In a series of tweets on Thursday night, Trump said: "1600 Pennsylvania Avenue, the White House, is the place I have come to love and will stay for, hopefully, another five years as we Make America Great Again, but my family and I will be making Palm Beach, Florida, our permanent residence.
"I cherish New York, and the people of New York, and always will, but unfortunately, despite the fact that I pay millions of dollars in city, state and local taxes each year, I have been treated very badly by the political leaders of both the city and state.
"Few have been treated worse. I hated having to make this decision, but in the end it will be best for all concerned. As President, I will always be there to help New York and the great people of New York. It will always have a special place in my heart."
Trump has been at odds with New York state Governor Andrew Cuomo and New York City Mayor Bill de Blasio, reports the BBC.
They both welcomed the news that the President's announcement.
Cuomo took to Twitter, saying: "Good riddance. It's not like @realDonaldTrump paid taxes here anyway... He's all yours, Florida."
The Mayor also said in a series of tweets: "Don't let the door hit you on the way out or whatever...
"Our deepest condolences to the good people of Florida as Trump attempts to outrun his past (and near future)."
Trump has owned the Mar-a-Lago resort estate in Palm Beach, Florida, since 1985 and travels frequently between there and the White House.
The White House was yet to comment on the President's announcement.
( With inputs from IANS )