It’s undeniable that New York is one of the most celebrated cities in the world, let alone the US. It boasts diverse communities, iconic landmarks, lively culture, and endless opportunities, but it’s not always the best fit for everyone. In fact, in recent years, many have made the great migration south, relocating to West Palm Beach from New York.
Between 2017 and 2022 alone, it’s estimated that about 20,000 people moved from New York to Palm Beach County. There are many reasons for this, with many New Yorkers citing tax benefits, remote work opportunities, better quality of life, and resort-style real estate like the residences at The Berkeley Palm Beach.
With reasons, it’s unsurprising that you’re deciding or have decided to relocate to West Palm Beach from New York. However, you might still not know what to expect, and that’s where we would love to help. In today’s guide, we’re sharing everything you should know. This will include the reasons, cost-of-living comparisons, what will stay the same, what will change, and even a few practical relocation tips.
By the end, you’ll have a far better idea of why the Miami-Fort Lauderdale-West Palm Beach area is now the fourth-fastest-growing region in the whole country.
Why New Yorkers Are Choosing West Palm Beach
You already know there are many benefits to moving from New York to Palm Beach, but we want to go a little deeper into the ‘why’ it’s better for you and your family.
Tax Advantages
Many people already feel the pull toward Palm Beach, but why does it feel like such a natural shift for families to consider relocating to West Palm Beach from New York? Simple. Much of the appeal lies in Florida’s tax structure.
Given that West Palm Beach is in Florida, you won’t be subject to any state income tax. This is especially beneficial for retirees whose income comes from pensions, Social Security, investment income, or IRA withdrawals.
This may not seem like much of a boon, but in reality, it becomes noticeable over time. When you look at the NYC tax ranges and compare them with those of the other states, you very quickly change your mind. In practical terms, New York’s state income tax ranges between 4 and 10.9%, and you have to keep in mind that the state adds an additional local tax of up to 3.876%. For retirees who relocate, that difference can translate into meaningful yearly savings of $10,000 to $15,000 for every $150,000 in income.
It’s also worth noting that Florida has no estate or inheritance tax. The homestead exemption of up to $50,000 off assessed value for primary residences also helps to lower property tax bills. This creates a sense of financial ease that carries into daily life.
Climate and Lifestyle
Climate and lifestyle matter more than some might expect, as they can significantly affect your physical and mental well-being. If you move to West Palm Beach, you can expect to enjoy many days outdoors, with Palm Beach County seeing about 238 days of sunshine every year.
Usually, temperatures hover between 58 and 89 degrees year-round, and winters are incredibly mild, especially compared to New York. And while summers can get hot, the ocean breeze helps cool things down.
Also, many find it appealing that they can be outside, out and about, participating in everything from water sports and hikes to relaxed pool parties and outdoor dinners. There is also much to do year-round, with the climate favorable, and it doesn’t involve only the beach.
Many families love visiting the Norton Museum of Art, with its impressive collection of artworks from around the world, and the Kravis Center, where one can enjoy a Broadway show or concert. There is also Clematis Street, lined with bars, restaurants, and entertainment. All of these attractions showcase a slower, more exploratory lifestyle, which many enjoy.
Growing Business Scene
The Palm Beaches may be known for their resort-like environs, but they are far more than tourist destinations. In recent years, many have been moving from NYC to West Palm Beach because its business scene is growing.
The region’s attractive tax incentives and business-friendly policies have attracted more than 400 corporate headquarters, 100 financial services companies, and 6 million square feet of distribution centers.
As a result, there is a growing job market across industries, including healthcare, engineering, and technology. There is also a high average wage of $61,040, the highest in the state.
Cost of Living Comparison
The cost of living in West Palm Beach compared to New York City is significant, and it’s one of the driving forces behind many choosing to move.
If you look at rent alone, the average for a one-bedroom apartment in NYC is about $4,625.86 a month. In comparison, a comparable one-bedroom condo in West Palm Beach averages $2,406.25 monthly.
Then, when you look at purchasing, you can see a similar gap. A New York City condo often exceeds $1.2 million, while a luxury condominium in West Palm Beach often begins at $700,000 to $900,000, depending on what’s included.
If you like to eat out with friends and family, this will also be less expensive in West Palm Beach. Usually, a mid-range restaurant meal costs between $35 and $ 45 per person in New York, while in West Palm Beach, the same type of meal will cost $25 to $35 per person.
One of the only areas where New York and West Palm Beach pricing aligns is with utilities. Given that Florida experiences hotter temperatures and New York colder winters, both states average utility bills are about $200 to $300 a month.
However, where West Palm Beach has New York beat is with transportation costs. West Palm Beach doesn’t have a subway, and most people own cars, using them as their primary form of transportation. Since this is the case, many families spend between $600 and $900 monthly on fuel, insurance, and maintenance. New Yorkers can get away with paying around $140 a month for a subway pass.
What Stays the Same
Moving from NYC to Florida doesn’t mean your entire life will change. There are things that will remain the same. For example, you can expect your dining standards to remain high because you’ll still have access to chef-driven restaurants offering menus that prioritize quality ingredients. These restaurants might look different, offer unique flavors, and have different atmospheres, but they are no less stellar than what you would find in NY.
Private dining and entertaining continue to matter, with private rooms, reservations, and intimate dining experiences remaining part of social and business life. Those making the move can also look forward to cultural engagement remaining a prominent part of life, even if it is more relaxed.
West Palm Beach has plenty to offer, including fundraisers, board involvement, charity events, art exhibitions, galas, and enough performances to fill your social calendar. This region has a longstanding support for philanthropy and the arts, so it will feel much like New York in that regard.
What Changes (For the Better)
Relocating to West Palm Beach from New York brings many changes, most of them positive. Here’s a quick look at some of the biggest advantages of wholeheartedly committing to a move to this state:
More Space Becomes the Norm
You’ll find your relationship with space changes when you relocate to West Palm Beach. This is because homes here are built to give their owners more breathing room. Even in condos, living spaces are more spacious with stunning open-plan layouts that offer you more room to live life to the fullest.
With more space, storage is less of an issue. In many New York matchbox apartments, it can feel like storing everything from winter clothes to Christmas decorations is a battle, but the opposite is true in Florida. Most homes, like The Berkeley Palm Beach residences, are carefully curated to offer as much space as you need. Not to mention, with more space, you have greater privacy and a home that supports how you live from day to day.
Time Feels Less Compressed
In New York, time can feel like it’s sped up. Schedules are shaped by congestion and the need to hail a taxi to get from point A to point B. Palm Beach, on the other hand, offers residents a calmer existence. Often, commutes are shorter, parking is easier, and appointments feel more predictable because you can drive yourself there.
With time, feeling more in control of your days, planning feels more flexible. You naturally spend less time managing transportation logistics and more time enjoying life.
Home Feels Like a True Retreat
For many New Yorkers, their home can start to feel like a landing pad. This is especially true given how fast-paced life is in this area of the US. If you decide to relocate to West Palm Beach, one of the best improvements to your life is that your home will start to feel like a true retreat.
Homes in this part of the country offer resort-like conveniences, especially condominiums like The Berkeley Palm Beach. Usually, these residences have spa wellness centers, fitness centers, rooftop pools, and primary healthcare facilities.
Not to mention, the condos themselves are beautifully put together. They make you want to live in them, with floor-to-ceiling windows, private balconies, chef-like kitchens, spacious open-plan living, and comfortable spaces for entertaining. When all of this comes together, you shouldn’t be surprised that you may find it difficult to leave the comfort of your home after you move in.
Choosing Your New Home When Relocating to West Palm Beach from New York
Relocating to West Palm Beach from New York can be an exciting adventure. It offers many benefits, including tax advantages, better climate, a more relaxed lifestyle, and an eye-opening lower cost of living. It also carries over many of the things you enjoy about New York. So, you don’t miss out on too many of the things you love to do.
With this in mind, if you’re ready to start looking at your residential options, it might be time to consider The Berkeley Palm Beach. These luxury condos have much to offer, and you can learn more by talking with one of our sales representatives.
