Some areas are more desirable than others, and with desirability comes a higher price tag. If you choose to live in the best areas of a city, you can expect both the property prices and the general cost of living to be much higher than in average or poor areas. The higher price reflects not only the properties but also the standard of living and the neighborhood’s features. Miami has some amazing neighborhoods with luxurious homes that only people with a healthy budget can afford. Here is a look at the 10 richest neighborhoods in Miami, Florida.
10. Key Biscayne
Not only is Key Biscayne one of the richest neighborhoods in Miami, but it is also considered one of the best places to live. According to 10 Best, the island in Biscayne Bay is characterized by its beautiful beaches and parks. Therefore, residents of this community can take advantage of the outdoors. It is the southernmost of the barrier islands, and it lies just south of Miami Beach. Only the central part of the island is inhabited, as the northern section is Crandon Park, while the southern section of the island is the protected Bill Baggs Cape Florida State Park.
9. South of Fifth
Sometimes abbreviated to SoFi, South of Fifth is an affluent and prestigious neighborhood in Miami. It runs from South Pointe Park to Fifth Street, and it is surrounded on three sides by water. Many people consider this neighborhood as the premier condo community in Miami. Although properties in this area can cost as much as $26 million, there are many more affordable options around the $5000,000 price. There are fewer hotels in this neighborhood than in other areas of Miami, so there are fewer tourists. South of Fifth is known for its outstanding restaurants.
Pinecrest is a village in Miami-Dade County, which has a population of 18,223. This neighborhood ranks consistently as not only one of the richest neighborhoods in Miami but also as one of the most expensive in the United States. Properties in this neighborhood have a median home value of $1.8 million.
7. Star Island
Star Island is a man-made island in Biscayne Bay that was created in 1922 by the Army Corps of Engineers. It is a wealthy area that has been home to many celebrities, including Emilio and Gloria Estefan, Shaquille O’Neal, Don Johnson, and Sean Coombs. All the homes on the island are multimillion-dollar properties, and there are rarely any properties on the market.
6. Hibiscus Island
Hibiscus Island is an island neighborhood in Biscayne Bay that lies just north of Palm Island and is close to the Venetian Islands. It is one of the islands created by the Army Corps Engineers in the early 1920s. Mansions on this island cost between $1.2 million and $14 million. However, there are also some cheaper options, as some larger residences have been converted into luxury apartments and condos.
5. The Venetian Islands
The Venetians Islands is a neighborhood of six man-made islands in Biscayne Bay, including Biscayne Island, San Marco Island, San Marino Island, Di Lido Island, Belle Isle, and Rivo Alto Island. The islands are connected to each other and to the mainland with a series of bridges that create a chain. House prices vary between the islands, although most properties are above the $1 million mark, so there are no cheap options. Some of the islands’ waterfront properties cost more than $25 million.
4. North Beach, Miami Beach
Only those who can afford to pay the median home value of $3.4 million can benefit from living in North Beach, Miami Beach. However, there are examples of waterfront properties costing as much as $45 million. On the other hand, there are many apartments and condos that cost significantly less, although renting or buying an apartment in this neighborhood is still dramatically above the average for Florida. Many of the most spectacular homes are oceanside properties with direct access to the beach. The neighborhood covers 4.83-square-miles, and it is home to 43,250 people, so it is a densely populated area.
3. Coral Gables
Coral Gables is a large enough neighborhood to have more than one zip code, as it is home to almost 50,000 people. There are variations in price between the zip codes. The 33133 zip code is the second richest neighborhood in Miami, and the median home value in this area is $3.6 million. Although there are some cheaper areas in this neighborhood, most residences are still multimillion-dollar homes. For example, the median home price in 33156 is just short of $3.1 million, while there are homes set away from the beach with an average price of $1.6 million.
2. Fisher Island, Miami Beach
According to Investopedia, one of the richest neighborhoods in Miami is Fisher Island, Miami Beach. The median price of a property in this neighborhood is $4.27 million, which is well out of the average person’s reach. There are only 218 houses on the island, which has a population of just 467. Therefore, there is an element of exclusivity to living in this neighborhood. Fisher Island has boasted the highest per capita income in the United States since 2015.
1. Indian Creek Island
Also known as Billionaire Bunker, Indian Creek Island is a tiny island measuring just 0.4-square-miles. There are just 41homes on the island, which has a population of only 86 people. The island is also home to the Indian Creek Country Club. Properties on the island cost between $14 million and $47 million, so it is hardly surprising that the island has its own police force protecting the residents and their homes around the clock. According to Lux Life Miami, the only entrance to the island is via a bridge from Bal Harbor.