Palm Beach, FL Cost of Living

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97%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
307%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2023; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Palm Beach Florida National
Cost of living19799100
Goods & Services10599100
Groceries119105100
Health care9597100
Housing40796100
Transportation10499100
Utilities106101100

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Cost Of Living Quick Facts

  • The cost of living in Palm Beach is 99% higher than the Florida average
  • The cost of living in Palm Beach is 97% higher than the national average
  • Palm Beach housing is 307% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Palm Beach

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Compare Palm Beach, FL Cost of Living

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      The best places in Florida

      Here are the best places to live in FloridaSee the best places to live in & around Palm BeachTop 10 best public schools in Palm Beach10 best cities to buy a new house in Florida

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$229,531$19,128$5,355$6,887
      Renters$65,910$5,493$1,538$1,977
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Palm Beach, FL, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Palm Beach, homeowners have a median income of $229,531. Using that number, a maximum of $5,355 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $65,910, which means there is a maximum of $1,538 to be spent on the costs of renting a home or apartment.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Palm Beach National avg. Difference
      Haircut $22.47$22.081.7%
      Beauty Salon $76.47$42.8878.3%
      Toothpaste $2.69$2.574.9%
      Shampoo $1.26$1.158.9%
      Movie $13.44$11.5116.8%
      Bowling $21.96$16.6232.1%

      Groceries

      Item Palm Beach National avg. Difference
      Ground Beef $5.50$4.9810.4%
      Fried Chicken $1.70$1.587.3%
      Milk $3.62$2.4249.8%
      Potatoes $4.90$3.5438.5%
      Pizza $12.66$11.4910.2%
      Beer $12.29$10.0422.4%

      Health Care

      Item Palm Beach National avg. Difference
      Optometrist $135.99$117.7615.5%
      Doctor $105.56$125.3415.8%
      Dentist $95.07$107.5211.6%
      Ibuprofen $12.78$10.2624.6%
      Lipitor $489.27$459.246.5%

      Housing

      Item Palm Beach National avg. Difference
      Home Price $1,211,900.00$184,700.00556.1%
      Avg. Mortgage Payment $2,627.17$1,697.4154.8%
      Apartment Rent $1,724.00$949.0081.7%

      Transportation

      Item Palm Beach National avg. Difference
      Gasoline $3.85$3.850.2%
      Tire Balancing $64.24$57.0112.7%

      Utilities

      Item Palm Beach National avg. Difference
      All Electricity $192.68$177.278.7%
      Phone $195.67$189.623.2%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Schall Circle, FL589919.0%
      Pine Air, FL2,488946.2%
      Royal Palm Estates, FL1,615946.1%
      San Castle, FL4,061955.0%
      Palm Springs, FL25,168964.3%
      Palm Beach, FL8,77619796.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Collingdale, PA8,776963.7%
      Edgewood, KY8,7791043.8%
      Burton, SC8,779945.8%
      Thomaston, GA8,7718415.6%
      Rockingham, NC8,7718712.6%
      Palm Beach, FL8,77619796.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2023; this is the most current data available.
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