6567 Massachusetts Dr | Single Family | 1,546 | B |
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| 3060 Emerald Ln | Single Family | 2,696 | B |
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| 3059 Seagrape Rd | Single Family | 2,195 | B |
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| 3040 Caribb Way | Single Family | 2,071 | B |
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| 6677 Boston Dr | Single Family | 1,696 | B |
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| 3059 Emerald Ln | Single Family | 2,937 | B |
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| 6719 Massachusetts Dr | Single Family | 2,050 | B |
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| 3039 Tropical Trl | Single Family | 2,442 | B |
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| 6706 Massachusetts Dr | Single Family | 1,703 | B |
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| 6584 Massachusetts Dr | Single Family | 2,429 | B |
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| 3060 Seagrape Rd | Single Family | 2,077 | B |
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| 6691 Boston Dr | Single Family | 2,116 | B |
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| 3019 Caribb Way | Single Family | 1,945 | B |
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| 6550 S Congress Ave | Single Family | 1,771 | B |
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| 6551 Massachusetts Dr | Single Family | 2,224 | B |
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Local Household Income
The median household income in this part of Florida is $58,828. The bottom 10% of the population earn less than $15,713 per year. The top 10% earn more than $151,965 per year. The top 1% earn more than $508,812 per year. Most renters earn between $24,120 (20th percentile) and $44,712 (80th percentile) per year. Someone earning the median household income in this area is likely to qualify for a mortgage between $117,656 and $147,070.
The tax assessed value of this property places it in percentile 41 of all properties in this area. This suggests it would appeal to someone earning around $48,563 per year who should qualify for a mortgage between $97,126 and $121,408.
Source: US Census American Community Survey - 2008-2012 ACS 5-year PUMS estimates
Local Rents
The median monthly rent in this part of Florida is $1,028. Most renters earn between $2,010 and $3,726 per month. They typically spend 39% of their monthly income on rent. Most rents fall in the $781 (20th percentile) to $1,371 (80th percentile) range. The residential vacancy rate is 9%.
This property falls in percentile 41 of all properties in this area. This corresponds to a rent of $974 per month and a monthly household income of $2,562 ($30,744 per year)
Nearby Companies
3912 S Congress Ave
2393 S Congress Ave
3079 Emerald Ln
3039 Emerald Ln
6700 South Congress Ave
6700 South Congress Ave
6622 Massachusetts Dr
6622 Massachusetts Dr