Recently, news media outlets like Forbes and 24/7 Wall Street have published articles galore about the incredible growth of South Florida, particularly Palm Beach County. The area is booming with business development and many are choosing to relocate for the low tax rates and sunny beaches.
Florida's low estate, corporate and capital gains taxes provide a business-friendly atmosphere that is rewarding to employees. More than 70 financial services with firms in the Northeast including SkyBridge and Universa Investments have moved to South Florida for the benefits. By moving to Palm Beach County from New York, for example, someone making $1 million a year could save $100,000 in city and state taxes alone, according to the Business Development Board. Florida has neither income tax nor vehicle tax and the real estate has all of the high-class features found in New York but with a much nicer view.
Florida was also #10 on 24/7 Wall Street's article "16 States Where Personal Income is Booming"- 1.9 million people have moved to Florida since 2010, a growth rate of 10.3%, higher than any other state. Palm Beach, Miami and Fort Lauderdale were grouped together on Forbes' "America's Fastest Growing Cities" list, where based on current trends, they were given a projected job growth rate of 2.4% and projected wage growth rate of 6.7% for 2018.
These numbers are appealing to those considering making the move- it’s not only smart, but the area is a beautiful place to live. "New York, Connecticut, and New Jersey revenue people have to be terrified with the trend,” said Bob Rubin, president of Rubin Wealth Advisors in Boca Raton, "Their best, brightest and wealthiest are leaving."
The county is already home to 71,000 millionaires and 40 billionaires including the POTUS, famous sports players and team owners, engineers and investors. Palm Beach is #3 on Bloomberg’s “Richest Zip Codes in the Country” graph based on average adjusted gross income. Miami Beach was #1 on the list and Atherton, California #2.
South Florida is becoming the land of opportunity as it continues to grow, attracting smart employees to its thriving hub of business. If you're beginning to think Palm Beach County is a smart move, start browsing homes for sale with Waterfront Properties and see what your future awaits. Click here to scroll through our featured listings or click here for our customizable search geared to fit your needs.