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Vital Palm Beach County Property Statistics You Need to Know

Feb 9, 2022

 

To maximize returns in real estate investments, we want to identify areas that have not yet matured but are showing strong signs of growth.

Palm Beach County Florida exemplifies these upswing characteristics, more than any other county in the Sunshine State.

Today we show you why…

 

People in the COVID era are indeed making the move to Florida just not the city of Miami per se. Every other of the 7 counties studied (2020) showed positive growth in both population and income flow — unlike any other region we have studied in the COVID era. The story of Florida’s southeast is one of resilience and growth and a rare tale of emergence and opportunity on a broad geographic scale.

Investment and development applications for multi-family residential (MFRs), grocery-anchored retail, warehouses and other industrial real estate, skilled nursing, and medical offices, and affordable housing are particularly desirable. 

 

Palm Beach County Vital Stats 2020

  • 2018 Population 1,446,277
  • Net Population Flow +11,100
  • Net Population Flow % 0.77%
  • % of area NYC immigrants 41%
  • NYC immigrant Income Gap 29%
  • Average Per Capita Income Flow Incoming $80,282
  • Average Per Capita Income Flow Outgoing $59,943
  • Average Net Per Capita Income Flow $20,339
  • Income Inflow $10,743,800,000
  • Income Outflow $7,355,200,000
  • Income Flow Difference $3,388,500,000

 

Let’s look at Palm Beach County from the standpoint of 3 key economic demographic markers: Population Distribution Trends (PDT), Origin- Destination Flux (OD Flux), and Emerging Areas (EA).

*** Today’s data and quotes come in part from the in-depth 2020 Florida market research study by Unacast profiling 8 the following southeast Florida counties: Palm Beach, Miami-Dade, Broward, St. Lucie, Martin, Indian River, Monroe, and Okeechobee ***

 

Population Distribution Trends (PDT) | Palm Beach County

-Positive Population Flow

  • 2018 Population 1,446,277
  • Net Population Flow +11,100
  • Net Population Flow % 0.77%

Palm Beach County was the largest 2020 gainer of population, recording 11,100 new migrants. This translates to ~.77% of the total county population.

This stands out from Miami-Dade to the south which lost 11,800 residents in 2020. Many Florida developers, realtors, and investors, are accordingly making the switch in emphasis from Miami to Palm Beach.

 

Origin- Destination Flux (OD Flux) | Palm Beach County

-NYC and International Migration

  • % of area NYC immigrants 41%
  • NYC immigrant Income Gap 29%

The 59,000 visits (in 2020) of 8+ weeks measured from NYC were scattered across all 8 counties and offset to some degree by outflow movements. Palm Beach (41.5%), Miami-Dade (26.1%), and Broward (21.3%) account for the lion’s share of landing spots for 2020 NYC immigrants. St. Lucie (4.3%), Martin (2.6%), Indian River (2.5%),Monroe (1.6%) and Okeechobee (0.1%) make up the remainder.

In other words, New Yorkers were choosing to relocate to Palm Beach County, more than any other profiled Florida county.

 

Emerging Areas (EA) | Palm Beach County

-Positive Income Flow

  • Average Per Capita Income Flow Incoming $80,282
  • Average Per Capita Income Flow Outgoing $59,943
  • Average Net Per Capita Income Flow $20,339

Palm Beach recorded the highest population growth by total and 41.5% of immigrants to SE Florida from the NYC area. The NY folks earn 29% more on average than 2019 Palm Beach residents. Based on the raw number of new people and the average net income flow, Palm Beach gained ~$3.4 billion in new income in 2020 — far exceeding the gains of any other county in the US yet examined.

This upward trend in income growth combined with population growth indicates opportunity for real estate investment and development catering to travelers, snowbirds, and new migrants to the area.

 

BAI Capital is onboard in 2022 with exclusive property developments in Palm Beach County, maximizing the sizable potential of this supply-constrained area.

Alba Palm Beach is a luxury condo being constructed on the shores of West Palm Beach.

This premium offering is the only one of its kind in central West Palm Beach and will provide investors a steady upswing return on investment over the next years and decade.

 

Takeaways on the Emerging Palm Beach County Market

Southeast Florida is unlike any other region studied in the COVID era. Population growth and new wealth is the new norm.

As Miami is reaching saturation as an established market, commercial and residential real estate developers-investors are looking for new emerging markets close by. None feature so strong as Palm Beach County. Strong income and population growth signal a market with great mid to long-term property investment potential.

Stay tuned for an upcoming profile email where we showcase another emerging area of Florida, Alachua County, the home of the University of Florida in Gainesville, along with BAI Capital-developed mixed-use condos Archer Place.

Located in the hottest intersection of Gainesville, Archer Place serves as a premium Florida rental housing and upscale condo investment opportunity.

 

Click below to schedule your confidential risk free meeting with one of our investment specialists.

**** Photo by Richard Sagredo on Unsplash ****

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