One would say Florida is one of the richest states in the United States. The state is nicknamed the ‘sunshine state’ due to the warm weather and numerous sunny days it experiences throughout the year. It’s one of the most visited places in America by tourists.
With that being said, it is expected that most cities here have grown and attracted wealthy investors, business people, celebrities, and even presidents from various countries. With such classes of people living in different cities here, they tend to enhance the growth of the cities in both the economy and the cost of living.
If you are interested in knowing some of the richest neighborhoods in Florida. Here are seven that may interest you.
7. Fisher Island
Since the year 2015, Fisher Island has had the highest per capita income, which is approximately $2.5million, making it the wealthiest neighborhood in Florida.
It is found about 3 miles offshore of the mainland South of Florida, which is only accessible by private boats, ferries, or helicopters. One of the most exciting things that make this neighborhood so exquisite is that it has a golf course right in the middle of the island.
The population of around 500 people makes Fisher Island quite unique and peaceful which is why it is mainly eyed by the wealthy in the society. Condos on the island that have penthouse units go for around $30 million.
The very high home prices make the place one of the most expensive in not only Florida but also the entire American nation. The cost of living here is definitely very high and hence requires residents with very huge incomes to afford living here.
6. Key Biscayne
It is no doubt that the Florida Keys are considered to be some of the cheapest places to live in the sunshine state. But when Key Biscayne is in the picture the whole story changes. Being just a 20-minute drive from downtown Miami, you can already tell the place is quite a sight. Home prices are one of the reasons this neighborhood is considered to be among the wealthiest in the state.
Here, homes cost more than $1 million per unit. The average income per household in this neighborhood is also around $150,000, which should paint a picture that the people who live here don’t eke a living.
The financial well-being of the residents here is another huge reason why Key Biscayne tanks high in the list of Florida’s wealthiest neighborhoods. This is not to mention the flourishing economy, which is mainly powered by the real estate and tourism sectors.
5. Golden Beach Florida
This is an island in Florida that is also a stretch of Miami. People living here are a private community with multimillion-dollar homes characterizing the area. It’s said Bill Gates, one of the richest people on the planet, used to own a house on Golden beach.
Along with other rich business people, the people have maintained a reputation of being one of the richest neighborhoods in Florida. Its closeness to the Atlantic Ocean and its unique location all contribute to its wealth accumulation potential.
Based on the income that one needs to live in Pinecrest city, one would say it’s the wealthiest city in Florida. While the population is just around 18000, houses here cost an average of $1 million. People living here have an average income of $130,000 which is way above the average income for the regular American citizen.
Alongside the location of this neighborhood in Miami, the various recreational facilities present here are among the things that make it very expensive – hence a wealthy neighborhood. The Pinecrest Gardens are said to be the sole source of the city’s wealth.
The Park is said to be Florida’s cultural arts hub. If money isn’t an issue, you should consider paying this place a visit and maybe getting a place to call home in this neighborhood.
There is something about residential areas found in the suburbs of the Miami metropolitan area that makes them quite wealthy and expensive to live in. One good example is Parkland. The place is found in the southeastern part of the state and in the Miami suburban area. It is said to be the second richest neighborhood in the state, with residents earning an average income of $128,000 and houses costing around $470,000 on average.
The ‘city’ has a population of 24,000, which is regulated as the Park was initially a preserved area until the late 1990’s when it partly became a residential area. Today, it is occupied by some of the wealthiest people in the United States, ranking it high among the richest neighborhoods as it grows economically.
2. Palm Beach
This is a town found in south Florida. Its main distinction is its separation from the mainland by the Lake Worth Lagoon. It is home to some glitzy estates and very popular beaches. Being next to luxurious beaches, it hosts some world-class hotels that have also contributed to its booming economic growth.
Palm Beach is believed to be the third richest neighborhood in the state, but some sources rank it second as of 2021. Residents have an income of roughly $115,000 and houses here tend to be around $500,000. The island is home to around 8000 American citizens.
Its history, such as the shipwreck that led to its naming and Henry Flagler’s former home, which is now a museum, attracts tourists to the island each year. This serves to boost its economy and wealth simultaneously.
It’s also home to some luxurious resorts and recreational facilities aimed at keeping the tourists entertained at all times. If you feel like you need an exquisite place to call home or even spend your vacation, then Palm Beach would be a perfect choice.
1. Coral Gables
More of a city than a neighborhood, Coral Gables is a beautiful suburb found in downtown Miami. Houses here cost about $700,000, and residents earn around $95,000. The population is roughly 50,000 people. The place was developed back in the 20th century and has ever since been growing to attract wealthy people.
The incoming financially stable population has, in turn, invested in Coral Gables, making it one of the wealthiest in Florida. The place has a strict zoning regulation, which restricts the population growth here. The cost of living here can be a bit on the high end for the average-income American citizen to afford.
Florida is one of the places of interest in America both by the locals and internationally. While most people tend to move here and invest, others fall in love with the sunshine state and consider making it a permanent residence.
This leads to the development of towns, cities with numerous attractive neighborhoods along with the accumulation of wealth. This piece just about covers some of the richest neighborhoods you will find in the sunshine state. Hopefully, you will find one or two places you can, start a business or venture in real estate or find a residence in.
Here’s a list of Florida’s richest neighborhoods
- 7. Fisher Island
- 6. Key Biscayne
- 5. Golden Beach Florida
- 4. Pinecrest
- 3. Parkland
- 2. Palm Beach
- 1. Coral Gables
Please consult a licensed real estate agent or appropriate professional
Information changes almost daily. None of the authors, contributors, administrators, or anyone else connected with RealEstateZing, in any way whatsoever, can be responsible for your use of the information contained in or linked from these web pages.