Every year around 5 million Americans move between states. And, in terms of economic growth, that means so states fare better than others. Palm Beachers will not be surprised to hear that (according to Bloomberg News) Florida is now the nation’s top financial magnet, reeling in $17.2 billion worth of new residents, which is about seven times the amounts netted by each of the runners-up Texas, Washington and South Carolina. The Sunshine State was the No. 1 recipient of the wealth exodus from 18 individual states—with New York, Illinois and New Jersey combining to contribute about $8 billion to Florida’s income base.
This is good news for South Florida and even better news for young families in the Palm Beaches because it means more jobs and greater financial opportunities.
Why are wealthy people moving to Florida? Experts agree it is probably because 1) job growth, 2) lower costs of living, 3) state budgetary challenges, and 4) more temperate climates. To that list I would add that the beautiful beaches and homes in the Palm Beaches also play a significant part!
Here are a few things that make living in the Palm Beaches so great.
With 47 miles of Atlantic coastline, having a cold one in the sun with friends is a weekend favorite for locals. The clear blue waters make the beaches look picture perfect and with an average temperature of 78 degrees, most any day is a beach day. Having clean water with such easy access is a gateway to fun activities that many people do not get to enjoy elsewhere. These things include deep-sea fishing, sailing, snorkeling, scuba diving, jetskiing, surfing, parasailing, and much more. Other outdoor activities like biking, hiking, and horseback riding can be done at one of the many parks or nature trails in the area. Many parks also have waterway access, which makes them perfect spots for kayaking, paddle boarding, or canoeing. All are great outdoor hobbies that anyone can do to be healthy and have fun. And for those who like golf, Palm Beach County has 160 public and private courses, making it Florida's golf capital. It is home to some of the nation's most acclaimed golf resorts, pre-designed executive courses, and hosts major PGA-sanctioned tournaments.
Another great part of Palm Beach County is the city and nightlife. There is always something going on for everyone, no matter your interests. If you like shopping, the Gardens Mall in West Palm Beach, the Town Center in Boca Raton, and Worth Avenue in Palm Beach are some of the most attractive and luxurious venues in the country. The area also has plenty of markets, theatres, restaurants, museums, clubs, and casinos. There are recurring events every night where you can find live music, art shows, comedy performances, trivia, etc. Having these activities and entertainment is good for the mind, body, and economy, and is why, for example, West Palm Beach is listed on the Top 10 happiest cities in Florida.
Those with children who are thinking about moving here should know that the Palm Beach County School District has 185 schools, making it one of the largest districts in the nation. The district is also recognized by Education Week as having one of the highest graduation rates in the U.S. The county also has seven community colleges and two major Universities; Florida Atlantic University (public) and Palm Beach Atlantic University (private). The county also offers career services to young adults ages 17-24 to help with job searching, military interests, volunteer opportunities, and more.
Palm Beach County has a thriving economy for reasons besides local producer and consumer reciprocity. One thing is the tourism it attracts. The area is one of the nation's top tourist destinations, drawing 7 million visitors a year, which employs 60,000 residents and provides $6.8 billion in economic impact per year. Another large contribution is the Port of Palm Beach, a primarily export port and one of the busiest container ports in the state. The Port of Palm Beach adds $185 million in business revenue yearly. Luxury real estate is another factor, attracting high-net-worth individuals. With some of the best views in the country, Palm Beach County, Singer Island and Billionaire's Row in particular, offers some of the most luxurious oceanfront homes and condos in the world.
Market trends in the U.S. show that in the past few years, the number of buyers stepping into homeownership have increased and are still rising. The reasons for this include the increasing costs of rent, 2 million new jobs forecasted for the year, and small business openings exceeding those closing. If you're looking for a place to call home, what better spot to buy than in Palm Beach County? It's the place to experience paradise, find a new hobby, raise a family, and be successful. It's a place with a little bit of everything and a little something for everyone.