Cost of Living in Palm Beach Gardens, FL

An Overview of Cost of Living in Palm Beach Gardens, FL

Understanding the cost of living in Palm Beach Gardens can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Palm Beach Gardens cost of living index is 134, which is 34% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you value affordability in your search for a new place to live, Palm Beach Gardens may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Palm Beach Gardens falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a very significant part of the Palm Beach Gardens cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 107% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Palm Beach Gardens Affordable?

Is Palm Beach Gardens affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Palm Beach Gardens, for instance, where the median home price falls 114% higher than the national average, and monthly rent rates are 90.5% higher than usual. Additionally, median income levels contribute to the equation, with Palm Beach Gardens flaunting a median household income of $89,736, 62.2% higher than the national norm.

What Factors can Influence the Cost of Living in Palm Beach Gardens?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Palm Beach Gardens, the housing index is 107% higher than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Palm Beach Gardens, healthcare costs are 6.6% lower than the national average.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Where is the Data From?

The Palm Beach Gardens cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.