People love Florida for its warm weather, beautiful beaches, and wide range of cultures. But the state also has both rich and poor areas, with some places being wealthier than others.
As of late, a financial news website called 24/7 Wall St. said that Palm Beach, a small island town in Palm Beach County, is the wealthiest town in Florida. We will talk about how Palm Beach got this title and what makes it different from the rest of the state in this piece.
The Ranking Method
The list was made using data from the 2020 American Community Survey by the U.S. Census Bureau. It looked at the typical family income of all Florida cities, towns, villages, and unincorporated areas with 1,000 to 25,000 people.
The median household income is the amount of money that the middle 50% of households make. This means that 50% of households make more than this amount and 50% earn less. The study also looked at things like home values, poverty rates, and the level of schooling of people.
The Richest Town in Florida: Palm Beach
According to PropertyClub, Palm Beach is Florida’s wealthiest community. Palm Beach’s typical household income is $169,500, significantly greater than the state average of $51,914. Palm Beach is also home to the most billionaires in Florida, with an estimated 30 billionaires residing there as of 2022. Some of these billionaires include Donald Trump, Ted Turner, and Richard Branson.
Palm Beach has a population of 14,780 and is well-known for its rich citizens and stunning beachfront villas. The town has a long history and culture, dating back to the 1920s when it was a popular winter destination for celebrities and politicians. Palm Beach now welcomes people who wish to enjoy its golf courses, art galleries, museums, and retail complexes.
Other Florida Rich Towns
By a long shot, Palm Beach is Florida’s biggest town. However, there are other towns that are also very wealthy and successful. These are some of them:
- Fisher Island: There are a lot of wealthy people in Fisher Island. The average family income there is $228,081. Some of the richest people in the United States live on Fisher Island, which is one of the most luxurious pieces of land in the country. There are no streets or cars on the island; only golf carts and boats. It also has its own police force, airport, hospital, school system, and security force.
- Key West: Key West is known for being the southernmost point of the United States and one of the most crowded places in Florida. Most households there make more than $62,052, which is more than many other states. The town of Key West depends on tourists for its income. It has many interesting places to visit, like the Ernest Hemingway House Museum, the Mallory Square Fish Market, and the Key West Butterfly and Nature Conservatory.
- Marco Island: There are only 16,500 people living on Marco Island, which is part of the Naples-Marco Island urban area. The typical income is $59,670, which is more than Key West but less than Palm Beach ($169,500). Ten Thousand Islands National Wildlife Refuge and other nature parks on Marco Island are well known for their beauty.
Conclusion
In conclusion, Florida is known for its wide range of attractions and different towns. Palm Beach is the state’s richest town, which is a very prestigious title. The ranking, which is based on the 2020 American Community Survey, shows how impressive Palm Beach’s typical family income is at $169,500, which is much higher than the state average.
Palm Beach is home to many billionaires, including famous people like Donald Trump and Ted Turner. It also has a lot of history and culture to offer. Rich towns like Fisher Island, Key West, and Marco Island are also very nice, but Palm Beach is the most luxurious and wealthy place in the Sunshine State.