Miami is one of the most iconic cities in the United States. It’s the perfect place to experience the beauty of the ocean, the white sand beaches, and the luxurious lifestyle. Miami is also home to some of the richest neighborhoods in the country.
From Fisher Island to Star Island, these neighborhoods are known for their exclusivity, luxurious amenities, and expensive homes.
In this article, we will explore the 10 richest neighborhoods in Miami and learn more about the lifestyles of the city’s elite. From the celebrity-owned mansions to the extravagant amenities, each of these neighborhoods has something special to offer.
So, let’s take a look at the 10 wealthiest neighborhoods in the Miami area and see what makes them so desirable.
10. Gables by the Sea
Median Household Income: $126,688 per year
Area: 96 sq. km.
Population: 33,223
photo source: Miami Condos and Real Estates
Gables by the Sea is a neighborhood in Miami Beach, Florida. It is located between 70th and 80th Streets and is bordered by Biscayne Bay on the east and the Atlantic Ocean on the west. The area was developed in 1926 as part of an effort to transform what had been an undesirable area into one of great wealth for its residents.
Today, it remains one of Miami’s most expensive neighborhoods, with an average home price of $5.9 million or more (depending on what house you are looking for).
The area has long been favored by celebrities who have built their homes here due to its proximity to many popular tourist attractions like South Beach and downtown Miami as well as being far enough away from other communities that they can enjoy quiet living without having any traffic noise nearby.
Did You Know?
The neighborhood is also known for its many parks and green spaces. There are several small parks within the confines of South Pointe, but it is also surrounded by many other parks nearby including Virginia Key Beach Park, Crandon Park, and Bill Baggs Cape Florida State Recreation Area.
9. South of Fifth
Median Household Income: $104,533 per year
Area: 6.5 sq. km.
Population: 2,657
photo source: Miami Luxury Homes
South of Fifth is a neighborhood in Miami Beach, Florida, United States. It is located on a barrier island between the Atlantic Ocean and Biscayne Bay. The neighborhood is known for its Mediterranean Revival and Art Deco architecture. It contains many old hotels, apartment buildings, and homes from that era.
There are several parks in the area and a boardwalk along the beach. The district is also home to many nightclubs and restaurants.
It is also an upscale shopping destination with many designer stores, boutiques, and restaurants. The average home price in this neighborhood is $6.49 million, with an average household income of $104,533 per year. This makes it one of our most expensive neighborhoods in Miami.
Did You Know?
The area was developed in the 1920s as a residential neighborhood for wealthy vacationers.
8. Fisher Island
Median Household Income: $423,490 per year
Area: 0.7 sq. km.
Population: 647
photo source: TripAdvisor
Fisher Island is a small island in the middle of Biscayne Bay. It’s home to some of the richest people in the world, and it’s also one of Miami’s most exclusive neighborhoods. The island has a population of about 647 residents.
The highest point on the island is 19 feet above sea level, and most of the rest of it is underwater for at least half of every year due to tidal flooding.
It’s technically not part of Miami-Dade County; instead, it’s considered an unincorporated area that’s managed by its own elected commission. The average home price for Fisher Island is $7.2 million, while the median household income in this expensive neighborhood is $423,490 per year.
The island has its own police force, which patrols 24/7, a private school, and its own utility company.
Did You Know?
It’s home to some of the most expensive homes in Miami, including a $75 million mansion that belongs to billionaire Carl Icahn, who bought it at auction in 2011.
7. Palm and Hibiscus Island
Median Household Income: $56,227 per year
Area: 0.28 sq. km.
Population: 38,488
photo source: Pinterest
Palm and Hibiscus Island is a neighborhood in Miami Beach, Florida, United States. It is located on the southern end of Miami Beach, north of Indian Creek, south of Star Island, and east of Bayshore Drive. Palm and Hibiscus Island is home to the exclusive Fisher Island Club. The island is accessible only by ferry or helicopter.
It’s one of the most expensive neighborhoods in America with a median household income of over $56,227 per year but if you have money then this could be your choice because here houses cost $9.6 million on average.
The exclusive island is home to several celebrities, including Calvin Klein, Sylvester Stallone, and Jennifer Lopez. It’s also a popular vacation spot for people like Tiger Woods and Oprah Winfrey.
Did You Know?
The community is named for its location inside Biscayne Bay and its proximity to Downtown Miami and Miami Beach.
6. Journey’s End
Median Household Income: $126,688 per year
Area: Unspecified
Population: 33,223
photo source: Miami Real Estate
Journey’s End is one of the most expensive neighborhoods in Miami, and it’s also a small neighborhood that sits between Indian Creek Island and La Gorce Island. The houses in this neighborhood are expensive, but the views are absolutely breathtaking. You can see all of Miami from this area and enjoy a quiet life as well.
There’s also plenty of shopping nearby if you want to go out and do something fun. This neighborhood is right in the middle of Miami, so you’ll have access to everything you need. There are plenty of restaurants and shopping areas nearby as well.
If you want to go out on the water, there’s also a marina nearby where you can rent boats or jet skis if you want.
Did You Know?
It has an iconic home to its name: The Versace Mansion, which was once owned by Gianni Versace himself. The mansion has been on several TV shows, and even Tupac Shakur has had dinner there.
5. La Gorce Island Homes
Median Household Income: $70,148 per year
Area: 6.5 sq. km.
Population: 2,994
photo source: Miami Luxury Homes
La Gorce Island is one of the most expensive neighborhoods in Miami. The area is home to many celebrities like Jennifer Lopez and Marc Anthony, who have chosen to live there for its proximity to both their homes and the beach.
La Gorce Island has a median household income of $70,148 per year—the highest among all neighborhoods on this list—and houses some of the most expensive homes in all of Miami.
The average home price in La Gorce is between $3 to $10 million. The island has a small population of only 2,994 residents and just over 300 homes. Many of the homes are owned by celebrities and are extremely expensive.
Did You Know?
The island is also home to a private beach club called the Bath Club, which was founded in 1962.
4. Tahiti Beach
Median Household Income: $57,211 per year
Area: Unspecified
Population: 49,248 (2020)
photo source: PROFILE Miami
Tahiti Beach is a neighborhood located on the barrier island of Miami Beach, between Indian Creek and Normandy Shores. Named after its own namesake beach, Tahiti Beach was developed by developer Carl Fisher as one of his first projects for his company.
It has been described as one of the most exclusive and expensive neighborhoods in Miami Beach due to its high-end condominiums which can cost up to $12.4 million. The median household income in this neighborhood is $57,211 per year. The neighborhood’s amenities include a private beach club called The Beach Club at Tahiti Beach and the Islander Condominium Association.
Did You Know?
It also has its own private security force as well as a landscape maintenance program in order to ensure that everything is kept in tip-top condition.
3. Gables Estates
Median Household Income: $126,688 per year
Area: 8.4 sq. km.
Population: 33,223
photo source: Leading Estates of the World
Gables Estates is a community that was subdivided into four areas: Allaire Park, which was purchased by The University of Miami; Belleview Park; Country Club Park (also known as Coral Gables Country Club), which was sold to developers who built several luxury high-rises on its land; and Sandalwood Hills (formerly Sandalwood Heights), which remained undeveloped until recently when it was developed into condominiums.
The average home price for this area can range from $14.3 million, depending on what type of house you want to buy – whether it’s a single story or two stories plus a basement. The homes in this area are mostly Mediterranean-style, which means they have red tile roofs and white stucco exteriors.
Did You Know?
There are also some Spanish-style homes with red tile roofs and ornate ironwork on the balconies.
2. Indian Creek Island
Median Household Income: $101,250 per year
Area: 1.21 sq. km.
Population: 84
photo source: Forbes
The second most expensive neighborhood in Miami is Indian Creek Island. The community has a population of about 84 people, with an average home price of $24.7 million and an average year-over-year growth of 18%.
It’s located in the Miami Beach city limits, which means you’ll have access to everything from museums to beaches and nightlife without having to deal with traffic congestion or parking issues associated with other parts of town.
Indian Creek Island was first developed in the 1920s by a millionaire who wanted his own private paradise where he could enjoy swimming pools and tennis courts, amongst other amenities that were unavailable at that time due to a lack of development infrastructure like roads and sewers (which weren’t built until later).
Did You Know?
The island is only accessible by boat, and it’s lined with luxury homes that sell for millions of dollars.
1. Star Island
Median Household Income: $56,227 per year
Area: 0.35 sq. km.
Population: 38,488
photo source: The Business Journals
The most expensive neighborhood in Miami is Star Island. It has a population of about 38,488 and is home to the Miami Beach Resort and Spa. John D. Rockefeller once owned this area, but it was sold by his heirs in 1988 for $23 million dollars per acre ($43 million total).
In addition to being one of the wealthiest neighborhoods on Earth, Star Island has also been featured on TV shows, including Gossip Girl and Entourage.
The average Home Price for homes here is $25.4 million dollars; however, since many people have their own mansions here you can expect them to be even more expensive than that! The median household income here is $56,227. There are many different types of homes on Star Island, including Mediterranean-style homes and modern mansions.
Did You Know?
The island covers an area of approximately 2.5 acres and is a gated community with only one entry point which allows residents to control who enters and leaves the island.
