Palm Beach County allocates $3 million for first-time homebuyer program

WEST PALM BEACH, Fla. (CBS12) — Palm Beach County leaders have allocated about $3 million dollars towards helping first-time homebuyers.

Tuesday, the Palm Beach County Department of Housing and Economic Development is hosting the last orientation meeting for local families interested in applying for up to $100,000 in home purchasing assistance. County leaders said already 1,000 local families have shown interest in the program.

According to Zillow, the average cost of a home in Palm Beach County is roughly $474,000 as of Tuesday morning. A first-time homebuyer typically can get away with putting down three percent, which is roughly $15,000.