Palm Beach is one of the wealthiest cities in Florida and in the United States of America. The average income per resident is $115,050. The average cost of a home is $490,000. The population of the 18 mile barrier island is 8,300 that faces the Atlantic Ocean. The city was named after a ship wrecked near the island, and it was carrying coconuts. Palm trees were planted, and they are now some of the tallest coconut palm trees. Palm Beach is home to several luxury resorts and a popular place for northerners to spend their winters.