I will often say that the item which buffered the Palm Beach County housing market around Jupiter and Palm Beach Gardens is the core wealth. Look at the cars next to you at a stop light on PGA Blvd. That is the core wealth of America and they choose to live here. We have a low overall tax rate, enjoy a terrific life style, and the best infrastructure in the country pluctuated by things like the PBI Airport. In the last few years the financial power houses from New York, that always had a presence in the Palm Beaches, have moved their corporate headquaters to South florida. Companies like Apollo, Blackstone, CI Financial, Citadel, Goldman Sachs and ThomaBravo have all moved here. That brought with them the high paid employees also fleeing the high tax states like New York and Conneticut. This year (2023) Massachusetts instituted a “Millionairs tax” and EXTRA 4% to be paid to the state on income over 1M. The adjusted gross income of families moving to Palm beach County has increased from 168,100 in 2019 (pre pandemic) to 242,200 in 2021. WOW!
