Co-own real estate report: Palm Beach, Florida

From stunning beaches to diverse architecture to rich cultural history to thriving nightlife, Palm Beach continues to rake in the visitors—and transplants.

Many are pulled to Palm Beach, Florida for various reasons—whether a great new job, trying to escape cold winters, or wanting to buy a first property and rent it out in a tourist town. Whatever the reason, Palm Beach is one of the United States’ most exciting areas. The region is overflowing with amenities—whether you seek an evening out in a vibrant and cosmopolitan urban area or a relaxed day at one of the country’s most beautiful beaches.

There are plenty of beaches – 825 miles in Florida, to be exact – but Palm Beach has even more to offer. There is truly something for everyone. As the “Golf Capital of the World,” the area has more than 150 public and private golf courses. In addition, it is home to spring training for three Major League Baseball (MLB) teams.

Palm Beach is a dynamic city that's steadily growing, with a population increase of 13.7% over the last decade. With a robust local economy, an endless list of amenities, and an excellent standard of living, there are so many reasons people fall in love with West Palm Beach. This number is only expected to grow, thanks to the work-from-home or work-from-anywhere movement. Work constraints no longer keep people from achieving their dream of co-owning a property on Florida’s Atlantic Coast.

What makes Palm Beach attractive for co-buying

Most people living in Palm Beach already know that they live in paradise, but it is highly attractive for co-buying too.

In 2022, Palm Beach County experienced record-breaking tourism. A record 9.1 million visitors came to the Palm Beaches in 2022. This is a 31% increase in visitors over 2021. 

But Palm Beach is not just a top destination for tourists. It is a desirable place to call home. Some of its features include the city’s proximity to Miami while maintaining a small-town feel. It is easy to go anywhere at any time with three international airports relatively close by.

This growth is reflected in the latest real estate statistics for Palm Beach, including:

33% increase in median home sale price year over year

$3,400,000 median home sale price

81 days on the market (on average) before sale

95.7% sale-to-list price

Short-term rentals in Palm Beach

Palm Beach’s short-term rental statistics include:

65% occupancy rate on Airbnb

$257 average daily rate

$3,800 average monthly revenue on Airbnb

65 / 100 rental demand

86% are entire home rentals

46% of listings are on Airbnb, 21% on Vrbo and 33% are listed on both

Palm Beach is an increasingly popular short-term rental (STR) market. STR regulations and requirements vary by city, so please visit the Town of Palm Beach website for further information.

What to see in Palm Beach

Worth Avenue

Worth Avenue is one of the most beautiful shopping venues in the country. It is internationally revered for its beauty, history, and unparalleled legacy of fine customer service. Whether it's a champagne break at a cozy bar or a short walk on the beach, enjoy window shopping, art, and courtyard dining at its finest. For more than 100 years, service has been the gold standard, and it's a value that residents, merchants, and visitors hold near and dear.

Henry Morrison Flagler Museum

If you’re interested in the history of Palm Beach’s Gilded Age, the Henry Morrison Flagler Museum should be on your list. It is designed to resemble the iconic Beaux Arts–style mansions along Rhode Island’s coast and contains an astonishing 73 rooms, many of them with original furnishings.

The Breakers

The Breakers was originally built in 1896 by railroad tycoon Henry Morrison Flagler. The 140-acre oceanfront resort's restaurants and beach club are the place to be during the high season between Christmas and New Year's. The cocktail bar, HMF, features a glamorous atmosphere for sipping a craft cocktail or choosing from one of more than 2,000 wine selections.

Palm Beach

Nearby cities

• Miami, Florida – 1.5 hours
• Orlando, Florida – 2.5 hours
• Fort Myers, Florida – 2.5 hours
• Tampa, Florida – 3.5 hours‍

‍Palm Beach co-buy opportunities

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249 Cortez Road, West Palm Beach, FL 33405

Asking price: $1,395,000

Estimated down payment: $279,000

Estimated mortgage: $8,049/month

Estimated rental revenue: $4,191/month

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1048 W Shore Drive, West Palm Beach, FL 33406

Asking price: $550,000

Estimated down payment: $110,000

Estimated mortgage: $3,174/month

Estimated rental revenue: $3,772/month

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385 Linda Lane, West Palm Beach, FL 33405

Asking price: $775,000

Estimated down payment: $155,000

Estimated mortgage: $4,472/month

Estimated Airbnb revenue: $4,191/month

Sources:

Palm Beach Airbnb calculator

Palm Beach Housing Market 

Nestment, Inc. does not guarantee and is in no way responsible for the accuracy of information provided in this blog post. All information is provided “AS IS” and with all faults. Data presented here may not reflect all real estate activity in the market.  While the information on this site is about legal and tax issues, it is not intended as legal or tax advice or as a substitute for the particularized advice of your own attorney and tax professional.

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