Nestled on the shores of South Florida, West Palm Beach is a picturesque coastal city that offers an exceptional quality of life. With its laidback setting enhanced by sun-kissed beaches and diverse array of attractions, West Palm Beach offers a relaxing and enjoyable lifestyle where each day feels like a vacation.
Before you decide to relocate, however, it’s important to take a closer look at West Palm Beach’s cost of living to determine whether the city will be a good fit in terms of your finances.
Here are some of the most important factors to consider:
Overall cost of living in West Palm Beach
According to AreaVibes.com, the overall cost of living in West Palm Beach is 8% higher than the US national average and 9% higher than the average cost of living in Florida.
Cost of real estate
West Palm Beach’s housing costs is 10% higher compared to the national average. Data from Realtor.com shows the city’s real estate market is competitive, with homes staying on the market for 48 days on average, with a 100% sale-to-list price ratio (as of April 2022)
The median listing home price in West Palm Beach is currently at $375,000, which is 36.4% higher year-over-year. The median listing price per square foot is currently $269.
According to Numbeo.com, basic utilities such as electricity, heating and cooling, water, and garbage disposal costs around $160 per month for a 915-square-foot apartment in West Palm Beach.
Although Florida is slightly more expensive compared to the national average in terms of utility costs, West Palm Beach is around 3% less costly than the national average.
For families with children, private preschool and kindergarten cost about $1,333 per student monthly. International primary school costs around $18,500 annually, according to Numbeo.com.
Like most communities in South Florida, West Palm Beach is primarily a car-centric city. Investing in a vehicle to get from place to place is a smart choice, especially considering the humid summers.
Roads in West Palm Beach are easy to navigate and searching for a place to park when getting to your destination isn’t a problem as there are plenty of parking options available throughout the city.
For those who do not plan on driving, there are a variety of transit options available:
- West Palm Beach Trolley – The West Palm Beach Trolley is free to use, taking passengers to most of the city’s attractions on a consistent loop. The trolley operates in and around the city’s downtown area and has three lines available (blue, green, and yellow), each with its own schedule.
- Palm Tran Bus – The Palm Tran Bus System runs each day starting from 5am to 10:30pm. It has 30 routes that reach different points in the city, including stops for the West Palm Beach Trolley and the Tri-Rail, making it a very flexible commuting option. Fares cost $2, making it a very affordable way to get around the city.
- Tri-Rail – Using the Tri-Rail is ideal if you’re heading to other areas outside of West Palm Beach without planning to drive. A round-trip fare from Magnolia Park to Miami International Airport station costs about $17.50.
Dining and entertainment
In recent years, many affluent Palm Beach residents have migrated to downtown West Palm Beach. The high-net-worth crowd has influenced the dining and nightlife scene in the area, especially in well-known culinary destinations like Clematis Street. This new trend has resulted in a mix of affordable and high-end dining options in the city.
The average cost for a typical meal in an inexpensive restaurant in West Palm Beach is about $15. A meal for two in a mid-range restaurant typically costs around $56 (excluding tip).
For recreation, there’s a wide array of fun attractions and destinations to enjoy at little to no cost. Waterfront venues often have live concerts during the evening, and there are many block parties hosted by nightlife establishments along Clematis Street. For nature lovers, there are over 31,000 acres of preserved natural resources perfect for exploring and wildlife viewing. And of course – the city’s beautiful beaches are always available for a wide array of activities year-round.
Begin your search for your dream home in West Palm Beach today! If you’re searching for the finest luxury real estate options in prestigious high-end communities like The Club at Ibis, you need unparalleled service to achieve your real estate goals. Work with the finest local real estate experts by connecting with The Telchin Group! Call 561.301.0249 or send an email to Eric(at)TheTelchinGroup(dotted)com to learn more.