What Are The Richest Neighborhoods In Miami, FL?

Miami is one of the most sought-after places to live or go on vacation in the United States. However, it can be difficult navigating the 101 neighborhoods and finding which is the best for you. With such a big city, what are the richest neighborhoods in Miami?

The richest neighborhoods in Miami are Indian Creek Island, Fisher Island, Golden Beach, and Mid Beach. Neighborhoods such as Venetian Islands, High Pines, Brickell, and South Beach are wealthier than most of Miami. Key Biscayne and Bal Harbour are among the 12 richest neighborhoods in Miami.

In communities like Fisher Island, there’s a median household income of $250,000, compared to the national median household income, which is $63,000. North Coconut Grove is another rich neighborhood in Miami, with a cost of living that’s 40% higher than Miami, and South Coconut Grove has a cost of living 31% more than the city’s average. Let’s take a look at the richest neighborhoods in Miami.

You may know Indian Creek Island for its nickname, the “Billionaire Bunker”, and it certainly lives up to the title. There are currently only 44 homeowners residing in this exclusive oasis located in Miami Beach. You will be hard-pressed to find a home that costs less than $14,000,000 in Indian Creek Island, and that’s why it’s so exclusive.

Indian Creek Island only covers 300 acres, and every inch of this beautiful island is a sight for sore eyes. Residents of Indian Creek Island get the luxury of looking out onto the famous Biscayne Bay every day. The combination of large properties, massive homes, and privacy is what drives up home prices in Indian Creek Island.

This small island is known for its high-profile residents that work in tech, modeling, and investing. A small group of people gets the luxury of living on Indian Creek Island, and that’s because it’s the richest neighborhood in Miami.

Fisher Island is a barrier island, and since 2015, it’s been named as having the highest per capita income of any place in the U.S. Fisher Island is three miles off the mainland of South Florida. It’s only accessible by boat, ferry, or helicopter. It was once the island getaway for the Vanderbilt family.

The average income of Fisher Island residents is $2.2 million, and there are around 800 families that live in 30 different luxury condo buildings. To become a member of the island, which is required to live there, you have to pay a $250,000 initiation fee and more than $22,000 in annual dues. That’s in addition to buying a condo, which on average costs $3.2 million.

Golden Beach is a wealthy neighborhood with a balanced mix of renters and homeowners. However, the homeowners make up the wealthiest portion of Golden Beach’s population. The median home value in Golden Beach is a whopping $4,590,207, and that limits how many residents can afford a down payment.

Miami residents flock to Golden Beach for the unique privacy it provides in such a bustling city. Various celebrities, such as Bill Gates, helped put Golden Beach on the map as a home for the wealthy. With that said, there is still affordable housing available for the many renters that live in Golden Beach.

The Golden Beach Golf Club and Paradise Beach are two of the best amenities this upscale neighborhood has to offer. Golden Beach’s median household income is $190,156, so even households that aren’t wealthy can enjoy the beauty.

Mid Beach is less exclusive than Indian Creek Island, but it is still quite wealthy and expensive. The median home value is $680,500, and that limits who can call this neighborhood home. Homes generally sell for $514 per square foot, and homeowners often turn a profit upon resale.

Mid Beach is centralized in Miami which provides the luxury of access to anywhere you may want to go in the city. Currently, 9,794 residents call Mid Beach home, and households earn a median of $108,262 per year. Mid Beach is just as well known for its luxury condominiums and apartments as it is for its sprawling mansions.

You can find beach views, nightlife, bars, and upscale restaurants in Mid Beach. If you can afford it, Mid Beach is one of the best neighborhoods to call home in Miami.

Home values are higher in the Venetian Islands than in Mid Beach, but Venetian Islands residents are wealthier. The $1.32 million median home value is high, but many of the island’s residents are renters. Similar to Indian Creek Island, Venetian Islands residents have a gorgeous view of the Biscayne Bay.

You reach the Venetian Islands via the Venetian Causeway, and it’s just as beautiful as the island itself. Built-in 1925, the Venetian Islands are 1 of 6 manmade islands in Miami that the wealthiest residents flock to. Celebrities such as Shaquille O’Neal and Sean Combs live in the Venetian Islands.

Venetian Islands residents have access to the beach and several high-end golf courses. Owning a home in the Venetian Islands can be quite expensive, so many residents rent apartments or condos.

High Pines sits between Coral Gables and South Miami, and it’s one of Miami’s richest neighborhoods. With that said, there is a wide range in income and economic status for the 31,056 residents of High Pines. The median household income in High Pines is $125,580, but its wealthiest residents earn much more.

High Pines is considered central Miami, and that makes it the perfect convenient location. The streets are lined with trees and there are many upscale, wealthy subdivisions. One of the biggest conveniences of High Pines is that you can do all of your shopping and dining within the neighborhood.

You can find houses for as little as $400,000 in High Pines, but most homes exceed $1.5 million. There are renters and homeowners in High Pines, and there are many luxury apartment complexes.

Brickell is the perfect balance of an upscale neighborhood that accommodates residents with various incomes. That is why 12,264 residents live in Brickell, and there are both renters and homeowners. Don’t be fooled, however, as Brickell has many wealthy residents that pay up $40 million and more for a mansion.

The wide range in home values makes Brickell unique, and its many rows of mansions are stunning. Brickell has been referred to as the “Wall Street of Miami” because of its wealthy business elite. You can look forward to a suburban feel in Brickell, but you aren’t removed from the city.

Brickell is located 5 miles from Miami Beach, and that helps keep the neighborhood somewhat quiet. One minute, you’re in an upscale oasis in Miami, and the next, you’re on the beach.

South Beach is one of the largest neighborhoods in Miami with 88,885 residents. Due to its large population, not all South Beach residents are wealthy, and the median income is $100,800. However, the wealthy population of South Beach lives the lavish lifestyle that South Beach is often referenced for.

There are homes available for upwards of $65 million in South Beach, and that is not uncommon. Waterfront homes are mostly reserved for the wealthiest residents of South Beach. Many investors, professional athletes, and tech tycoons have homes in South Beach, Miami.

South Beach only covers 2.5 square miles, and it is always bustling. One of the cons of living in Miami is the traffic, and that is quite true for South Beach. However, it is worth living in South Beach for the gorgeous views and lifestyle that it provides.

Coral Gables is often ranked as the best suburb to live in, in Miami. It is a wealthy community with a median household income of more than $100,000. Coral Gables officially known as the City of Coral Gables, and it’s southwest of Downtown Miami. It’s a Mediterranean-style planned community, with a lot of beautiful historical architecture.

Coral Gables is home to several of the wealthiest zip codes in the U.S., including 33156, 33143, 33133, and 33146. The University of Miami, Baptist Hospital of Miami, Bacardi Limited, Fresh Del Monte Produce, and MasTec all have headquarters in Coral Gables. The Coral Gables cost of living is 66% higher than the Florida average, and real estate prices are 317% higher.

Key Biscayne is a beautiful barrier island—it’s Florida’s southernmost barrier island, in fact. It’s only around four miles long and two miles wide, and it’s the Atlantic Ocean and Biscayne Bay. The island of Key Biscayne is home to the Village of Key Biscayne. There’s Crandon Park and Bill Baggs Cape Florida State Park on Key Biscayne as well.

The Village is home to around 12,500 people and includes a combination of luxury real estate like oceanfront condos and single-family properties. The cost of living is around 114% more than the national average, and the median home value is more than $1 million, which is 460% higher than the U.S. average.

Bal Harbour can technically be considered part of Miami Beach, but it also stands on its own as a rich neighborhood in Miami. Bal Harbour is known for its luxurious shopping, and it’s in the northernmost part of Miami Beach. It’s a more quiet place than much of the rest of Miami Beach, and it’s especially known for its high-end condos with water views. There are also some single-family homes on the nearby Bay Harbor Islands.

Bal Harbour is self-governed, and some of the most high-end single-family homes are in Bal Harbour Estates. The properties are gated and they’re expensive. The cost of housing in Bal Harbour is 198% higher than the national average

Surfside residents vary widely as far as income and economic class are concerned. There are poverty and unemployment in Surfside, but there is also a large portion of wealthy residents. For example, homes sell for $508 per square foot, and that leaves room for only wealthy homeowners.

The median home value in Surfside is $710,406, and wealthy residents make up most of the homeownership rate. Surfside is a beach community, and that is why property values and rent are so high. You can find Surfside in the Uptown area of Miami, and the entire area is upscale.

There are countless spas and fancy resorts in Surfside, so it’s also a vacation destination for the rich. Surfside boasts many cafes, bars, and nice restaurants as well.

Related Questions

What is the most dangerous neighborhood in Miami?

South Coconut grove is the most dangerous neighborhood in Miami. Crime affects 1 in 31 residents of South Coconut Grove, and property crime is the most common. Luckily, North Coconut Grove is a safe place to live, just don’t venture too far south.

What is the safest neighborhood in Miami?

Pinecrest and South Miami are the safest places to live in Miami. Island communities, such as Indian Creek Island and Coral Gables are also safe neighborhoods.

How much do you need to make in Miami?

You need to make an average of $77,057 per year to live comfortably in Miami. Miami residents generally need to spend 50% of their income on living expenses such as groceries, utilities, and rent.

Indian Creek Island, Golden Beach, and Mid Beach are the richest neighborhoods in Miami. Those neighborhoods have a small population, are upscale, and offer privacy. Other neighborhoods, like the Venetian Islands, High Pines, and Brickell also have a wealthy population with high home values.

Surfside and South Beach are also rich neighborhoods, and the waterfront homes are quite expensive. Miami neighborhoods with beach views are the most expensive due to property values. Island communities, such as Indian Creek Island and the Venetian Islands are notable for their wealthy and famous residents, like Shaquille O’Neal.

Miami is a massive city with a large population, and the wealthiest of them live in these neighborhoods. The most affordable of these neighborhoods is Surfside, where the median income is just over $61,000.