How New York Millionaires Took Over Palm Beach

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How New York Millionaires Took Over Palm Beach

The Hamptons are out. Palm Beach is in. And New York’s wealthiest buyers are making sure of it.

From Wall Street to Worth Avenue

For decades, Palm Beach was a quiet retreat for old-money elites. But post-pandemic? It’s become the go-to landing spot for New York’s ultra-wealthy, driving home prices into the stratosphere.

💰 Median home price in Palm Beach: $4.15M (and climbing)
🏡 89% increase in single-family home prices since 2019
📈 Luxury homes ($20M+) are selling faster than ever

Why? Because high-net-worth New Yorkers are fleeing the city’s high taxes and cold winters—and they’re bringing their Wall Street paychecks with them.

The Palm Beach Boom: What’s Driving It?

1️⃣ Tax Haven Status

• Florida has no state income tax—compared to New York’s top rate of 10.9%.

• Moving to Palm Beach can save millionaires millions in taxes every year.

2️⃣ Remote Work Changed Everything

• Once tied to NYC offices, wealthy execs realized they don’t have to be in Manhattan to make money.

• Why sit in a 5th Avenue high-rise when you can run your empire from a beachside mansion?

3️⃣ Limited Supply, Skyrocketing Demand

• Palm Beach isn’t just growing—it’s elite.

• The town is only 16 miles long, and there’s no room to build more homes.

• Fewer listings + wealthy buyers = bidding wars at record prices.

Who’s Buying?

👔 Hedge fund managers & finance execs – The same people who fueled NYC’s real estate boom are now shifting their money south.

🏠 Luxury investors – Palm Beach homes aren’t just homes—they’re status symbols and investment-grade assets.

💼 NYC business owners – Why run a company in a high-tax state when you can move it to Florida and save millions?

What This Means for the Market

✅ Prices Aren’t Slowing Down – With ultra-high-net-worth buyers dominating the market, expect even higher price jumps in the coming years.

✅ Palm Beach = The New Billionaire Capital – Miami may have crypto bros, but Palm Beach is becoming the serious money hub.

✅ Luxury Rentals Are Booming – Not every millionaire wants to buy—high-end rentals are skyrocketing, with some going for $50K/month+.

The Bottom Line: NYC Money is Redefining Palm Beach

Palm Beach is no longer just a sleepy vacation town—it’s the new playground for America’s financial elite. And as long as the wealth migration from New York continues, the real estate boom isn’t slowing down anytime soon.

The real question is: Who’s buying next?