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Talk to a Specialist →The Equity Conversion
The median home value in Michigan is approximately $230,000. After selling costs (6% agent commission + closing costs), a typical MI homeowner nets roughly 92–93% of sale price. Here is what that equity buys in Palm Beach County:
| MI Home Sale | Net After Costs | PBC Option | Cash Left Over |
|---|---|---|---|
| $400K | ~$370K | Legacy condo ($130K) | ~$240K |
| $400K | ~$370K | Mid-tier villa ($280K) | ~$90K |
| $600K | ~$555K | GL Homes Valencia ($450K) | ~$105K |
| $800K | ~$740K | Cresswind/Regency ($650K) | ~$90K |
| $1M+ | ~$925K | Valencia Sound/Del Mar ($750K) | ~$175K |
Income Tax: Michigan vs Florida
Michigan has a flat state income tax of 4.25%. Pension income from public employers is partially exempt. Social Security is not taxed for most MI retirees. The move to Florida eliminates $2,000–$4,000/year in state income tax on non-exempt retirement income and investment gains.
The Honest Caveat
Michigan snowbirds are a large part of the PBC winter population. Many start as seasonal renters before committing to purchase. If you are considering the move, a winter rental season in your target community is the best due diligence you can do. Michigan home values limit the equity available for conversion — budget-tier communities (legacy condos, Greenway Village, Park Pointe) may be the best financial fit unless you have significant savings beyond home equity.
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Property Tax Comparison
Florida effective property tax rate in Palm Beach County is approximately 1.1–1.3% depending on municipality. Michigan rates vary but typically run 1.3–1.8% effective. The comparison depends on your specific home values in both states. Use this framework:
If your MI home is assessed at $500K and your PBC home will be assessed at $400K, your property tax likely decreases — both because of the lower assessment and because Florida homestead exemption removes $50K from assessed value. But if you are moving from a state with property tax caps or senior exemptions that reduced your MI bill below the nominal rate, the Florida bill may be comparable or higher in year one.
8What Michigan Buyers Typically Choose
Based on the communities we cover, Michigan relocators tend to cluster in two tiers: legacy condos (Kings Point, Century Village) for budget-conscious buyers who want to maximize cash reserves, and GL Homes Valencias for buyers who sold a $500K+ home and want resort-quality living. The golf communities (Hunters Run, Indian Spring) draw Michigan golfers who previously belonged to private clubs.
Related Research
← Back to Palm Beach County HubTotal Cost Comparison Table →PBC Property Tax Guide →Legacy Condo Guide →Moving from Michigan?
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