Cost of Living in North Palm Beach in 2021
Whether you are moving from out of state or just want to relocate to a city with a gorgeous coastline, North Palm Beach may be the perfect city for you to soak up some sunshine.
However, it has a reputation for luxury and is potentially out of budget for some. One of the most common questions potential residents have is, “What does it cost to live in North Palm Beach?”
Before we dive into the costs of living in this area, here are a few quick insights into the history of the city.
History of North Palm Beach
The city of North Palm Beach is nestled in Palm Beach County and is known for its pristine waters, beaches, and recreational activities. It is home to The Palm Beaches’ only state park, John D. MacArthur Beach State Park.
The city was originally swamps and farmland until around 1954 when John D. MacArthur, a philanthropist, began to develop it. MacArthur bought 2,600 acres of land, previously owned by Harry Seymour Kelsey, and later by Sir Harry Oakes, for $5.5 million.
A fun fact about the city of North Palm Beach is that it won a Best Planned Community of 1956 award from The National Association of Home Builders.
Understanding the Cost of Living in North Palm Beach
Now that you have a brief understanding of the city’s origins, let’s check out the costs of living in this part of sunny South Florida.
How It Compares Nationally
In comparison to the rest of the state, North Palm Beach’s total cost of living is a bit more costly. The average cost of housing, food, childcare, transportation, health care, taxes, and other necessities in North Palm Beach is about $38,025 a year, while the average cost of living in the state is $36,375, and nationally is about $38,433.
Travel & Transportation Costs
Close to 90% of North Palm Beach commuters drive to work. The average commute in the city is about 21 minutes, while the nationwide average is about 27 minutes.
A single person in the city will spend an estimated $8,999 on gas, public transit, and car maintenance, according to the EPI (Economic Policy Institute), which is less than the national average of $9,760.
Dining Out & Activities
North Palm Beach has some of the best family-owned restaurants around, serving fresh seafood, which makes them even better. Some of the local favorites always serving fresh seafood are Cod and Capers Seafood Marketplace and Café, Frigate's Waterfront Bar & Grill, and Sandpiper's Cove Restaurant and Bar.
The average cost for two people dining out is around $70. A single adult spends an average of $3,563 on food annually, while a family of four spends $10,291 on average.
Some of the activities locals, and tourists, enjoy in this beach town include:
- Fishing Charters
- Paddle boarding
- Inshore fishing
- Florida Freedivers — scuba diving
- John D. MacArthur Beach State Park
- Twisted Trunk Brewing
- Loggerhead Marinelife Center
- Mounts Botanical Garden
- Taxes & Insurance
One of the many benefits of living in Florida is that it is a tax friendly state with no state income tax and is considered one of the lowest tax states in the country. If you work in Florida, you will be free of taxes other than the federal income tax. This will make your take home pay higher and provide for more income.
Florida is also tax friendly for retirees, with no taxes on retirement or pension benefits. The sales tax in North Palm Beach is 7%, which is the total of state, county and city sales tax rates. When it comes to property taxes in Palm Beach County, you can expect to pay about 1.06% of your assessed home value.
According to the Florida Chamber, the state is ranked 49 in the nation in overall healthcare access. Healthcare affordability is measured by the rate set in that state for insurance coverage as well as the out-of-pocket expenses that need to be paid by the person receiving the care.
Housing & Utilities
The median home value in North Palm Beach is $296,600, which is slightly higher than the national median home value of $204,900. However, newer construction is pricier, and waterfront entry level price tags are in the $1m range for a property that may need a few updates.
Most people typically rent prior to purchasing, as it is paired with fewer costs to homeownership. In fact, nearly half of the homes that are occupied in the city are rented. The average renter will spend around $1,462 on rent per month.
When it comes to utility costs in North Palm Beach, the city is not overly expensive. Summers are warm though, and will increase your electric bill due to running the air conditioner almost nonstop
Internet runs about $70 per month and cable is around $100. If you plan to buy a larger home around 5,000 sq ft, you can expect your average electric bill to come in around $450. Keep in mind, you may want to add an additional 1-2 HVAC units.
If you add a pool, you’re adding around another $100 per month to run it, not including the heater.
The average pool service cost is around $90 per month. For landscaping service for a 1/4 acre yard, it will cost around $100 per month, but many communities include this as part of their HOA. You will also have golf club membership dues if you’re looking to be in a club community.
Considering a Home in North Palm Beach?
If you are planning to buy and need help with your real estate portfolio or relocating, you can begin searching for your dream home here. The status of each home is updated every few minutes, so you don’t have to worry about looking at homes already under contract.
Also, if you’re thinking of selling, knowing your home’s value is the first step toward making a knowledgeable decision. Click here to find out how much your home is worth.
If you have questions, we’d love to answer them. Give us a call at 561-951-9301, and let’s get started!
