Cost of Living in South Palm Beach, FL

With a cost of living index of 123, South Palm Beach, FL is a notably expensive place to live. Living here is 23% more expensive than the national average and 13% above the Florida state average of 110. South Palm Beach is a small community of 1,667 residents.

Housing costs are the biggest factor in South Palm Beach's cost of living. The median monthly rent is $1,750 (33% above the US median of $1,319), and the median home value sits at $374,200 (23% above the national median of $304,900). At current prices, the median home costs roughly 4.7x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in South Palm Beach is $79,583, which is 6% higher than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Climate is another factor for anyone considering a move to South Palm Beach. The area sees an average annual temperature of 75.8°F, with summers averaging 83°F and winters around 68°F. Annual rainfall totals 61.7 inches spread over roughly 137 days.

Everyday prices in the Miami-Fort Lauderdale-West Palm Beach, FL (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.