If it feels like everyone with money is moving to Florida these days, you’re not wrong—especially when it comes to Palm Beach. Wealthy New Yorkers are swapping their penthouses for oceanfront mansions, driving up home prices to jaw-dropping levels. Right now, the median home listing in Palm Beach is a staggering $2.9 million—and it’s only going up.
So, what’s the big draw?
Why Are They Leaving New York for Florida?
It’s simple: Palm Beach offers the kind of lifestyle most people dream about.
- No state income tax – New York’s high taxes are pushing people south. Why pay more when you can keep millions just by moving?
- Luxury living, year-round sunshine – Picture waking up to ocean views, hitting the golf course before lunch, and dining at a Michelin-starred restaurant in the evening. No brutal winters, no crowded subways—just pure, laid-back luxury.
- Booming business scene – Florida’s economy is thriving, and many companies and entrepreneurs are setting up shop here, making it easy to work and live in paradise.
What’s Happening to the Housing Market?
It’s crazy how much demand there is. The number of residences sold for more than $20 million has increased by 500% since 2019. There is limited space for middle-class purchasers or lifelong residents searching for reasonably priced homes since buyers are grabbing properties before they are put on the market.
A lot of this started during the pandemic when remote work let high-earners rethink where they wanted to live. Many fled crowded cities and never looked back. Even now, as companies call employees back to the office, plenty of these Palm Beach transplants are staying put—because honestly, who would give up the beach for a tiny NYC apartment?
Is Palm Beach the New NYC?
In some ways, yes. You’ll find former Wall Street execs, hedge fund managers, and celebrities making Palm Beach their new playground. The exclusive social clubs, designer boutiques, and luxury dining scene are starting to feel like a slice of Manhattan—but with better weather.
Naturally, not everyone is overjoyed. Longtime residents are concerned that the small-town charm is vanishing, and locals are having a tougher difficulty affording homes. One thing is certain, though: an increasing number of wealthy people now call Palm Beach home rather than just using it as a holiday destination.
Additionally, don’t anticipate those million-dollar price tags to drop anytime soon because demand is still high.