Located in South Florida is the beautiful city of West Palm Beach where there are pristine water and beaches. Many people live here so that they can feel like they’re living in a resort destination all year round! However, because of the gorgeous scenery and many fun things to do, it might be hard to figure out whether you can afford to live in West Palm Beach. The cost of living in West Palm Beach is definitely something to consider before calling this town your home, and we’ve made it easy for you to decide with our guide that includes everything you need to know.
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West Palm Beach Cost of Living Index
How much do you need to earn to live in West Palm Beach? The answer to that question depends on a few different factors like your lifestyle, whether you’re single, married, or have kids, which part of the city you want to live in, and more. Looking at the data is the best way to see whether or not West Palm Beach is affordable. The West Palm Beach cost of living index is 4% higher than the national average. However, how much money you need to make to live in West Palm Beach comfortably will depend on your lifestyle. Are you renting or buying a home? Are you alone or do you have a family?
Most things in West Palm Beach are fairly affordable. For example, your utilities are 2% cheaper than the national average and your healthcare is right on par for the national average. But, there are also other things that cost more in West Palm Beach. Groceries in West Palm Beach are 6% more expensive than the national average. Transportation is 8% more expensive than the rest of the United States. West Palm Beach is getting slightly more expensive each year by 0.7%.
Cost of Groceries, Food, Gas & Household Items in West Palm Beach
West Palm Beach isn’t the most affordable city, but it’s also not the most expensive either. Knowing the expenses of goods and services you’ll be paying for on the daily can help you see whether the cost of living in West Palm Beach is affordable for you. You spend a lot of money on daily items, like food, utilities, and other household needs.
Here is a basic price list of the goods and services in West Palm Beach you will be paying for on a daily basis:
- Steak (Ribeye, 1lb.) $9.89
- Milk (regular 1/2 gallon) $2.55
- Eggs (1 Dozen) $1.46
- Potatoes (5 lb bag) $3.88
- Bread (1 loaf) $3.36
- Beer (Heineken’s 6 pack) $9.65
- Average Cell Phone Bill $183.83
- Average Cost of Gasoline (per gallon) $2.29
- Average Cost of Utilities (per month) $171.70
- McDonald’s Burger (1/4 Pounder) $4.55
- Large Pizza $9.87
- Movie Ticket (1st run) $12.34
West Palm Beach Real Estate Market – Cost of Housing
The housing costs in West Palm Beach are 10% higher than the national average. Right now, the housing market in West Palm Beach is considered to be somewhat competitive. Homes are usually on the market for over two months, and they usually go about 4.3% under list price. The average cost of a home in West Palm Beach is $244,000. This amounts to $160 per square foot. The prices are on the rise and are 10% more expensive than the average last year.
Because this is a place where many people vacation and rent out homes, the homeownership rate in West Palm Beach is just 48%. So, not a lot of people own homes and the majority rent. However, the good thing about living in West Palm Beach is that the average commute is just 21.5 minutes, so you won’t have to drive too far to get to work.
West Palm Beach Rental Market – Average Rents in West Palm Beach
52% of people in West Palm Beach are renting. The average rent in West Palm Beach is $1,586. The rent trends in West Palm Beach are going up slightly by just 3% each year. On average, one bedroom apartments in West Palm Beach are around $1,371 and two bedroom apartments in West Palm Beach rent for $1,617.
The rentals in West Palm Beach aren’t too competitive. There are a lot of different rentals to choose from, and it’s not considered to be a very busy city. You have three areas to choose from, and the most expensive neighborhood in West Palm Beach to rent in is Pineapple Park-Ibis. Whether you’re renting alone or with roommates, you can count on the rent in West Palm Beach to be affordable.
Average Salary & Household Income in West Palm Beach
The average salary in West Palm Beach is $61,000. The average hourly wage in West Palm Beach is $17.72. Some of the most popular West Palm Beach jobs are Project managers, Office managers, paralegals, nurses, and medical assistants. The career you choose will determine how much you’re paid. For example, medical assistants will make an average of $14 an hour. But a project manager will make $72,000 a year. Since West Palm Beach is slightly more expensive than other cities, it’s imperative to know just how much you’d be making at your career.
Overall, the median household income in West Palm Beach is just $49,054, and over 18% of people live in poverty, which is fairly high.
Income, Sales, & Property Taxes in West Palm Beach
What many people fail to factor into the West Palm Beach cost of living is their taxes. Between income, sales, and property taxes, you end up paying a lot of your income to the government. However, depending on where you’re moving to, these rates can vary widely. Some states have all three of these taxes, others just have two of them, and each state charges a different rate. Not to mention, it can vary depending on if the state, county, and city all tax together or separately.
West Palm Beach Income Tax Rate
One of the great perks of living in West Palm Beach versus the United states is that there is no income tax. The West Palm Beach income tax rate is 0%. You won’t have to pay anything for your income tax while residing here.
West Palm Beach Sales Tax Rate
The sales tax rate in West Palm Beach is 7%. It breaks down to 6% Florida state sales tax and 1% Palm Beach County sales tax.
West Palm Beach Property Taxes
Unfortunately, the property tax rate in West Palm Beach just went up. It’s rising another 5% to $8.47 for every $1,000 of property. Obviously, the amount of taxes you pay on your property will depend on your lot size, how large the home is, and how valuable it is. But, for a $200,000 home, you can expect to pay $1,694 per year in property taxes.
Can you afford West Palm Beach?
Is West Palm Beach expensive? Well, it’s not the cheapest city in the United States, but it’s also not the priciest. But, this is a beautiful oceanside town that many people visit on vacation. You’re literally living the dream here, and with so much beautiful nature around you, it’s well worth the extra cost of living in West Palm Beach.
If you’re ready to enjoy the beautiful weather year-round and can afford the everyday expenses in West Palm Beach, give Meehan’s Family Moving a call. We’re a top-rated West Palm Beach moving company and can help you get to your new home or property. Call us at 561-904-6000 for a free quote today!