Palm Beach is a town in Florida, with a year-round population of 10,500 which soars to 30,000 seasonally. The town enjoys the same tropical climate as the rest of South Florida, with average temperatures for any month never dropping below 64 degrees Fahrenheit. This tropical weather is responsible for the town’s seasonal rise in population, as Palm Beach is a home away from home for many “snow birds,” people who flock south to warmer temperatures during the winter.
Palm Beach is a very affluent area financially, as income per capita in the town is about $98,000, compared to the United States average of $27,067. Similarly, average household income is about $111,500, compared to $52,954 throughout the U.S.
Palm Beach property values spiked in 2006 and 2007 up to a median sales price of about $1.8 million, but have since steadily declined and are just recently beginning to stabilize. Since mid-2009, the median sales price of Palm Beach homes has hovered around $750,000. Palm Beach property values are likely to remain stable and begin rising in value again soon, demonstrated by a consistent increase in yearly number of sales from 2008 to today.