Over the past decade, there has been a 112% increase in millionaire residents in West Palm Beach. There are a few reasons for this uptick in residential moves, and we’re eager to share them. Today, our team explores how West Palm Beach has become one of the country’s most deliberate relocation choices.
So if you plan on relocating to West Palm Beach, you might want to stick around. We’re touching on what a move like this entails and why it might be your best idea yet.
The Florida Tax Advantage
Before you move anywhere, it’s always a good idea to consider how your taxes will be affected. After all, the last thing you want to do is move between states and experience less than advantageous state or federal income taxes. This is especially true if you’re a top earner.
Fortunately, those who move to West Palm Beach are walking into better tax benefits than most of the country offers. For example, Florida remains one of the few states in the US with no personal income tax and no estate tax. This can significantly shift long-term planning for high earners and families managing generational wealth.
You might also love learning that establishing residency in Florida opens the door to a homestead exemption. This can reduce property tax exposure on your primary residence. And yes, it’s true that the exact benefit depends on your filing status and property value. But it is still a meaningful consideration if you’re transitioning from higher-tax states like California or New York. Yet the key to enjoying these tax benefits is establishing a domicile.
You’ll likely find it easier to do this with the help of tax advisors and legal consultants early in the process. They can help you ensure residency is clearly established and defensible. This is crucial because Florida has fairly strict rules governing domicile claims for tax benefits when a person doesn’t live in the state for 183 days or more in a calendar year.
The Relocation Process: Practical Steps
When moving to West Palm Beach, Florida, it’s important to know that it involves more than simply purchasing a property. For tax concerns, you already know that establishing residency is essential, but how do you go about doing this? Well, here’s how. You need to:
- File a Declaration of Domicile with Palm Beach County
- Update your driver’s licence through the Florida Department of Highway Safety and Motor Vehicles.
- Register to vote in Florida.
- Transfer vehicle registrations and insurance policies.
- Update primary mailing addresses and financial accounts.
That’s the process, overly simplified, but it should give you a better idea of what to do and expect. For most who want to relocate, it’s best to coordinate these steps alongside your property closing, and you should be able to get assistance from local professionals like real estate attorneys and tax advisors who can help you avoid administrative delays.
Neighbourhoods to Know
When moving to Florida from the Northeast or elsewhere, it helps to get a snapshot overview of the best neighborhoods to consider settling in. However, you should know that West Palm Beach doesn’t cater to any singular lifestyle. Every area is unique, but they all offer a balance of privacy, access, and good living:
Flagler Drive
Flagler Drive is one of the most recognizable neighborhoods in West Palm Beach. It’s along the water corridor, and properties in this suburb enjoy direct Intracoastal views. They are also close to Palm Beach Island and cultural destinations like the Norton Museum of Art.
However, given how popular this neighborhood is, housing inventory here is scarce, and prices often reflect this scarcity. It’s home to a mix of single-family homes and high-rise luxury condos.
Downtown
If you’re a young professional, one of the best places you could call home is Downtown West Palm Beach. It’s known for its restaurants, such as Buccan’s Palm Beach, and cultural venues, such as the Kravis Center for the Performing Arts.
This neighborhood is urban and dense, but depending on where you live, you could enjoy waterway views. For example, The Berkeley Palm Beach offers luxury condominium residences just on the edge of downtown overlooking Clear Lake.
Palm Beach Lake
If you want a more centrally located suburb to call home, there’s always Palm Beach Lake. This neighborhood offers a far more residential feel with larger homes and diverse housing options. It’s also close to bustling city life aspects you may enjoy, including restaurants, shops, and parks. As for the real estate market, this neighborhood tends to attract buyers who want space without leaving the city entirely.
The South End
Not every soul wants to live a loud and exuberant lifestyle. If you enjoy the quieter things in life, you might find that the South End, or as it’s fondly known, ‘SoSo,’ is a better choice. This neighborhood is trendy and upscale, and only a few minutes’ drive from downtown. It also offers easy access to parks, and the housing is a mix of 1950s ranch-style homes, modern coastal construction, and Mediterranean architecture.
Housing Market Overview
Many who want to move to West Palm Beach want to buy in the city, but what is the real estate market like currently? Well… there is housing stock, but it’s clearly divided between new construction and older units.
Much of West Palm Beach’s housing inventory was built decades ago. This means that many of these homes require updates to bring them into the 21st century. On the other hand, the new developments are primarily condominium-style, but they offer luxury and often full-service amenities, which is a huge draw for individuals.
It’s also worth knowing that with the current housing market, new construction commands a clear premium over resale. This is because you get access to modern layouts, updated systems, and often amenities such as valet service, 24/7 healthcare, spas, and rooftop pools.
Additionally, this divide has created two very different conversations in the market. What we mean by this is that resale seems to appeal more to buyers who want a prime location but lower entry-level pricing. On the other hand, new developments appeal more to those who prioritise convenience, service, and design. The choice is yours.
Schools and Education
If this is a concern for you, you can breathe easy knowing that West Palm Beach offers some of the best schools, including private options. For example, popular among families relocating are Oxbridge Academy and The Benjamin School. Both offer impressive sports and academic programs. There are also public school options like Alexander W. Dreyfoos Jr. School of the Arts, Suncoast Community High School, and Bak Middle School of the Arts.
So if schooling is a priority, you may want to research the neighborhoods of interest and which schools fall within those zones. This is important to consider before you decide where to live, as school options can significantly impact your decision.
Healthcare
We’ll all grow old one day, and some of us are not as fortunate on the health front as others, so it’s important to live in a city that offers superb healthcare. West Palm Beach is that city.
West Palm Beach is supported by several major medical centers, including St. Mary’s Medical Center, the Cleveland Clinic Florida network, and the JFK Hospital North Campus.
These institutions offer routine and specialized services, making them more than equipped to handle most health needs. Depending on your needs, you will need to find a home close to one of these healthcare institutions, but this shouldn’t be too difficult.
Getting Around
For many people, connectivity is an important deciding factor in where they live, so it’s lucky that this is one of West Palm Beach’s strengths.
For example, West Palm Beach is home to Palm Beach International Airport and offers direct flights to major US cities. It is also far more convenient than larger airports with fewer lines and less hassle. If you’re a frequent traveller, you might find this to be a meaningful advantage.
Additionally, the Brightline expansion is another connectivity bonus. This system offers a reliable link between Fort Lauderdale, Miami, and West Palm Beach. Through this transportation system, you can travel between cities without relying solely on driving or flying.
Then there is also quick access to the I-95’s north-south corridor, offering you access across South Florida. So, you’ll need to think about how you prefer to travel and consider where you’ll live in relation to this when relocating to West Palm Beach. This is also something you’ll want to determine before you move, as was the case with schooling.
Lifestyle: Dining, Arts, Sport
Over the past few years, lifestyle has been where West Palm Beach has seen the most transformation. Once upon a time, this city was seen primarily as a sunny coastal environment, but nowadays it offers so much more. It’s also a far more sophisticated locale with dining, culture, the arts, and recreation playing a much bigger role in how people choose to live here.
The restaurant scene, for example, is far larger than it once was. If you move here, you can look forward to tantalizing your taste buds with food from places like Buccan and Grato, which are incredibly popular dining experiences. Then, when it comes to culture, there are institutions like the prestigious Norton Museum of Art and the Kravis Center (which we mentioned earlier) that offer year-round arts programs you can enjoy.
Additionally, West Palm Beach also offers an incredible outdoor landscape. If you enjoy the outdoor lifestyle, you’ll love that there is everything from boating and marina access, parks, and hiking trails to beachfront, golf, and waterfront recreational opportunities.
When relocating, it’s always a good idea to check out these lifestyle perks to see if they align with how you actually want to live.
Moving to West Palm Beach Florida: Making West Palm Beach Home
It’s as clear as day that West Palm Beach continues to attract buyers for a reason. From tax advantages and superb schooling, to incredible neighborhood selection, a favorable housing market, top-of-the-line healthcare institutions, and culture, the city offers opportunity and long-term appeal.
If you decide this is somewhere you would love to live, exploring residences at The Berkley Palm Beach is naturally the next step. We would love to discuss the lifestyle you could enjoy with one of our residences.
