Most Expensive Places To Live In Florida For 2020


We used science and data to determine which cities in Florida that will put a big dent in your wallet.

Editor’s Note: We updated this article for 2020. This is our sixth time ranking the most expensive places to live in Florida.

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With its near perfect weather, top-notch beaches, and world-renowned theme parks, living in the Sunshine State is worth every penny. But which places in Florida are the most expensive to live in?

It turns out that the priciest places in Florida are in one of two places: the Florida Keys and around Miami. If you're willing to break the bank for a year-round tropical vibe, head to Key West or Marathon. For those who are more interested in a vibrant community with out-of-this-world Cuban cuisine, stick to the Magic City and it's surrounding cities. In either case, you're paying a premium to live near some of the country's best beaches. Hey, Florida is already one of America's most expensive states, so why not pay a little extra to really live the high life?

How much money should you earn to live comfortably in one of the most expensive cities in Florida? The data shows that you need to earn at least $36,638/year to live in these highly desirable locations. Florida is home to about 10% of the Forbes 400 wealthiest list, so it should come as no surprise that you need a hefty salary to compete. To live in these cities, you'll have to pay a higher proportion of your salary on housing, and considering Florida has one of the highest average rents in America, you may want to earn even more to cover that expense.

If you're ready to brave hurricanes and alligators, and pay a high price for the privilege, read on to find out the most expensive places to live in Florida.

What's the most expensive place to live in Florida? Well, HomeSnacks crunched the numbers and discovered that Key West is the most expensive place to live in Florida.

So hopefully Fort Meade (the cheapest place to live in Florida) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.

And if you already knew these places were expensive, check out some more reading about Florida and the most expensive cities in the country:

The 10 Most Expensive Places To Live In Florida For 2020

Key West, FL

Overall SnackAbility

8
/10

Population: 25,085
Rank Last Year: 3 (Up 2)
Home Price To Income Ratio: 8.5x (5th most expensive)
Income To Rent Ratio: 37.8x (39th most expensive)
More on Key West: Real Estate | Data | Photos

Key West is an island city in Florida and the county seat of Monroe County. The city boundaries include the island of Key West and several nearby islands, as well as the section of Stock Island north of U.S. Route 1, on the adjacent key just east of the city. Sigsbee Park-originally known as Dredgers Key-and Fleming Key, both located to the north, and Sunset Key located to the west are all included in the city boundaries. Both Fleming Key and Sigsbee Park are part of Naval Air Station Key West and are inaccessible to the general public. Key West is the southernmost city in the contiguous United States and the southern terminus of U.S. Route 1, State Road A1A, the East Coast Greenway and, before 1935, the Florida East Coast Railway.

The median income in Key West comes in at $67,712 and the median home value is $578,100 for 2020.

Overall SnackAbility

8.5
/10

Population: 7,880
Rank Last Year: 1 (No Change)
Home Price To Income Ratio: 6.0x (21st most expensive)
Income To Rent Ratio: 36.0x (27th most expensive)
More on Southwest Ranches: Real Estate | Data

Southwest Ranches is a town in Broward County, Florida, United States. It is located on the eastern edge of the Everglades, 15 miles southwest of Fort Lauderdale. It became the county's 30th incorporated place in 2000 to avoid annexation into Pembroke Pines and to preserve its semi-rural lifestyle. Because the area has many horse ranches and is located in the southwestern part of Broward County, residents chose "Southwest Ranches" over other potential town names.

The median income in Southwest Ranches comes in at $104,083 and the median home value is $627,700 for 2020.

Surfside, FL

Overall SnackAbility

9.5
/10

Population: 5,817
Rank Last Year: 2 (Down 1)
Home Price To Income Ratio: 6.8x (14th most expensive)
Income To Rent Ratio: 38.9x (42nd most expensive)
More on Surfside: Real Estate | Data | Photos

The median income in Surfside comes in at $86,088 and the median home value is $581,800 for 2020.

Miami, FL

Overall SnackAbility

4
/10

Population: 451,214
Rank Last Year: 4 (No Change)
Home Price To Income Ratio: 8.0x (7th most expensive)
Income To Rent Ratio: 32.7x (10th most expensive)
More on Miami: Real Estate | Data | Photos

Miami is a major port city on the Atlantic coast of south Florida in the southeastern United States. As the seat of Miami-Dade County, the municipality is the principal, central, and the most populous city of the Miami metropolitan area and part of the second-most populous metropolis in the southeastern United States. According to the U.S. Census Bureau, Miami's metro area is the eighth-most populous and fourth-largest urban area in the U.S., with a population of around 5.5 million.

The median income in Miami comes in at $36,638 and the median home value is $292,900 for 2020.

Miami Beach, FL

Source: Public domain
Overall SnackAbility

7
/10

Population: 91,826
Rank Last Year: 6 (Up 1)
Home Price To Income Ratio: 8.3x (6th most expensive)
Income To Rent Ratio: 39.9x (50th most expensive)
More on Miami Beach: Real Estate | Data | Photos

Miami Beach is a coastal resort city in Miami-Dade County, Florida, United States. It was incorporated on March 26, 1915. The municipality is located on natural and man-made barrier islands between the Atlantic Ocean and Biscayne Bay, the latter of which separates the Beach from Miami. The neighborhood of South Beach, comprising the southernmost 2.5 square miles of Miami Beach, along with downtown Miami and the Port of Miami, collectively form the commercial center of South Florida. As of the 2010 census, Miami Beach had a total population of 87,779. It has been one of America's pre-eminent beach resorts since the early 20th century.

The median income in Miami Beach comes in at $53,348 and the median home value is $443,400 for 2020.

Sunny Isles Beach, FL

Overall SnackAbility

8.5
/10

Population: 22,171
Rank Last Year: 5 (Down 1)
Home Price To Income Ratio: 6.2x (19th most expensive)
Income To Rent Ratio: 34.9x (17th most expensive)
More on Sunny Isles Beach: Real Estate | Data | Photos

Sunny Isles Beach is a city located on a barrier island in northeast Miami-Dade County, Florida, United States. The city is bounded by the Atlantic Ocean on the east and the Intracoastal Waterway on the west.

The median income in Sunny Isles Beach comes in at $55,209 and the median home value is $340,700 for 2020.

Aventura, FL

Overall SnackAbility

8.5
/10

Population: 37,780
Rank Last Year: 7 (No Change)
Home Price To Income Ratio: 5.5x (30th most expensive)
Income To Rent Ratio: 34.8x (15th most expensive)
More on Aventura: Real Estate | Data | Photos

Aventura is a planned, suburban city located in northeastern Miami-Dade County, Florida, United States. The city name is from the Spanish word for "adventure", and was named "Aventura" after one of the developers of the original group of condominiums in the area remarked to the others, "What an adventure this is going to be." According to the U.S. Census estimates of 2010, the city had a population of 35,762. Aventura is located 18 miles north of the city of Miami.

The median income in Aventura comes in at $63,131 and the median home value is $345,000 for 2020.

West Miami, FL

Overall SnackAbility

8
/10

Population: 7,373
Rank Last Year: 8 (No Change)
Home Price To Income Ratio: 6.3x (18th most expensive)
Income To Rent Ratio: 35.0x (18th most expensive)
More on West Miami: Real Estate | Data | Photos

West Miami is a city in Miami-Dade County, Florida, United States. The population was 5,965 at the 2010 census.

The median income in West Miami comes in at $48,418 and the median home value is $303,800 for 2020.

Marathon, FL

Overall SnackAbility

7.5
/10

Population: 8,737
Rank Last Year: 10 (Up 1)
Home Price To Income Ratio: 7.2x (10th most expensive)
Income To Rent Ratio: 41.1x (56th most expensive)
More on Marathon: Real Estate | Data | Photos

Marathon is a city on Knight's Key, Boot Key, Key Vaca, Fat Deer Key, Long Point Key, Crawl Key and Grassy Key islands in the middle of the Florida Keys, in Monroe County, Florida, United States. As of the 2000 census, the city had a total population of 10,255. As of 2014, the population estimated by the U.S. Census Bureau was 8,708.

The median income in Marathon comes in at $53,866 and the median home value is $389,300 for 2020.

North Bay Village, FL

Overall SnackAbility

8.5
/10

Population: 8,198
Rank Last Year: 9 (Down 1)
Home Price To Income Ratio: 5.3x (33rd most expensive)
Income To Rent Ratio: 32.2x (8th most expensive)
More on North Bay Village: Real Estate | Data | Photos

North Bay Village is a city located in Miami-Dade County, Florida. As of the 2000 census, the city had a total population of 6,733. As of 2010, the population recorded by the U.S. Census Bureau was 7,137.

The median income in North Bay Village comes in at $55,000 and the median home value is $293,300 for 2020.

How We Determined The Most Expensive Places To Live In The Sunshine State For 2020

Map Of The Cheapest Places To Live In Florida
The two most important things to think about when it comes to being able to afford if you can live comes down to:

  1. How much do money do I make?
  2. How much do I have spend to live there?

You need to understand your costs in the context of how much money you make.

For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.

With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:

  • Median Home Price / Median Income (lower is better)
  • Median Income / Median Rent (Higher is better)
  • Median Home Price

We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).

You can then compare these metrics in each of the places in Florida to figure out which is the most expensive.

What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.

So we used that cost of living index in order to rank all of the 217 places in Florida that have more than 5,000 people.

The place with the highest cost of living in Florida according to the data is Key West. You can download the data here.

Taking A Chunk Out Of Your Paycheck In Florida For 2020

Well there you have it, the places in Florida that have the highest cost of living, with Key West ranking as the most expensive city in the Sunshine State.

Here's a look at the most affordable cities in Florida according to the data:

  1. Fort Meade
  2. Live Oak
  3. Quincy

For more Florida reading, check out:

Detailed List Of The Most Expensive Cities In Florida

Rank City ExpensiveScore Population Home/Income Ratio Income/Rent Ratio
1 Key West 18.67 25,085 8.5x 37.8x
2 Southwest Ranches 18.67 7,880 6.0x 36.0x
3 Surfside 22.0 5,817 6.8x 38.9x
4 Miami 24.33 451,214 8.0x 32.7x
5 Miami Beach 24.67 91,826 8.3x 39.9x
6 Sunny Isles Beach 25.67 22,171 6.2x 34.9x
7 Aventura 27.83 37,780 5.5x 34.8x
8 West Miami 29.33 7,373 6.3x 35.0x
9 Marathon 30.67 8,737 7.2x 41.1x
10 North Bay Village 32.0 8,198 5.3x 32.2x
11 Hialeah 38.33 237,285 6.1x 29.7x
12 Hallandale Beach 41.67 39,472 5.5x 32.0x
13 Doral 41.67 58,265 4.8x 39.9x
14 Bay Harbor Islands 49.5 5,938 5.3x 44.8x
15 Delray Beach 50.67 67,353 4.7x 38.6x
16 South Miami 53.0 12,202 8.7x 50.3x
17 Marco Island 53.0 17,692 7.6x 49.6x
18 Fort Lauderdale 54.67 178,783 5.8x 45.2x
19 Lauderdale-By-The-Sea 56.33 6,594 6.8x 49.5x
20 Key Biscayne 58.67 13,054 9.1x 54.7x
21 Boca Raton 59.0 95,745 5.4x 48.7x
22 Homestead 59.17 68,424 4.5x 35.1x
23 Tequesta 59.67 6,011 5.5x 47.9x
24 Fernandina Beach 61.33 12,062 5.3x 46.5x
25 Lake Worth 62.33 37,728 4.8x 36.1x
26 West Palm Beach 64.67 108,365 4.6x 42.3x
27 Miami Lakes 65.0 31,050 5.0x 48.6x
28 Weston 65.0 70,220 4.7x 48.8x
29 North Miami 67.33 61,435 4.5x 36.6x
30 Sarasota 67.33 56,102 5.0x 44.8x
31 South Pasadena 67.33 5,071 4.7x 35.2x
32 North Miami Beach 67.5 45,069 4.4x 35.5x
33 Opa-Locka 68.67 16,420 6.4x 23.1x
34 Orlando 69.33 275,690 4.5x 42.6x
35 Wilton Manors 70.0 12,534 4.9x 48.7x
36 Plantation 70.67 92,775 4.3x 45.0x
37 Hollywood 71.0 151,056 4.6x 44.3x
38 Naples 71.0 21,564 10.0x 70.3x
39 Miami Springs 72.33 14,375 6.5x 55.2x
40 Coral Gables 72.33 50,931 8.0x 63.2x
41 Palm Beach 74.0 8,667 8.6x 77.7x
42 Sweetwater 74.0 21,027 4.3x 28.2x
43 Dania Beach 74.33 31,810 4.0x 35.5x
44 Cocoa Beach 75.0 11,539 5.2x 49.6x
45 Fort Myers 75.33 76,591 4.8x 44.9x
46 North Palm Beach 75.33 12,899 4.4x 46.6x
47 Sanibel 76.0 7,224 7.1x 70.8x
48 Fort Myers Beach 76.33 6,966 6.0x 57.5x
49 Longboat Key 77.0 7,233 6.9x 73.0x
50 Pompano Beach 78.0 108,855 4.0x 39.5x
51 Lighthouse Point 78.67 11,109 6.5x 64.8x
52 Venice 79.0 22,601 4.2x 44.7x
53 New Smyrna Beach 80.0 25,770 4.6x 47.7x
54 Tallahassee 80.33 190,180 4.4x 44.0x
55 Miami Gardens 80.67 112,913 4.0x 35.9x
56 Deland 80.67 31,289 4.5x 44.5x
57 Winter Park 80.67 30,189 5.6x 60.7x
58 Pembroke Pines 81.0 168,260 4.0x 44.7x
59 Pinecrest 81.67 19,446 6.0x 106.1x
60 Palm Beach Gardens 81.83 54,528 4.3x 49.1x
61 Mount Dora 82.0 13,620 4.9x 48.9x
62 St. Augustine 82.33 14,223 5.1x 49.9x
63 West Park 82.67 14,924 3.8x 32.9x
64 Hialeah Gardens 83.33 23,959 3.6x 32.5x
65 Coral Springs 84.0 131,151 4.5x 51.5x
66 Kissimmee 84.33 69,833 4.1x 36.5x
67 Vero Beach 84.33 16,558 5.5x 52.6x
68 Bonita Springs 85.33 53,812 4.6x 51.1x
69 Florida City 85.33 12,096 4.0x 31.3x
70 Margate 86.67 57,427 3.8x 36.7x
71 St. Pete Beach 86.67 9,572 5.5x 71.2x
72 Treasure Island 86.67 6,875 5.1x 59.9x
73 Maitland 87.33 17,622 4.6x 54.6x
74 Boynton Beach 87.33 75,720 3.5x 36.7x
75 Davie 87.33 103,132 4.1x 48.4x
76 Oakland Park 87.5 44,339 3.9x 43.2x
77 Tampa 88.0 376,345 4.3x 47.1x
78 Miramar 89.33 138,168 4.0x 48.1x
79 Daytona Beach 90.0 66,520 4.3x 36.8x
80 Royal Palm Beach 90.33 38,344 3.5x 44.4x
81 Jupiter 90.33 63,617 4.2x 52.5x
82 Gainesville 90.33 130,790 4.2x 39.1x
83 Riviera Beach 90.67 34,352 3.8x 39.8x
84 North Lauderdale 91.0 43,829 3.6x 30.2x
85 Clearwater 91.67 114,015 4.1x 44.7x
86 Wellington 92.0 63,681 4.0x 52.8x
87 Seminole 94.0 18,542 3.8x 43.7x
88 Miami Shores 94.0 10,676 4.6x 75.2x
89 Punta Gorda 94.0 19,123 5.1x 61.7x
90 Clermont 95.0 33,520 3.7x 45.1x
91 Parkland 95.67 30,471 4.0x 57.6x
92 Palmetto Bay 96.0 24,564 4.6x 84.8x
93 Cutler Bay 96.67 44,801 3.6x 47.4x
94 Atlantic Beach 97.0 13,398 4.6x 62.2x
95 Cape Canaveral 97.0 10,274 4.9x 53.9x
96 Destin 97.0 13,469 4.2x 53.8x
97 Sunrise 97.67 93,199 3.3x 36.5x
98 St. Augustine Beach 99.17 6,883 4.4x 66.8x
99 Jacksonville Beach 100.33 23,203 4.3x 61.2x
100 Cooper City 102.33 35,376 3.6x 52.1x

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About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.