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Talk to a Specialist →The Equity Conversion
The median home value in New York is approximately $450,000 statewide (much higher in NYC metro — $650K+ on Long Island, $500K+ in Westchester). After selling costs (6% agent commission + closing costs), a typical NY homeowner nets roughly 92–93% of sale price. Here is what that equity buys in Palm Beach County:
| NY 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: New York vs Florida
New York has a state income tax of 4–10.9% depending on income, plus New York City income tax of 3.1–3.9% for city residents. Florida has no state income tax. For a retiree couple with $100K in combined pension, Social Security, and investment income, the move to Florida eliminates $4,000–$8,000+/year in state income tax. NYC residents save even more.
The Honest Caveat
New York retirees who sell a paid-off Long Island or Westchester home and move to PBC typically come out significantly ahead on both equity and tax savings. But: Florida homeowners insurance is dramatically more expensive than New York, Florida has no state income tax but also no senior property tax exemptions like STAR, and the cost of living in PBC (groceries, healthcare, auto insurance) is not uniformly lower than the NYC metro. Do the full budget comparison, not just the headline tax savings.
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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. New York rates vary but typically run 1.5–2.5% effective. The comparison depends on your specific home values in both states. Use this framework:
If your NY 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 NY bill below the nominal rate, the Florida bill may be comparable or higher in year one.
1What New York Buyers Typically Choose
Based on the communities we cover, New York 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 New York golfers who previously belonged to private clubs.
Related Research
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