If you had all of the money in the world, where would you live? What would you do? Would you save up everything and live frugality or live a lavish lifestyle?
In 2017, the U.S. Census Bureau estimated that the average income of an American is $59,039. This middle-class income won’t get you a house in Los Altos Hills or a flat in Manhattan. But what if you made more than the middle class, what if you were in the infamous 1%?
When we think of rich housing, places like California, New York, or Chicago usually come to mind. But what about other states? What about if you lived someplace in the South, say, Florida?
The South is usually known for its affordability in living, but Florida is a major retirement destination for all those 1% families finishing off their careers. Who wouldn’t want to live in a fancy beach house and visit Disney whenever they wanted?
There are massive neighbors and even cities dedicated to elite retirement communities. There are beachfront houses valued in the millions. You can even add in a yacht or two if you wanted to spice things up along the coast.
So Florida is filled with a bunch of rich folks. Florida is also a pretty large state. Where do the 1% live in Florida?
Luckily for you, HomeSnacks has crunched the numbers for you to determine where the richest of the rich live in Florida.
At the end of the day, here’s the set of the 10 richest places in Florida for 2019:
- Palm Beach (Photos | Homes For Sale)
- Longboat Key (Photos | Homes For Sale)
- Belle Isle (Photos | Homes For Sale)
- Pinecrest (Photos | Homes For Sale)
- Parkland (Photos | Homes For Sale)
- Lighthouse Point (Photos | Homes For Sale)
- Coral Gables (Photos | Homes For Sale)
- Key Biscayne (Photos | Homes For Sale)
- Palm Beach Gardens (Photos | Homes For Sale)
- Gulf Breeze (Photos | Homes For Sale)
We analyzed 215 places in Florida to determine where the 1% live in this state. We took several “richness” indicators into account, including home values, unemployment, and poverty level to calculate our richest city: Palm Beach.
It’s no surprise if you take a look at home values in Palm Beach that this city is loaded with America’s elite. If Palm Beach isn’t your favorite place to tan, you’ve got several other options, including Longboat Key.
If you look at the pictures of these rich cities, you will probably start trying to see how you can boost your own income to move there. Florida really has only one downside and that is hurricanes. But if you are that rich, even an intense weather event won’t blow away your money.
Interested to see how your favorite Florida cities stacked up? Keep reading for a more detailed look at our top 10 and to learn more about our methodology.
Rich people not your cup of tea? Feel free to check out some more reading about Florida:
The 10 Richest Cities In Florida For 2019
The Town of Palm Beach is an incorporated town in Palm Beach County, Florida, United States. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth. In 2000, Palm Beach had a year-round population of 10,468, with an estimated seasonal population of 30,000.
Longboat Key is a town in Manatee and Sarasota counties along the central west coast of the U.S. state of Florida, located on and coterminous with the barrier island of the same name. Longboat Key is south of Anna Maria Island, between Sarasota Bay and the Gulf of Mexico. It is almost equally divided between Manatee and Sarasota counties. The town of Longboat Key was incorporated in 1955 and is part of the BradentonSarasotaVenice Metropolitan Statistical Area.
Belle Isle is a city in Orange County, Florida, United States. The population was 5,988 at the 2010 census. It is part of the OrlandoKissimmeeSanford Metropolitan Statistical Area.
Pinecrest is an affluent suburban village in Miami-Dade County, Florida, United States of America. The population was 18,223 as of the census of 2010. Pinecrest is governed by a five-member Village Council and operates under the Council-Manager form of government. 33156, the zip code that encompasses all of the village, has been consistently ranked as one of the most expensive in the United States.
Coral Gables (/krl eblz/), officially the City of Coral Gables, is a city in Miami-Dade County, Florida, United States, located southwest of Downtown Miami. The United States Census Bureau estimates conducted in 2013 yielded the city had a population of 49,631. Coral Gables is home to the University of Miami.
Key Biscayne is an island town in Miami-Dade County, Florida, United States. The population was 12,344 at the 2010 census.
Palm Beach Gardens is a city in Palm Beach County in the U.S. state of Florida. As of the 2010 United States Census[update], the population was 48,452. The city has a number of gated communities.
How We Determined The Richest Places In Florida For 2019
The first thing that comes to most people’s minds when they think about determining the richest places is to simply identify personal incomes. After all, rich people have really high salaries.
However, we don’t believe that one statistic wholly encompasses what it means to be one of the “richest places”. So we looked at this set of criteria from the newly released 2013-2017 American Community Survey:
- Poverty Level
- Median Household Income
- Unemployment Rate
Median household income is the most digestible way to understand how rich a place really is. The unemployment rate tries to capture the prospects for more people to become rich. If more people are employed, the richer the future looks.
After we collected the data for all 215 places with more than 5,000 people in Florida, we ranked each place from 1 to 215 for each of the criteria, with 1 being the richest.
We then averaged all the rankings for a place into a “Rich Score” with the place having the lowest overall Rich Score, Palm Beach, crowned the “Richest City In Florida For 2019”.
You can learn more about the top ten below or skip to the end to see the rankings for all 215 places.
There You Have It – The Wealthiest Places In Florida For 2019
Like we said earlier, when we set out to identify the richest places in Florida, we weren’t sure what we’d encounter, but it ended up being some of the best places to live in Florida.
When you look at the data, the cities and places mentioned above meet the criteria for being at the very top of the income ladder for everyone that lives there.
If you’re curious enough, here are the poorest cities in Florida, according to data:
2nd Poorest: Marianna
3rd Poorest: Belle Glade
For more Florida reading, check out:
- 10 Safest Places In Florida
- These Are The 10 Best Places To Retire In Florida
- 10 Cheapest Places To Live In Florida